Car Loan Australia

Car Loan Australia

A car loan is a debt you take out to purchase a car. Paying for a car upfront may not be an option for everyone, so car loans in Australia are some of the best car finance options for getting your dream car.

Taking out a car loan makes it possible to own your car without the hassle of spending years saving up. If you’re searching for ‘car loan Australia’, take a look at the personal loan options we have here for you at SocietyOne.

What is the eligible age to get a car loan in Australia?

You need to be at least eighteen years old in order to apply for a car loan in Australia. Only those of legal age are allowed to apply for loans.

If you’re an eligible applicant, we can offer you two types of loans for cars here at SocietyOne. These are our secured loans and our unsecured loans. Unsecured loans are available between $5,000 and $50,000, with the repayment period spread over two, three, or five years.

If you have an asset you can use as collateral, you may be eligible for a secured loan. If you’re purchasing a car, you may also be eligible for a secured car loan, in which the purchased vehicle serves as the security for the loan. Secured loans allow you to borrow between $5,000 and $70,000, with a repayment period of two, three, five, or seven years. You may be able to get faster approval for this type of vehicle loan because of the security your asset provides.

When applying for an auto loan with SocietyOne, these are the information and requirements that you have to present:

• Personal documents showing your name, address, and date of birth
• Driver’s licence or passport
• Proof of address, such as a utility bill
• Proof of income, such as payslips or bank statements
• Details about your day-to-day expenses and existing debts

For those applying for secured car loans, you will also need to present your asset details, such as your registration certificate, proof of insurance, and invoice or proof of private sale.

Can international students get a car loan in Australia?

Unfortunately, international students cannot get a car loan in Australia due to eligibility concerns.

To be eligible for SocietyOne vehicle credit, you must be a resident or permanent citizen of Australia, earn more than $30,000 per year, and hold an Australian bank account.

To enjoy our low-interest personal loans, applicants must also have a good credit history. The better your credit history, the better your credit score will be. For those who don’t have an ideal credit score, you may wish to check out our tips and tricks on improving your credit score and getting lower interest rates on your car credit.

If you are unsure what your credit score is, you can check it for free on our platform to know your eligibility for a car loan in Australia. We partner with Experian, one of the leading credit reporting agencies, to access your credit report and provide you with SocietyOne score insights.

Is it possible to have two cars on one loan?

Yes, you can have two cars on one loan, depending on your loan amount. With SocietyOne, the amount you can borrow depends on your loan options and serviceability or the calculation of how much you can afford to repay.

Even if you’re taking out a loan for one car, you can always have a higher car loan value than the actual amount of the vehicle. We understand that there are many other things you may need to pay for, including registration fees, car improvements, and even loan consolidations for other debts you may have incurred in the past.

You can also borrow for a car that’s a little different, too old, or unable to qualify for traditional car loans or secured personal loans – making our car loans a great choice for those looking to buy collector’s cars!

To get a car loan in Australia with SocietyOne, start by getting a quote using our personal loan repayment calculator. If you’re satisfied with your quote, you may fill out your application form, which takes as little as five minutes to complete. Once your car loan application is approved, you may be able to receive your funds as fast as one business day.

We offer competitive car rates, so you don’t have to worry about balloon payments, early loan repayment fees, or any other hidden fees and charges. The only fees you have to think about are the establishment fee, borrowing amount, and fixed interest rate.

Apply for a competitive car loan in Australia with SocietyOne.

At SocietyOne, our goal is to provide you with the best deal so you can get your dream car. Regardless of your needs and preferences or where you are in Australia, we can ensure a smooth and easy online lending process.

We have helped thousands of Australians around the country get the loans they need, whether for green loans, loan consolidation, travel loans, or more, so let us help you too. Search no longer for ‘car loan Australia’ and apply with us now!