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Car Loans Australia
March 9, 2020● 10 minute read●
Written by - Jacaranda Team
Find a car loan near you
Car loans Australia, who can you trust? If you’re looking for the perfect lender you might have just come to the right place. At Jacaranda, we could approve you for between $5,000 and $35,000 to fund the car of your dreams. So, whether you’re purchasing your first second-hand car or a brand new top of the range model, the Jacaranda team could have the cash you’re looking for. Want to know more? Keep reading!
What is a car loan?
Let’s start with the basics. A car loan is essentially just a personal loan that can be used to finance a car. Like personal loans, car loans attract interest payable on top of the loan amount. The amount of interest payable will depend on the lender and the type of loan. It is important to remember that all lenders are different. Make sure the loan you are agreeing to is right for your individual financial situation.
Where can I get a car loan?
That’s a good question! There are a number of different ways you could get a car loan. You could apply with a:
- Credit Union; or an
- Online lender.
If you’re in the market for a car loan, it is important to shop around. In order to get the best deal, borrowers should consider all options. If you’re on a budget, it’s important to remember to keep your intended price in mind. Make sure you can afford the repayments on the loan product you are agreeing to before you sign an agreement.
Can I get a loan from the car dealership?
Yes, most dealerships will offer finance when you purchase a vehicle. If you’ve been googling ‘car loans Australia’ then you’ve probably already seen the advertisements. Many dealers claim to offer low interest rates and long repayment periods, but consumers should always keep their wits about them. If something seems too good to be true, it probably is! Make sure you do your research and make sure you really are getting the best deal possible. Remember, knowledge is power.
Does Jacaranda offer car loans?
At Jacaranda Finance, we are proud to offer car loans Australia between $5,000 and $35,000. Our team is committed to helping local Aussies get the cash they need to fund the car of their dreams. The best part is you can apply for a car loan 100% online without the fuss of a traditional lender.
We’ve designed our online application form to be streamlined and user-friendly. That means you won’t have to spend hours waiting in line at the bank. In fact, you won’t even need to leave your living room. With Jacaranda, you can apply for car loans Australia anywhere and at any time. Remember, if you choose to submit your application during AEST business hours, our team will do their best to get back to you with an outcome in just 60 minutes. We do our best to deliver speedy outcomes when borrowers need it most!
Who can apply with Jacaranda?
That’s a good question. At Jacaranda, we love giving local Aussies a fair go, however, you will need to tick a few simple criteria boxes if you’d like to start your car loans Australia application form. Keep in mind that all applicants must:
- Be over 18 years old;
- Be an Australian citizen or permanent resident;
- Have a driver’s licence;
- Be receiving a regular work income into a personal bank account for the last 3-months (preferred not mandatory);
If you can say ‘yes’ to the simple application criteria above then you could scroll up and apply today! What are you waiting for? The car of your dreams could be yours with a simple, stress-free car loan from Jacaranda Finance.
What type of loan can I apply for?
Wondering what type of car loan you could apply for with Jacaranda? Before you start an application, it is important to consider what you can afford. Keep in mind that a car loan will attract interest payable on top of the loan amount. It is important to calculate whether or not a car loan will be affordable within your current budget. The next step is to consider whether you would like to apply for a secured or an unsecured car loan. Not sure what the difference is? Let us explain.
Secured car loans
For larger loan amounts, you might be asked to provide an asset as security against the loan – this is called collateral. Larger amounts of cash are a bigger risk, therefore, collateral or an asset is used as a form of security. It is important to remember that if you do not pay your loan you run the risk of losing your collateral. The collateral for a car loan is typically the car you purchase with the loan.
Unsecured car loans
Unsecured car loans are for smaller amounts of cash and do not require collateral as security. Why don’t unsecured loans require collateral? Unsecured loans are usually for smaller amounts of cash and are, therefore, less of a risk. It is important to keep in mind, however, that unsecured car loans could attract a higher rate of interest. Make sure you do your research and ensure an unsecured loan is right for you before signing an agreement.
Fixed vs. variable interest rates
Another important factor to consider when applying for car loans Australia is whether you would like to opt for a fixed or variable interest rate. Not sure what that means? Don’t stress, we’ve got you covered.
What are fixed interest rates?
A fixed interest rate means that the interest rate itself will remain the same across the life of your car loan. That means you can expect the same amount of cash to be debited from your account on a regular basis. Fixed interest rates are often associated with more security and less risk. If you opt for a fixed interest rate you can be guaranteed what your loan is going to cost you.
What is a variable interest rate?
