Getting pre-approved puts you in the driver’s seat when negotiating on a car.
Understand balloon payments, fees, and bundled loan options before you commit.
Refinancing your car loan could help reduce your repayments or interest over time.
Buying a car is a practical decision, and for many people, that means looking into finance. It helps spread out the cost so you can manage your budget more easily.
Whether it’s your first car, an upgrade for a growing family or just time for something more reliable, the right loan can make all the difference.
At Aussie, we help make the car buying journey easier. From comparing lenders to understanding your loan options, here’s how we can help you get moving.
Your options for car finance
Secured vs unsecured loans
A secured car loan uses your new car as security for the loan. Because there’s less risk for the lender, the interest rate is usually lower.
These loans are most common when buying a new or near-new vehicle. You’ll generally need comprehensive car insurance to protect the vehicle, and some lenders may require an inspection.
An unsecured loan doesn’t use the car as collateral, so the lender takes on more risk. As a result, interest rates are generally higher, but you may have more flexibility around the car's age or where you buy it from.
These are often used for older vehicles, or if you're buying from a private seller.
You might also be interested in: How can I negotiate with my lender to get a better rate?
Dealer finance vs going through a broker
It might be tempting to accept the finance deal offered at the dealership. It’s convenient, but it’s not always the most competitive or transparent.
Sometimes those low rates come with extra fees or a balloon payment at the end. There may also be pressure to sign quickly, which can make it hard to compare your options.
Aussie Brokers can help you compare options from a wide range of lenders, so you’re not limited to what the dealer offers. We can walk you through the fine print and find a loan that fits your budget, not just today, but over the life of the loan.
What about novated leasing?
If your employer offers salary packaging, a novated lease could be worth considering. It lets you lease a car with payments coming from your pre-tax income.
While it can offer tax benefits, it usually only applies to newer cars and may come with stricter terms. Some novated lease arrangements also include running costs like fuel, servicing and insurance, which can simplify your budget.
If you change jobs, the lease comes with you, which means you’ll need to take over the repayments unless your new employer agrees to take it on. It’s important to understand what’s included in the lease and how it compares with a standard car loan.
Try the Aussie Car Loan Calculator to estimate repayments.
How Aussie can help you get car finance
Work out what you can afford
Start by setting a realistic budget. That means thinking beyond just the car price. You’ll also need to factor in rego, stamp duty, fuel, maintenance and insurance.
If you’re upgrading, don’t forget to consider how much you might get from selling or trading in your current vehicle.
Not sure what your repayments might look like? You can use the Aussie Car Loan Calculator to get an estimate based on the loan amount, term and interest rate. This can help you plan and avoid overstretching.
You might also be interested in: Why is it important to have comprehensive car insurance?
Check your credit score
Your credit score can affect your loan options and the rate you’re offered. A higher score could mean a better deal.
If you haven’t checked yours recently, you can get a free credit report through our free credit score check. If there are any errors or issues, it’s worth sorting them out before you apply.
If your credit score isn’t in top shape, don’t stress. Aussie Brokers can help you explore lenders with flexible criteria and guide you through the process.
Get pre-approval
Getting pre-approved can help you understand how much you’re likely to be able to borrow and give you more clarity before you start looking at cars. It can also help speed things up when you’re ready to make a decision.
At Aussie, we can support you through the pre-approval process by helping with the paperwork, explaining what lenders are looking for, and checking that everything’s in order.
It’s a good way to get some structure around your budget before you start visiting dealerships or private sellers.
Compare and apply
Once you’re ready, we’ll help you compare loan options from our panel of lenders based on your needs and what works for your budget.
Whether you're after a fixed rate to keep things predictable or something more flexible, we can talk through the pros and cons.
We’ll also help you understand what different loan terms could mean for your repayments.
A shorter term can mean paying off your loan faster with less interest overall, while a longer term could ease the pressure on your monthly budget. It's about finding a balance that feels right for you.
Things to keep in mind
Some car loans come with a balloon payment, a lump sum due at the end of the loan. While it can reduce your monthly repayments, you’ll need a plan to cover that final amount. This can catch people off guard if they haven’t budgeted for it or if the car’s value has dropped.
Make sure you understand any fees for early repayments or late payments. Some lenders charge extra for paying off the loan early, which could impact your ability to refinance or get ahead.
It’s also important to check whether you’ll need comprehensive insurance, many lenders require it, especially for secured loans. This adds to your ongoing costs, so be sure to include it in your budget.
Also think about the total cost of the loan, not just the interest rate. Some low-rate loans come with high fees that add up over time. Aussie Brokers can help you compare apples with apples so you’re looking at the full picture.
You might also be interested in: 5 reasons why EOFY could be a great time to buy a new car
Can I bundle my car and home loan?
If you’ve already got a home loan with Aussie, we might be able to help you roll your car loan into it. This can simplify your repayments and may even get you a better rate. But keep in mind, spreading the cost over a longer term could mean you pay more in interest overall.
You might also be interested in: What are home loan packages and are they worth it?
Already have a car loan? We can help you refinance
If you’re already paying off a car loan, refinancing could help you save. Maybe your interest rate is higher than what’s currently available, or your financial situation has changed, and you want to reduce your repayments.
We’ll check your current rate, compare what’s out there, and see if switching makes sense for you. Sometimes even a small drop in interest rate can lead to meaningful savings over time.
Refinancing might also help you consolidate debt or adjust your loan term to better suit your cash flow. It all depends on what you’re looking to achieve. We’ll help you run the numbers and decide if it’s worth the move.
You might also be interested in: Do you need a deposit to refinance?
Ready to get started?
If you’re thinking about buying a car, we’re here to help. Whether you want help getting pre-approved, comparing your options or simply understanding how it all works, an Aussie Broker can guide you every step of the way.
We’ll listen to your goals, explain your options in plain English, and support you from the first conversation to final approval. And because we work with a range of lenders, we can offer more than just a one-size-fits-all solution.
Frequently Asked Questions
Can I get a car loan if I’m self-employed?
Yes, you can. But you’ll likely need to provide more documents, like tax returns and business financials.
Some lenders are more flexible than others, so it’s worth speaking to an Aussie Broker who can guide you through the process and help you find the right match.
Do I need a deposit to get a car loan?
Not always. Some lenders offer no-deposit loans but having a deposit can reduce the amount you need to borrow and improve your chances of approval. It can also help you avoid higher interest rates or stricter conditions.
What’s a balloon payment and should I choose one?
A balloon payment is a lump sum due at the end of your loan term. It can make monthly repayments lower, but you’ll need to budget for that final amount. Talk to your Aussie Broker to weigh up if it’s a smart move for your situation.
Can I use a car loan to buy from a private seller?
Yes, some lenders allow you to use a car loan to buy from a private seller. These loans may have extra conditions, such as requiring a vehicle inspection or certain documents from the seller.
How do I know what my repayments will be?
Use the Aussie Car Loan Calculator to estimate your monthly repayments based on your loan amount, interest rate and term.
Book an appointment today and let’s get you moving.
