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So you’re thinking of finally rewarding yourself with your dream ride. Or your rust bucket of a car has disintegrated and it’s time for an unscheduled upgrade.
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Car loans from Rapid Finance are the easy way to get finance matched to your specific needs. Get your secured car loan application started today. We offer:
Secured car loans are a finance product whereby a lender provides a borrower with funds for the purchase of a vehicle. The car is used as security on the loan and this generally lowers the interest rate. (Depending on the applicant’s overall profile)
Secured car loans are typically used by individuals to obtain a vehicle without having to pay the full purchase price upfront. (e.g. – No deposit)
Our specialist consultants are here to guide you through the process of selecting one of the most suitable secured car loans or leasing solutions for your individual circumstances.
Let us do the work, while you enjoy the ride.
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Please note: This is an estimate provided for illustrative purposes only, and is based on the accuracy of information provided. It does not constitute a quote. Additional fees and charges may apply dependent on your individual circumstances. Fees such as early repayment costs and establishment fees are not accounted for in the examples of weekly repayments. Interest rates may be subject to change throughout the term of the loan.
So you’re thinking of finally rewarding yourself with your dream ride. Or your rust bucket of a car has disintegrated and it’s time for an unscheduled upgrade.
Read moreDepending on your circumstances, there are different requirements when you apply for a car loan.
Read moreAlways wondered why lenders care so much about late repayments? At Rapid Finance, we love helping people understand the ins and outs of car loans so that they can make the best decisions possible for their unique circumstances.
Yes, that is possible. It is very common, to get a car loan with no deposit - when you need a new or used vehicle fast, and it is impractical to wait and save up a substantial deposit for the vehicle.
In many ways, yes. It will depend on the type of Centrelink benefits you receive and the amount you wish to borrow for your next car. We work with a panel of specialist lenders, some will accept applications and consider Centrelink benefits as income - even if you have had credit problems in the past. If your benefit is Youth Allowance or Newstart Allowance, then getting approved will be more of a challenge than other Centrelink benefits.
Check out our Centrelink car loans page for more details on which benefits are accepted.
Secured car loans and unsecured car loans differ primarily in terms of collateral. With a secured car loan, the vehicle you're purchasing acts as collateral for the loan. This means if you fail to meet your repayment obligations, the lender has the right to repossess the vehicle to recover the outstanding amount. On the other hand, unsecured car loans do not require any collateral. As a result, they might come with higher interest rates due to the increased risk for the lender, as they don't have an asset to seize if you default on the loan.
Secured car loans typically offer several advantages over unsecured loans:
Lower Interest Rates: Since the lender has the security of the vehicle as collateral, they may offer a lower interest rate compared to unsecured loans.
Higher Borrowing Amounts: With the vehicle acting as security, lenders might be more willing to offer larger loan amounts.
Flexible Repayment Terms: Secured car loans often come with flexible repayment options, allowing borrowers to choose a term that best fits their budget.
Easier Approval: Individuals with less-than-perfect credit histories might find it easier to get approved for a secured loan compared to an unsecured one, as the risk to the lender is reduced.
Car loans in Australia are typically secured against the vehicle you are purchasing, while unsecured car loans are less common.
Generally, yes. Secured loans tend to be easier to get approved for, especially for individuals with a varied credit history. The reason being, in the case of a secured car loan, the lender has the vehicle as collateral. This reduces their risk, making them more likely to approve the loan, even if the borrower has had past financial difficulties. However, it's essential to remember that other factors, such as income, employment status, and overall financial health, will still play a role in the approval process.
Applying for car loans are generally easy with Rapid Finance; you can apply online or over the phone. Our application process can take just a few minutes to complete. And you don't need to dig out reams of paperwork to get started. All we need are the details of your desired car loan, along with some personal details, such as your driver's license and basic employment information in most cases.
If you have any questions about Rapid Finance, you can contact our team on 1300 467 274. Alternately, you can complete a Free Finance Assessment at the top of this page.
One of our car loan specialists will be in contact with you after you submit your Rapid Finance application. This person will be your personal expert in everything about car loans. They'll begin by reviewing your personal situation and needs, then match you with a car loan option that fits your requirements.
If your financial situation is a bit more complicated, don't worry (bad credit car loans are available). Your specialist is often able to negotiate deals with financiers and assist in correcting mistakes on your credit history for free. Applying for a car loan is generally easy with a Rapid Finance specialist on your side as long as you tell us the facts.
The size of your secured car loan will largely depend on your personal circumstances including your affordability - up to $100,000 and sometimes more. Everything from your income, overall profile, to the type of car can influence the loan amount you can access.
It’s possible to get 100% finance for your loan – that is, you pay no deposit up front. Speak to a Rapid Finance specialist for more information about no deposit car loans.
Not instantly, as we will do our best to find you a car loan that works for you, so we will need to review your financial situation. However, in some cases, we can get you approved for finance on the same day you apply. (In some cases, within the hour) Each application will vary, but in most cases we can find finance for a secured car loan in one or two days. Complicated financial situations can extend the process of finding finance and getting approval.
Approvals will also take longer if our team needs to spend time collecting revised documentation. Make sure that all the information you supply is complete and correct from the get-go. This way, we can reduce annoying delays or roadblocks – and you'll get your new car sooner.
A comparison rate, gives an effective rate, including the base interest rate and all the fees. It is really the interest rate all customers should focus on.
A Rapid Finance specialist can do the shopping for you, without the need to directly apply to financiers. This means you get a realistic comparison interest rate without the risk of damaging your credit history. (As every application to a lender places a hit on your credit file and can generally reduce your credit score)
We have options for customers who want to access the convenience and tax benefits of salary packaging their car loan. Salary packaging is where your car loan repayments are automatically taken out of your salary by your employer.
A novated lease is an excellent choice for employees looking to get additional savings on a new car. The running costs of the vehicle, such as servicing, insurance and fuel, could also be included in the lease agreement.
Yes, our car loans are available for used cars as well. The availability and amount of the secured car loan, such as the loan amount, may be reliant on other factors, including the car's make, model and condition as well as the applicants overall profile.
The advantage of Rapid Finance is that we can offer fast finance without the high cost of convenience. We compare a range of products to see which ones match your needs – and organise the information needed to get approved quickly.
To begin your Rapid Finance application, you'll need personal details and a rough idea of your desired loan amount. Once a Rapid Finance specialist gets in contact with you, they'll advise what further documentation is required, such as proof of employment and income, bank statements etc.
There are some situations, such as new employment or self-employment, where it can be difficult to provide evidence of income. In these cases, we may be able to find alternative ways to provide proof of income. It is even possible to get a loan without income documentation if you have a great credit history depending on your circumstances. This is where our 20+ years of experience comes in!
Yes, self-employed car loans are available though Rapid Finance. We may be able to prove your income and ability to meet repayments using alternative documentation or even no documentation, depending on your circumstances.
If your vehicle is used for business, then consider applying for a business car loan. There are a number of options to consider that could potentially reduce your tax liability or interest rate. A tailored business loan can also be made to match repayments with cash flow or seasonality.
Have more questions about our car loans? Call the team on 1300 467 274 and we'll be happy to help.