Best Car Loans

Best Car Loans

With the wealth of car loan options available in Australia, it can be challenging to find the best car loans that suit your specific needs. Some people think they can only get the best car loan deals from traditional banks, but nowadays, online lenders can offer competitive interest rates compared to big banks.

We aspire to do just that here at SocietyOne, where we make applying for the best car loans hassle-free and easily accessible through our online lending platform. You can get a personalised quote for your desired loan and complete the application in as little as five minutes. Then should your application be approved, the funds may be released within one business day.

Many factors come into play when comparing car loans in Australia, so to help you land an ideal car loan offer for your specific needs, we’ve addressed some common questions related to your search for ‘best car loans’ below.

What options are there for the best car loans in Australia?

Countless car loan options claim to be the best car loans in the country, but having too many options can be overwhelming. Focus on these top two loan options for car finance instead:

Secured car loan

This type of car loan uses the car you’ll get as collateral or guarantee against the loan. Because there is a lesser risk for the lender, a secured car loan can lend you more money, allowing you to buy more expensive cars than other types of loans. SocietyOne offers a secured car loan option where you can borrow $5,000 to $70,000 over a loan term of up to seven years.

Unsecured car loan

Opposite to secured car loans, unsecured car loans don’t require you to have collateral for a loan. The best advantage this type of loan offers is that you will not have to worry about losing your assets since there is no collateral requirement. For example, at SocietyOne, you can borrow up to $50,000 for loan terms of up to five years under an unsecured car loan option.

Do I need a good credit score to get the best car finance offers?

Credit history is an essential consideration in every car loan calculation. Your total loan amount, interest rates, and allowable loan term all depend on how good your credit profile is. You need a good credit score to land the best car loans. Some ways you can improve your credit score to get a better deal include never missing a repayment, settling your outstanding debts, and limiting new loan accounts.

SocietyOne lets you check your credit score for free on our platform. You can access your credit score as many times as you want, and you can get tips on how to improve your score as well. You can then track your credit score progress on the same platform. SocietyOne follows a risk-based pricing mechanism, meaning you can get a fair deal since the better your credit score is, the better our offer will be.

What is the best way to compare the best car loan offers?

One useful tip to help you decide which among the best car loans to get is to make a comparison between the options offered to you. Consider these factors when comparing the different deals you have on the table:

Total loan amount

You don’t want to settle for anything less than your dream car, right? Make sure to get a loan that covers the cost of your desired car. SocietyOne won’t just lend the full purchase price of your car; we can lend you even more than that to cover fees such as registration fees and car improvement expenses.

Additional loan fees

Some lenders claim to offer the best car loans, but then they charge you extra fees without your knowledge. Choose a lender that offers transparency in its pricing. SocietyOne will never charge you with hidden fees, plus our interest rate is fixed, so you’ll always know how much your repayments will be.

Monthly repayments

The amount you have to pay your lender monthly is one of the factors that determine whether a car loan is right for you. If the repayment amount is affordable for you, then the loan is worth considering. You can get an estimate of your monthly repayments at SocietyOne using our personal loan repayment calculator. We won’t charge monthly fees and early repayment fees either.

SocietyOne gives you the option to choose your loan amount, loan term, repayment frequency (monthly or fortnightly), and the type of loan you want (secured or unsecured) based on your creditworthiness. Not only do we offer some of the best car loans for your particular needs, but we also have other personal loan options available such as debt consolidation loans, loans for students, loans for renovations, green loans, and motorbike loans.

Let SocietyOne help you get your dream car. Whether you want it brand new, used, or acquire a collector’s car, we’ll give you the best car loan options for you. Check your rate with us today.