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A comparison rate is designed to help you compare the overall cost of different loans. It takes into account not only the interest rate, but also most upfront and ongoing fees and charges, based on a standard loan amount and term prescribed by law.

Because it includes more than just the interest rate, the comparison rate can give you a better indication of the overall cost of a loan. However, your actual comparison rate may vary depending on your loan amount, loan term and individual circumstances.

Our loan terms vary from 18 to 60 months with loans ranging from $5,000 up to $45,000. This will depend on the product, loan amount and other factors. Interest rates will vary depending on the amount borrowed and a few other factors including your credit history and financial profile.

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.

No, Rapid Loans does not charge any fees for early payouts or additional repayments on top of the normal repayment schedule.

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.

You will need current government identification, recent payslips and information about your financial circumstances to ensure we can accurately assess your application. If you want to be extra prepared, you can see how it works and get everything you need lined up before applying to make the process as quick and smooth as possible!

There is no limit on how old the car can be. So if you’re picking up a classic car, you can still apply with Rapid Loans.

Yes, you can. Simply give us all the details of the seller, make and model of the car along with the price. Also, for your own safety, ensure that the car comes with all the necessary paperwork and pre-purchase checks before you lock in with a private seller. 

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.