Unlike fixed interest rates, a variable interest rate can change depending on what interest rates are doing at the time. If interest rates go up, the rate of interest on your loan might go up. Whereas, if interest rates are low, the interest on your car loan could go down. Due to the unpredictable nature of interest rates, opting for a variable rate on your car loan is traditionally associated with a little more risk. That’s not to say it might not pay off though. Borrowers must assess what is right for their individual financial situation before making a commitment.
What documents will I need to show Jacaranda?
Ready to start your application? Wondering what documents the Jacaranda team might ask you to provide? The good news is, our application process is 100% online. That means we won’t ask you to submit any paper forms whatsoever! All required documentation can be submitted 100% online. Here is what our team suggest you have handy:
- Personal details like your online banking & employment info;
- An active email address and mobile number;
- The reason you are applying for the loan;
- Your MyGov details (if you are receiving Centrelink payments);
- Employer and contact details.
Why does Jacaranda need my online banking details?
Good question – don’t worry, we won’t use them to look at your real bank account! At Jacaranda, we use online banking details to access read-only copies of your bank statements. Bank statements give us a better idea of your spending habits, income and overall relationship with money. Our team uses this information to properly assess whether or not you will be able to comfortably repay your loan. Worried about the security of your information? There is no need to be. At Jacaranda, we use the latest in safe banking technology to encrypt all of your information. That means no one will ever be able to see your passwords or personal information. Still have questions? You can get in touch with our friendly team and we’ll do our best to get back to you ASAP!
Wondering whether the Jacaranda car loans Australia assessment team will conduct an employment check? In most cases, we will. Our team will get in touch with your boss to verify a few important details. There is no need to stress, this is just a routine part of our loan assessment process. The Jacaranda team is always professional and discreet. We will never disclose any of your private or personal details during an employment check – including the reason why you are applying for a loan. As previously mentioned, you can get in touch with our team if you have any further questions.
Can I get a car loan with bad credit?
At Jacaranda, we’re an open-minded lender. What does that mean? Well, we prefer to focus on how you are going to repay your loan rather than your past mistakes. Our team understands that life happens and sometimes bad credit is unavoidable. We don’t’ necessarily think a mistake you made up to 7 years ago should affect your ability to get a loan today. Our team will take a good look at your current financial situation and consider whether you have tried to reconcile bad credit. If we can see you have made a considerable effort, you could still be eligible for a car loan.
Keep in mind that Jacaranda can not guarantee approval for any applicant. If you are unsure as to whether you could be eligible for a loan, we encourage you to simply go ahead and apply. The Jacaranda team will do their best to get back to you with an outcome ASAP!
Will Jacaranda do a credit check?
Yes, in most cases we will always conduct a credit check when you apply for a car loan. Credit checks are a requirement of responsible lending. At Jacaranda, we want to make sure you will be able to repay your loan comfortably. The last thing our team wants to see is a borrower under financial hardship. As mentioned previously, our team won’t judge you based on the result of a credit check alone, however, we will still conduct one.
How much does an application cost?
Nothing! At Jacaranda, we won’t charge you a cent to submit an application. Our team will take a look at whether you are eligible or not completely free of charge. If we aren’t able to match you with a suitable car loan you won’t be required to pay anything. If our team has found you a compatible loan product we’ll send over an agreement for you to review and sign before any payment is taken. Want to know more? You can get in touch with our friendly team anytime.
At Jacaranda, we know that our team doesn’t exist without you! That’s why we are committed to the best possible customer service when it comes to car loans, Australia. We want to make it as simple and stress-free as possible for Aussies to access the reliable and safe cash they need. Gone are the days of waiting weeks for an outcome on your application. At Jacaranda, we work hard to deliver answers as quickly as possible. Keep in mind that if you choose to submit your application during AEST business hours our team will do their best to get back to you in just 60 minutes.
That’s right if your bank account is NPP or Osko enabled you could be eligible for instant transfer. Once your loan is approved the Jacaranda team will have the cash in your account and ready to use in just 60 seconds*. Talk about speed and convenience!
We know it’s a lot to take in! That’s why we’ve provided this table to summarise the important points we’ve covered regarding car loans Australia:
|Loans||Between $5,000 and $35,000 depending on the car you are wanting to buy.|
|Term||Between 1 and 5 years depending on how much you would like to repay at a time and how regularly you would like to make the repayments.|
|Eligibility ||You must be 18-years or older; be an Australian citizen or a permanent resident; have a valid driver’s license; be receiving a regular work income into a personal bank account for the last three months;|
|Documentation||You must provide us with some personal details (such as your name, date of birth, address etc), and contact details (such as your email address and mobile number).|
*For eligible NPP or Osko enabled bank accounts.
Car loans on Centrelink – get the lowdown!
Written by Jacaranda Team