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Instant Car Loans

Borrow up to $5,000 if you need to buy a car. Apply quickly and easily online, pay fixed fees, and get cash the same day.

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.

Instant car loans put motorists back in the driving seat fast. Specialist online lenders offer a streamlined application process and transparent, simple pricing for your loan. You can apply from your smartphone or laptop down at the car yard, from home or anywhere with an internet connection and receive pre-approval within 60 seconds. Read more about how instant car loans work, as well as finding out more about your finance options, here.

What are instant car loans?

More than anything, instant car loans are convenient. They’re based on a very simple product called a cash loan, which enable you to borrow any amount from $2,050 to $5,000 and repay it over 16 days to 24 months. Instant car loans are designed for borrowers who want to repay them relatively quickly (standard car loans run up to seven years) and only need a smaller amount compared to the tens of thousands of dollars typically available with larger car loans. Instant car loans allow a faster application process, as everything is done online, although you can talk to your lender if you’re unsure about anything.

What documents do I need for an instant car loan application?

Instant car loan applications are pretty straightforward and quick. In most cases, you can get instant approval on a loan, which is handy if you need cash today. You’ll get asked to fill out a simple online form, and the lender will use some basic documents to verify the details you supply. Here’s how that works:

Lender requirements Documents required

Identification and proof of address

Lenders will ask to see a copy of your driver’s licence or passport. They’ll also request a recent utility or phone bill that shows your current address. You’ll need to be 18 or over to get an instant car loan.

Spending

You can grant read-only access to your bank statements via internet banking so that the lender can calculate your disposable income by checking your regular spending for the last 90 days.

Income

Lenders will want to see payslips if you’re employed. If part of your income comes from benefits, you can still apply for an instant cash loan on Centrelink, but you’ll need to download your income statement via your MyGov account.

Current borrowing

Lenders will look at your credit report to check how many cash loans, credit cards, and other borrowing you have.

Residency status

Lenders ask for a copy of your Medicare card to confirm you’re a resident or citizen of Australia

Why apply for a small loan with Savvy?

Explained: what makes instant car loans so speedy?

Got questions about instant car loans? Check out the FAQs

Can I use a trade-in vehicle with instant car loans?

Yes – if you’re buying from a dealer, you’re free to negotiate a price for your new car based on trading in your old one. From there, you can simply borrow the difference and repay your car loan as normal. Instant car loans aren’t secured by or attached to your new vehicle. In fact, borrowers use this type of loan for buying anything from cars to boats and even for paying rental bonds.

Do I need to pay a deposit or balloon payment with an instant car loan?

No – there’s nothing complicated about these loans and no hidden costs or lump sums to find at the end of the term. Just borrow anything between $2,050 and $5,000 and repay the loan over any period up to two years. Everything, even application fees, is bundled into one manageable regular repayment split evenly across the loan duration.

What happens if I want to repay my instant car loan early?

You won’t have to pay anything extra. There are no early repayment fees for instant car loans. Simply get in touch with your lender and they’ll tell you how to deposit your final repayment using your internet banking.

What if I need to borrow more than $5,000?

Instant car loans only cover amounts up to $5,000, but you can apply for a secured car loan via Savvy if you need to borrow more than that. Our friendly, expert car finance consultants can talk you through your best options based on your circumstances.

Will my lender run a credit check?

Yes – every loan in Australia requires a credit check by law. However, if you’re worried about a low credit score, it’s worth knowing that not all lenders check your report for the same reasons – and it doesn’t mean you can’t apply for an instant cash loan with bad credit. Instant car loan lenders are more interested in your existing borrowing than past defaults. As long as you haven’t missed payments on a cash loan before and don’t have any similar recent defaults, they won’t be concerned. Instant car loans are more about affordability than a flawless borrowing history.

Can I apply for an instant car loan if I’m self-employed?

Yes – what’s more, you can buy any type of vehicle with this type of loan, from a motorcycle to a ute or van for your business. Cash loans for self-employed Australians rely on the same qualification requirements, so you’ll likely qualify if you can comfortably afford one – no matter how you earn your living.

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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.

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