Loans as they should be
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Borrow up to $50,000 for a new or used vehicle
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Simple online application
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Loan terms from 18 to 60 months
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No early repayment fees
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Two weeks conditional pre-approval
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Fast finance – funds typically disbursed within 24 hours of approval
Learn more about refinancing car loans
If you’re looking for ways to lower your car loan repayments, pay off your loan sooner, or simply get a better deal, refinancing your car loan could be the way to go.
At Rapid, we make it easy to switch your existing finance to a new loan with terms and savings that suit you. By changing your current loan to a secured loan backed by your vehicle, you could enjoy a lower interest rate, reduced monthly payments, or more flexible terms.
Lower Your Car Loan Repayments
Is your car loan repayment causing you stress? Many people choose to refinance to make their repayments more manageable and affordable. If your financial circumstances have changed or interest rates have dropped since you took out your original loan, refinancing could be a smart financial decision.
Refinancing could reduce your interest rate and cost of the overall loan, lower your monthly repayments into more affordable segments, and shorten or extend your loan term, depending on what works best for you. Lower repayments can also free up your budget, giving you more breathing room for everyday expenses or savings.
Am I Eligible to Refinance My Car Loan?
We want Australians to have access to fast finance so they don’t miss out on the lifestyle or goals that they want to achieve. This is why we have kept our eligibility simple to apply for a Rapid loan. To be eligible to apply for a loan with Rapid, you must be 18 years or older, be an Australian or permanent resident and be earning regular income.
We will assess your loan application based on your current financial situation, not just your credit score. This means if you have had past complications with finances, we will work with you to see if we can help.
What Do I Need to Refinance My Car Loan?
Having the following documents ready to upload when applying for a loan will make the process quicker:
- Valid proof of identity (driver’s licence, passport, or other valid government issued ID)
- Proof of income (recent payslips or bank statements)
- Details of your current car loan
- Details of vehicle you are using as security (registration, model, make, year, and condition report)
We’ve made our application process simple and straightforward, so you can get a decision fast to plan for what’s next.
Why Refinance Your Car Loan With Rapid Loans?
We offer flexible loan terms that fit your financial situation, allowing you to choose a repayment period that works for you! There’s an easy solution just for you, whether you need a shorter term for a faster payoff or longer terms for lower monthly payments.
With Rapid Loans’ streamlined and efficient application process, you can refinance your car and steer yourself towards financial freedom. What are you waiting for? Apply for refinancing from the comfort of your home today!
How It Works
1. Apply Online
Get started with our simple online application and be on your way in just a few clicks! Our secure online platform keeps your information safe.
2. We’ll Get In Touch
Your application will be reviewed and one of our friendly loan consultants will be in touch soon! We’re here to help.
3. Receive Funds
We take our commitment to being fast seriously! If you applied in the morning and were approved, your funds could be available the very same day.
Why go with Rapid for your loan?
Loans Tailored to You
Our auto and personal loan products were created with our customers in mind. We live in the real world too, so we created flexible loan solutions to suit most circumstances.
Quick and Easy Process
Our online application takes just minutes and our secure online portal allows you to upload your essential documents quickly and conveniently.
Personalised Service
Like everything at Rapid, we make sure dealing with our professional customer service representatives is straightforward and simple. We’re here for you!
Trusted Lender
We’ve funded loans for over 50,000 happy customers to make life happen. Our people are experienced, professional and understand that life isn’t always straightforward.
Explore Our Other Loan Types
Used Car Loans
For when its time for that new car smell
Jet Ski Loans
For when you want to make a splash
Boat Loans
For feeling the wind in your hair
Motorhome Loans
For when it’s time to hit the open road
Auto loan questions
Will refinancing affect my credit score?
Applying for refinancing involves a credit check, which can affect your credit score. However, if refinancing helps you manage your repayments better, it could potentially improve your credit profile in the long run.
How soon can I refinance my car loan?
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.
Will refinancing save me money?
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.
What is a p.a. comparison rate?
The comparison rate gives you a true understanding of the cost of the loan per year. In addition to interest rate charged, it adds the cost of fees and charges, repayment frequency, loan term and loan amount.
What loan terms do you offer?
Our loan terms vary from 24 to 60 months with loans ranging from $2,001 up to $50,000. This will depend on the product, loan amount and other factors.
What is a balloon payment?
A balloon payment is a significant extra payment made on your loan that is greater than your normal repayment. A balloon payment can be made at any time of the loan term and will reduce the loan term and interest charges for that loan. We do not require balloon payments at Rapid Loans, however the option is available to you to make extra repayments without incurring any fees.
What does pre-approval mean?
Applicants are able to apply for pre-approval for finance before making an offer for a car. Pre-approval means that the applicant has already gone through the application process and has been found that they satisfy the criteria to get a loan of a specific loan amount. This gives the applicant to the reassurance that they can afford a car within a specific budget. When the applicant has found a car to purchase, the loan application can be finalised with any conditions being met to receive final approval, contracts signed and funds disbursed.
Do you charge early repayment fees?
No, Rapid Loans does not charge any fees for early payouts or additional repayments on top of the normal repayment schedule.
Do you offer fixed interest rates?
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.
How do I buy a car that is under finance?
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.