Frequently Asked Questions (FAQs)
General FAQ
Carsfinance.com.au does not provide car loans, rather, we are a credit broker able to connect you with reputable and trusted lenders who offer the very best car finance deals. And because we use ‘soft’ credit searches in the first stage of the enquiry you will not see any negative impact on your credit rating. If you wish to proceed with a quote, we then connect you directly to the lender who will conduct additional credit checks. Our aim is to provide the best car finance quotes across the Australia, so you have a fantastic selection of the very latest offers. It leaves you in full control to make a decision that you are comfortable with and allows you to find the perfect auto for your needs.
If you are holding Australian citizenship or permanent residency, being over the age of 18, and earning some type of income.
In general, we would need to see proof of licence, proof of income and proof of address. Some applications, though, might require additional documents.
If you’ve been refused car finance because of bad credit, we still may be able to help. At Carsfinance.com.au we work with a panel of lenders who can offer bad credit car finance.
Completing and submitting the application takes around 15-20 minutes. It will generally take one or two working days to evaluate your papers and financial information before reaching a judgment on your application.
The simple answer is no. In most cases, you can borrow 100% of the cost of your vehicle as long as you can afford it.
The borrowed amount depends on your and your car's value, but you can borrow up to $ 100,000 and an average of $ 30,000.
You can get both a new or used car on finance. New car finance will allow you to purchase a brand-new vehicle, while used car finance would allow you to purchase a previously used vehicle.
Lenders do not easily provide car financing to individuals who have a bad credit score, credit history, or no credit file. Since they require assurance their money will be repaid, lenders consider a person's credit score for determining creditworthiness.
Buying a new or used car is always a big investment. Not every driver is able to pay for a vehicle outright using savings. It is much easier to contact Carsfinance specialists, who will provide pre-approval for the purchase - this will allow you to evenly distribute expenses to finance a car over the required period.
Yes - a business car loan works the same way as a traditional car loan but with significant tax incentives. You will still be responsible for making regular monthly interest rate payments and other charges over the complete loan term.
Yes - car loans for businesses require less paperwork than private financing. Still, you need to show records to prove your company has been registered for at least two years, as well as copies of your business activity statement (BAS).
Yes - sole traders can get a business car loan through a chattel mortgage provided they can prove a history of regular income, the loan falls under $250,000 and the car will be operated for work purposes at least 50% of the time in use.
Whether you’re interested in car refinancing or a traditional car loan for business, you can enjoy several tax advantages to help you save money on your overall expenses, reduced paperwork and red tape during the application process and access to funding to secure a wide range of commercial vehicles.
If you want to enjoy the benefits of a business car loan, please reach out and share a few details about your company.
To purchase a caravan with a loan, borrowers will need to apply for a caravan loan. This type of car loan can be used to finance the purchase of a caravan.
Absolutely! But why waste time comparing and searching for the right caravan loan interest rates when Cars Finance can do it for you? With over 45 lenders at our disposal, we’re confident we can find you the best caravan loans in Australia for your credit profile. We also offer loans for other vehicles, such as boats and motorcycles.
That depends on several factors, such as your borrowing capacity, credit score, income and more. However, Cars Finance has made it easy to qualify for some of the best caravan loans in Australia! Learn more about our application process today.
Whether you’re looking to purchase a caravan for business or pleasure, you don’t need to hand over a deposit! Simply tell us how much you’re looking to borrow and for how long, and we’ll source the most competitive caravan loan interest rates based on your financial profile.
Credit Rating FAQ
When looking for a lender to support you as you buy a new car, you may be worried about your financial history. Having defaults might have left a mark in your credit report that stands out to lenders. It might be something creditors ask about or weigh when considering your car finance application. However, it still means you can apply for car finance with defaults on your file, your approval chances are just a little different.
It may be tough to get finance without a great credit score, but it’s not impossible. In fact, there are special bad credit car finance options available to you. There are lenders who will consider you even if you have overdue payments on your record.
There is no set credit score that guarantees you’ll be approved for car finance. A higher credit score signals that a borrower has less risk and is more likely to pay back lenders. If your credit score is low, then there may be some difficulties, but this does not mean you will be refused car finance.
The amount you can borrow for your mortgage will be limited by the size of any debts you have outstanding, so it's important to keep this in mind when considering car finance.
The more you owe on your car, the smaller offers lenders will give you for a mortgage. This is because a car finance loan is considered debt, and banks want as much security as possible before they lend any money.
To get a good deal on car financing, you need a good credit score. But what happens to it after you take out a loan?
When you first take out any kind of hefty loan, you generally see a slight drop in your credit rating. But if you make your payments on time, the dip will only be temporary. There are other nuances that can move your credit score, either way, so make sure to read till the end.
If you're considering applying for a loan, car finance, a credit card, an overdraft, or any other type of credit, it's a good idea to check your credit report. However, there's a lot of misinformation out there about credit scores. For example, some individuals feel that having a credit card balance is the best method to raise your credit score, which isn't true.
Many people are hesitant to obtain a copy of their credit reports or check their credit scores for fear of damaging their credit scores. The good news is that checking your own credit report or credit score does not affect your credit report. Checking your credit reports and ratings on a regular basis might help you determine if you're eligible for a loan.
Eligibility FAQ
A sole application is when an individual submits only their details when seeking car finance in the AU. However, there is the option to file a joint application; if approved, the client will get financing alongside another person.
If you have a car loan and want to get another one, most people will tell you it's impossible. But if the lender thinks you can handle making payments for two loans, they will probably give you another one. So, it's possible to have more than one car loan at a time.
If you had trouble managing money in the past, you might experience some difficulty in securing a car finance agreement. However, don’t be discouraged if you’re planning to apply or have been refused a car finance deal.
It’s important to be aware of the reasons for rejection in any case. Those who can’t get car finance will understand how to avoid it next time
Payment FAQ
Paying off your car loan earlier allows you to get rid of your credit burden sooner and save on the interest that would otherwise be paid to the bank. Therefore, as soon as the opportunity arises, many people try to pay off car finance early.
It is important to understand that the lender loses part of their profit if the entire debt is repaid before the due date. Hence, it is important to read the terms established in the contract before proceeding. Learn how to repay an auto loan properly.
Early repayment of a car loan is possible and, in some cases, necessary. But you need to know certain rules and conditions of closing a car finance deal early.
When you realise that you are no longer able to fulfil your obligations under your credit agreement, contact your borrower. Depending on the situation, you may be able to reach an agreement that will allow you to keep your car.
You may well have multiple options available to you once your lender knows more about your current situation.
Car Finance from 6.99% p.a.
Low rate car finance and same day approvals. Just some questions and you are on your way to getting your car finance.
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Minimum loan amount is $8000.
No impact on credit score