Car Registration Loans

Put yourself well and truly in the driver’s seat with our quick guide to instant car registration loans.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

$2100
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$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

When that time of year comes around again, it can hit your finances hard. Getting the car through a rego check and back on the road for another twelve months is costly – whether or not you need repairs. Budgeting for vehicle registration is problematic, especially if you use your car for work. A whole year can put a lot of wear and tear on a vehicle. Not only that, but it’s generally time to renew your motor insurance too. It can be a lot of cash to absorb with one single paycheque. That’s why, when it’s time for your rego bill, it’s good to have some backup – and that’s where car registration loans can help.

Can I get a loan to spread the cost of my car registration?

Loans provide a way to spread car rego costs across a couple of paycheques – or even over a whole year. Most of us dread the month our rego is up for renewal. Depending on which state you live in, it can mean a dreaded roadworthy check too. Getting a small loan for your car registration makes perfect financial sense. While banks tend to limit lending to sums greater than $5,000 with repayment schedules ranging from two to seven years – specialist loan providers offer more suitable options.

What if my car also needs repairs for a roadworthy?

Car registration loans are unsecured, meaning you don’t have to put anything up as security against your borrowing. That frees you up to do pretty much anything you like with the cash. It often makes sense to use a loan for more than one purpose. Limiting the number of applications you make is good financial practice. No lender likes to see too many impressions on your credit report – and every loan application leaves one. If your costs aren’t just limited to government rego renewal charges, that’s no problem. It’s fine to add some cash to cover additional expenses too.

The small and medium credit contract loans offered by rego loan providers cover financial products between $2,050 and $5,000. Smaller loans feature fixed repayment and setup fees, as well as highly flexible repayment options. You can pay off car registration loans from anything as short as 16 days up to two years. Prefer to spread the cost of running your car for a year over the full twelve months? In that case, you could:

  • Borrow enough to pay for rego, insurance, and roadworthy costs. You may need a couple of tyres and some essential maintenance to get the car in good shape. Let’s say the total for everything works out at $2,500
  • You take out a loan for the full $2,500 and schedule ten repayments. That way, you spread the cost over almost a year, but you’ve paid it off before your rego becomes due again
  • The establishment fee cap means you pay a maximum setup cost of $400. Repayment fee caps mean you won’t pay more than 48% of the initial loan amount over 12 months – which won’t exceed $100
  • The most your loan will cost you to repay over the ten months is $3,900. Budgeting $145.45 a fortnight means your rego and other car costs can be taken care of

What if I want to pay the loan back quickly?

Let’s take the same rego renewal scenario but reduce the length of the borrowing term. You may opt to pay your car rego off as quickly as possible – and don’t forget; you can choose to pay it off in just sixteen days. However, you might still need to spread the cost over a few pay cycles. If that sounds like you, the following loan option may suit:

  • You choose to borrow the same $2,500 over three months instead. When you apply, you can opt to schedule your repayments just after your monthly wages hit the bank
  • Again, your establishment fee won’t exceed $400
  • Your seven fortnightly payments will be $1,066.67
  • The total cost of your three-month loan will be just $3,200, a saving of $700 on the ten-month loan

I need my car now. How quickly can I arrange a loan?

Getting a loan to pay your car registration costs is as quick and easy as one-two-three. Most cash loans get approved within minutes or hours, so if you need your car in a hurry, keep reading.

  • Use your chosen lender’s web portal to fill out a short application form. You’ll get asked questions about your employment and marital status, where you live, and your monthly expenses.
  • Upload the documents your lender needs to assess your suitability for the loan. Remember to provide proof of ID and address, as well as payslips if you’re employed. If you get part or all of your income from benefits, include a Centrelink Income Statement. Upload your previous three months bank statements, and your lender might ask for a copy of your Medicare card too.
  • Wait for a decision on your loan application. Once it’s approved, your lender will forward a loan agreement. Read it through carefully and return after signing it digitally. Once that’s done, your lender will provide funds to the bank account you nominated during your application.

What do I need to apply – and will I qualify?

Qualification for a car registration loan gets based on a few fundamental factors. Most applications are approved quickly, but it’s worth being ahead of the game before you get started. In order to make sure everything goes without a hitch, you’ll need to be:

  • An Australian resident or citizen
  • Eighteen years old or over
  • Able to demonstrate a regular income for the previous three months (from employment, or benefits, or even a combination of the two)
  • Free from more than two other cash loans in the past 90 days

If you meet the basic requirements above, you’re almost there. Your lender will assess your application based on your ability to repay the loan – not so much by your credit report. That means they’ll use your bank statements to evaluate your regular expenses. Rego loan lenders are regulated lenders, so they’ll look to make sure your repayments won’t cause hardship. If your application meets the requirements, your cash loan will get approved – and you can get straight back on the road. Often, the only thing that can slow down a car registration loan is a lack of information. Try and remember to submit all the requested documentation, and you’ll be good to go.

Why apply for a small loan with Savvy?

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Disclaimer:

The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.

For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.

Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.