Accelerate your car refinance

Applying to refinance your car loan will usually involve a credit enquiry, which may have an impact on your credit report. However, a single credit enquiry is just one of many factors that may be considered as part of your overall credit history.

If your application is approved and you make your repayments on time in accordance with your loan agreement, this may have a positive influence on your credit profile over time. It’s important to consider whether refinancing is appropriate for your individual circumstances before applying.

You can refinance at almost any stage of your loan, although some lenders may charge an early exit fee. It’s important to understand the conditions of your existing loans so you know what to expect if you choose to take a different pathway.

Refinancing can save you money if you secure a lower interest rate, shorten your loan term, or reduce the total interest paid over time. Even if you extend your term for lower repayments, you may be able to free up cash flow for other priorities. If you’re approved for a loan with Rapid, you’re also able to make early repayments if you choose without any extra fees, which can be another way to improve your savings.

A comparison rate is intended to help you compare the overall cost of different loan products, not just the advertised interest rate. It combines the interest rate with most upfront and ongoing fees and charges, using a standard loan amount and term prescribed by law.

Looking at the comparison rate alongside the interest rate can give you a clearer picture of the overall cost of a loan. Keep in mind that your actual loan costs will depend on your approved loan amount, loan term and the terms of your loan agreement.

Our car loan terms vary from 24 to 60 months with loans ranging from $5,000 up to $45,000. This will depend on the borrower profile, loan amount and other factors.

If you’re still looking for the right car, pre-approval can help you understand how much you may be able to borrow before you start shopping. This can give you a clearer budget and make it easier to focus on vehicles within your price range.

As part of the pre-approval process, we’ll assess your application against our lending criteria and responsible lending obligations, including your income, financial circumstances and ability to meet the proposed repayments. If you’re eligible for pre-approval, we’ll let you know the approved loan amount and any conditions that apply.

Once you’ve found the vehicle you’d like to purchase, we’ll complete the final assessment, confirm any outstanding conditions have been met, prepare your loan documents and, once accepted, arrange for the funds to be transferred. Pre-approval does not guarantee final approval, which remains subject to satisfying all lending requirements.

No, Rapid Loans does not charge any fees for early payouts or additional repayments on top of the normal repayment schedule. So, if you are in a position to pay off your loan sooner, you can do so with no early exit fees.

Yes, personal and car loans from Rapid Loans have a fixed interest rate outlined in your contract. This will vary depending on a number of factors such as borrower profile, loan product and principal amount.

When you are buying a second-hand car privately, it is essential to check whether a finance institution holds any security against it. We can find out this information 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 original finance company before the sale can go ahead. There are two ways to do this.

The first is that 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 second way is that if they are relying on the sale of the car to repay the financier, then they can provide the official payout document to Rapid Loans and we will disburse funds straight to their financier as part of the new car loan. If there are additional funds from the sale leftover after the original loan is paid out, those will then be disbursed to the seller.