How to Secure Approved Car Loans

Car loan applications can be taxing and complicated, making it hard for many Australians to secure approved car loans. Thankfully, when it comes to easy auto financing, people are no longer limited to auto-specific loans. SocietyOne’s flexible personal loans can also be leveraged to upgrade your vehicle or purchase a new one entirely.

Car loans explained

Why you may need one

Getting approved car loans, whether it’s for a green car loan or pensioner car loans, can be a priority for many Australians. Some may need it to travel to and from work, transport family members, or handle important errands. Affordable car loans are ideal for those who do not have the funds to purchase a vehicle outright but need one right away.

Common car loan providers

In Australia, there are various institutions that offer low-interest auto loans or car loan pre-approval for eligible customers. Car dealerships typically have tie-ups with lenders where loans are offered at the point of sale. People seeking approved car loans could also approach a traditional bank to explore their options. However, these options may not always be suitable for one’s situation.

Comparing your options

A car is a huge investment. Before signing the dotted line on any quick approval loans, you’ll want to carefully assess your options and compare loans. For example, a car loan calculator with balloon payments integrated is a helpful way to get an idea of future monthly instalments and lump sum payments.

However, easy car loan approval is not a guarantee. Finding the offer that you deserve and successfully applying for it can be difficult. Some car loan providers only have one-size-fits-all loans, or they may burden you with lengthy processes before giving you approved car loans. It’s not the best scenario, especially if you need a car sooner rather than later. This is where SocietyOne can help.

Achieve your auto goals with SocietyOne

Flexible personal loans

You don’t have to stick to traditional Australian car loans if you’re looking to get approved car loans. At SocietyOne, we’ve helped thousands of Australians meet their financial goals, whether it’s to renovate their home, finance a wedding or much-awaited holiday, or, in this case, upgrade or purchase a vehicle.

We’re one of the leading digital finance platforms in Australia, and our goal is to take the hassle out of finding the best car loans for your situation. We offer two types of personal loans – secured and unsecured. Our unsecured loans provide flexibility without the need for collateral.

A secured loan requires that the loan be secured by an asset, such as an existing car. Approved applicants could then use the loan proceeds to buy their dream car. As there is less risk to a lender, customers can often access more money, lower rates, and longer loan terms.

Our user-friendly online platform allows you to complete your car loan application from anywhere in Australia. Your funds can be received in as little as one business day if your SocietyOne application has been approved.

Improving further eligibility

If you’re looking for car loans, you may be aware of the importance of a robust credit history in improving one’s chances of getting approved car loans. Luckily, SocietyOne is now part of the MONEYME Group, and we have a free-to-use Credit Score Tool on the MONEYME app. It allows you to check your credit score for free without impacting your score.

Once you’ve got the MONEYME app and successfully checked your credit score, we will provide you with free, helpful tips and information on how to enhance or maintain your credit score. By improving your score, you may increase the likelihood of getting approved car loans and other financial products – potentially with more favourable terms and rates.

Frequently Asked Questions (FAQ)

What are the requirements for getting a car loan?

The requirements for getting approved car loans can vary depending on your provider. A dealership that provides in-house financing may ask you for different documentation than a traditional bank or third-party lender would. Some banks may even send a pre-approved car loan offer to those who have built a good credit history and a longstanding relationship with the bank.

Generally, however, car loan applications require proof of identification, proof of regular and adequate income, and proof of address, among other things. At SocietyOne, our minimum requirements for a personal loan are to be at least eighteen years old, be an Australian citizen or permanent resident, earn a minimum of $30,000 annually, and have a good credit score.

How do I calculate my monthly car loan payments?

If you’re interested in applying for one of our personal loan products, you can calculate car loan repayments to check potential rates and monthly obligations. Just use our built-in loan calculator.

Enter your details, such as the type of loan you would like to get and your desired repayment frequency and duration. You’ll be able to see an estimate of your loan repayments as well as the interest rate you may get.

Does the type of car I want to buy affect my loan approval?

If you are looking to secure the lowest car loan interest rate, the type of car you want – or, more importantly, the value of said car – can have an impact on your loan approval. Lenders will be looking at your ability to comfortably make repayments, and if the car an applicant wants has a higher value than their income may allow for, there is a chance their application will be rejected.

At SocietyOne, we offer personal loans that could be used to finance a new vehicle. During your application, you’ll want to apply for a loan amount that covers the cost of your desired vehicle. Ensure that your income documents are complete and accurate to avoid any delays in loan processing.

SocietyOne: home of the faster and fairer deal

SocietyOne provides innovative personal loan solutions tailored to your financial needs. We understand that the personal loan journey can be overwhelming. We simplify the process by offering award-winning secured and unsecured personal loans.

We’re now part of the MONEYME Group, and our dedication to delivering a faster and fairer deal has earned the trust of thousands of everyday Aussies who have successfully accessed funds for various needs.

We adhere to risk-based pricing, meaning the better your unique credit profile, the lower your rate – at times surpassing what traditional banks can offer. Moreover, customers need not worry about monthly or early repayment fees, and we offer a seamless, 100% online application process.

Whether it’s debt consolidation, home renovations, or a significant purchase like a car, SocietyOne is here to support you on your journey, making the process fast, easy, and tailored to your financial well-being. Trust SocietyOne for a financial partner that cares about your goals and delivers the faster, fairer deal you deserve. Submit an application today!