Accelerate your next purchase

A new car loan from Rapid is a secured finance option designed specifically for purchasing a brand-new vehicle. The car you’re buying is used as security for the loan, which can help you access more competitive rates. Our team works with you to structure repayments that fit comfortably within your budget, so you can enjoy your new car with confidence.

With Rapid Loans, you can apply to borrow between $5,000 and $45,000 toward your new car. Your approved amount is based on a full assessment of your financial situation, including income and existing financial commitments. We take the time to ensure your repayments are affordable and aligned with your lifestyle, so you can move forward knowing your car loan is manageable from day one. 

Not always. Our loans do not require a deposit to secure the loan, however you may choose to put down a deposit on the car to reduce the amount you’re borrowing for your car loan. Please note that you do need to provide a registered vehicle as security to obtain a loan, this is usually the car you are purchasing.

Approval times vary, but many applicants often receive a decision as soon as one business day, with funds being transferred the same or next business day once conditions are met. To ensure there are no barriers with your application review, please provide all documents during the application process for review. 

Applying online for a car loan with Rapid Loans has never been easier, you can get started right now by applying for a car loan. Our car loan application process is quick and easy, taking just a few minutes to complete. If you’ve got your personal documents on hand, such as your identification and payslips, that makes it even faster!

You are welcome to apply for a car loan with Rapid Loans if you are:

• Employed full time, part time or casual, you just must be able to show three months of continuous income and your place of residence.
• A subcontractor or self-employed business owner.
• Receiving government pensions or benefits as a portion of your income.
• On your learners permit.

Although our car loan assessment process is thorough and takes all of your circumstances into account, your application goes straight to one of our Australian loan consultants who will give you a call within 24 business hours. If approved the funds can be in your account within just a few business hours, all from the comfort of your own home!

Rapid Loans is all about making the process to access car loans much more straightforward which is why we offer pre-approval. That essentially means that you have already gone through the loan application process and satisfy the criteria to get a loan for a specific amount.

Pre-approval comes in the form of a document that states the amount the lender is willing to lend you as well as the estimated interest rate, repayment amount, loan term, and any conditions needed for final approval. Conditional pre-approval from a lender may give you bargaining power with dealers. It’s important to remember that it doesn’t guarantee you unconditional approval.

Once you’ve found your dream car, the loan application can be finalised, and if you satisfy the conditions to receive final approval, you will receive a loan contract to review and sign if you wish to proceed.

With Rapid Loans, you can borrow from $5,000 up to $45,000 over an 24 to 60 month loan term for a car loan, if you meet our lending criteria. When you create your car loan budget, you may need to look at the following:

• Cost of the car
• Car insurance fees
• Registration fees and stamp duty
• Repairs and maintenance
• Fuel and road tolls
• Roadside assistance

Depending on the lender, you may be able to include your first year of car insurance fees in the initial loan, however you can’t borrow the total insurance cost over the term of your loan.

Rapid Loans offers fixed interest rates for car and personal loans which is outlined in our contract however the interest rate may depend on your borrower profile, the loan product, principal amount and other personal factors. We also don’t charge any fees for early payouts or additional repayments on top of the regular repayment schedule. You can look at a p.a comparison rate to give you a true understanding of the cost of your loan per year which breaks down the interest rate charged along with the cost of fees and charges, repayment frequency, loan term and the loan amount.

If your current vehicle has broken down, you’re experiencing significant and consistent issues or you’re simply looking for an upgrade but don’t have the funds required to take that first step, then accessing a car loan may provide you with the perfect opportunity and solution. Why not apply online now to start driving your dream car today?

Yes, you can get a secured online loan for buying both a second-hand car and a new car with Rapid Loans. We appreciate that the car market is a competitive one and the number of options available can quickly become overwhelming. But buying a car should be stress-free and exciting which is why Rapid Loans is here to help you with a loan for a used or second-hand car.

