How do I get a car loan?
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.
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.
What types of vehicle loans are available?
Rapid Loans will help turn the car you’re thinking about into the car you’re driving whether it’s at a dealer, an auction or parked on the street with a sticker in the window. We understand that buying a car is one of the biggest single purchases you can make, besides your home of course, so wherever you find your next car, you’re going to need a car loan provider who will help you get it quickly.
Car finance is better called a ‘vehicle loan’ as it covers more than your standard car! It includes trucks, motorbikes, boats, jet skis, caravans, passenger vehicles, sports utility vehicles (SUVs), commercial vehicles and utes. If it moves, then you can count on us to do our best to help you get your dream vehicle.
You depend on your vehicle for a magnitude of reasons so it’s important that your car is reliable and running at optimal performance. Here are a few reasons you might run into restrictions when it comes to applying for a car loan with your preferred lender:
– Many lenders require a used vehicle to be no older than 12 years of age at the end of the proposed finance term. This means that if you want to apply for a 5-year loan, the car can be no older than 7 years old at the time of purchase.
– You may find it difficult to get approval on a privately imported vehicle as most of the car’s history is not registered in Australia. This makes it difficult for the lender to find out if there’s finance owing or it’s a repairable write-off.
– This brings us to our next point, any vehicle that has been declared a repairable write-off is often not able to be used as security for your car loan.
– Most lenders also won’t allow vehicles to be used for motorsports or racing of any kind. This is because of the risk involved to the vehicle if it was involved in an accident while being used as security for the loan.
At Rapid Loans, we offer a number of vehicle loans such as:
– Car loans
– Motorcylce loans
– Jet ski loans
– Caravan loans
– Boat loans
How much can I borrow for a car loan?
With Rapid Loans, you can borrow from $5,000 up to $40,000 over an 18 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?
Can I get a loan for a used or second hand car?
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.
What is a secured car loan?
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. Yikes!
How do I buy a car that is under finance?
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.