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A secured car loan is a loan that’s backed by an eligible registered vehicle. The vehicle acts as security for the loan while you make your repayments. Once the loan has been repaid, the security interest is removed.

At Rapid, we required a registered vehicle to be put up as the security for the loan. This means you can use the car you are purchasing as the security, and once the loan is paid off, this security is removed. 

Simply complete our online application, provide the required supporting information and our team will assess your application. If approved and your loan settles, we’ll arrange the transfer of funds so you can complete your vehicle purchase.

Eligible applicants can borrow between $5,000 and $45,000, subject to our lending criteria and approval.

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.

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. 

Repayments can be made weekly, fortnightly or monthly. Your repayment amount will depend on your approved loan amount, interest rate and loan term.

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.