You might find that taking out a car loan to buy a brand new vehicle has a lower interest rate than purchasing a used vehicle.

Whether you’re using the vehicle for personal or business use, all vehicles must be comprehensively insured for the duration of the loan to ensure they’re protected, just in case the vehicle is damaged, in an accident, or is stolen.

Find the right car loan that suits your needs, budget and financial situation by getting in touch with one of our car loan specialists today.

As it sounds, a secured car loan is a form of financing that’s specifically used for the purchase of a vehicle. You offer collateral with this type of loan, which is the vehicle you’ve purchased using finance. Ultimately, this just provides more security to the lender in the unlikely event that you fail to repay the money you have borrowed as this gives the lender the right to repossess and sell the car.

At Rapid Loans we pride ourselves on making borrowing money simpler and offering loans that are easy to understand and easy to manage. With a secured loan, you may be able to access better interest rates and lower fees.

Unsecured car loans are quite uncommon as they generally pose more of a risk to the lender, so if you come across an unsecured car loan you might find it also comes with higher interest rates.

Yes, like all forms of debt, taking out a car loan can affect your credit score. To avoid missed repayments or defaults being listed on your credit score, ensure you make your scheduled repayments on time. 

Rapid loans can be used to finance a wide range of vehicles. You can use our loans to purchase new or used cars, motorcycles, caravans, or even watercraft. Talk to our team today to see how we can tailor the loan to suit your purchase so you can get on the road (or water) faster. 

Yes. Refinancing your current car loan can be a smart financial move. In the right cases, refinancing could help you secure a better interest rate in comparison to your original loan, reduce your payments and overall cost, or change your loan terms to better accommodate your financial position. We can provide you with more information so you can assess your options and determine whether refinancing is a good route to take.  

Yes. Our application process is 100% online which makes it easy to apply from anywhere, at any time. Designed with the user experience in mind, simply provide your details and upload the required documents. Our team will review your application and be in contact with you typically within one business day. 

If you need extra assistance along the way, you can call our customer service team and they will help you through the process. No need to wait in lines or book an appointment. Everything can be done from the comfort of your home. 

At Rapid, we put you in the driver’s seat. Our flexible car loan repayment schedule helps you stay on track without unnecessary financial stress. Loan amount, loan terms and your rate will determine how much your scheduled repayments need to be. 

Repayments can be made weekly, fortnightly or monthly, whichever suits you best. Our team will work with you to ensure you understand your repayment obligations and loan details.

The best car loan will depend on factors that are a priority for you. It’s important to consider your budget, financial goals, length of time you want to commit to a loan, or the type of vehicle you’re purchasing. 

The most common loans you will come across are secured and unsecured loans. Secured loans require you to offer an asset as collateral for the loan. This gives the lender added protection against the money lent to you, which can translate to better rates and larger borrowing power. Unsecured loans do not require you to offer an asset, so generally have stricter policies as there is a higher risk factor to the transaction. At Rapid, our loans are secured against a registered vehicle, usually the one you’re purchasing.  

If you’re thinking about buying a second-hand car privately, it’s essential to check whether another Australian financial institution already holds any security against it. Rapid Loans can find out this information for you by running a PPSR check on the vehicle you want to purchase.

As the car you are purchasing acts as security for your loan, the seller will need to repay their finance company the balance of the loan held against the car before the sale can go ahead.

There are two ways to buy a car that is under finance:

1. The seller can obtain a payout quote from their financier, repay the outstanding amount and provide proof that the final payment has been made. The seller’s financier will then release the security on the vehicle;
2. If the seller is relying on the sale of the car to repay the lender, they can provide the official payout document to Rapid Loans, and we will disburse the funds straight to their lender as part of the new car loan. If there are additional funds from the sale left over after the original loan is paid out, those will then be disbursed to the seller.

It’s worth noting that you can’t transfer a car loan to another person as all licensed lenders must comply with ASIC’s responsible lending obligations regarding the provision of consumer loans.