How To Compare Car Loans Adelaide Buyers Are Looking For

If you’re from Adelaide and you’ve just found your dream car – more likely than not, you’ll be looking for car loans Adelaide-based car sellers will accept. The good news is that you’ll have options to choose from, such as unsecured auto loans and secured car loans.

But how do you determine which auto loans are ideal for your borrowing habits or current financial situation?

Here’s where SocietyOne can help you. Not only do we offer both secured and unsecured personal loans that you can use for car purchases, but we also offer you a way to review your credit score and gain insights into your credit score health. If you’re wondering if you qualify for quick car loan approval, then read on.

Which loan is ideal for your car purchase?

As you dive into researching financing for car purchases, you’ll come across personal loans.

Personal loans are designed for individual borrowers. With a personal loan, you can borrow funds for personal expenses such as a new car, a holiday, or even home renovations. The loan is then repaid with interest over a fixed period, usually between one and seven years.

Car loans can be a type of personal loan, depending on the lender. But before you rush to search for ‘car loans Adelaide’ or ‘auto loans Adelaide’ online, let’s talk about security on the loan first.

Also known as collateral, the security on your loan provides lenders with some assurance that you will repay your loan by pledging an asset of value that they may repossess if you default on your repayments. Common securities or assets are cars, real estate properties, or other assets of similar value.

Consequently, a secured loan means that a form of security will be required. Because there is less risk to the lender, your lender may offer you greater amounts, more competitive car loan rates, or more flexible car loan terms.

But what if you don’t have an asset or prefer not to put up collateral for a loan?

That’s where unsecured loans come in. Unsecured loans do not require security on the loan, giving you flexibility. This may also be a good option for first-time buyers of auto loans, as you may not have a secondary vehicle to pledge as collateral when you apply.

Why your credit score matters

‘Credit score’ is a common term you’ll come across when searching for car loans Adelaide residents can apply for. It is a unique numerical score that banks and other lenders use to determine how creditworthy you are. This number is calculated by credit reporting agencies (CRAs); in Australia, these agencies are mainly Equifax, Experian, and illion.

A good credit score can lead to certain advantages when applying for loans. Here are a few:

• Competitive interest rates. With a strong credit score, your lender may offer you more competitive interest rates. This could lead to greater potential savings on your loan in the long run.
• Greater chances of loan approval. A good credit score improves your chances for approval when you apply for new credit products, such as Adelaide car loans.
• Flexible loan terms or deals. With a good credit score, you may be offered better deals or loan terms from lenders than they might typically offer borrowers with less ideal credit scores.

A good credit score can open up opportunities for you beyond approval for car loans Adelaide-wide.

The SocietyOne advantage

Keeping your credit score healthy can be a real help if you’re planning on applying for loans for big-ticket purchases. At SocietyOne, a trusted Australian finance provider and now part of the MONEYME Group, we offer more than just a faster and fairer deal. We can also help you understand your credit score and how you can help it stay healthy.

A great feature of SocietyOne is a free credit scores check that you can access online. Through the MONEYME app, you get access to a free credit score tool. Simply download the MONEYME app from the app store to get started, and we’ll provide you with valuable insight and tips on how to view your credit score and improve it.

As your credit score and rating improve over time, you may qualify for other loans and credit offers at SocietyOne – we call that a win-win situation.

Frequently Asked Questions (FAQ)

What types of vehicles are eligible for financing in Adelaide?

Generally speaking, both new and used vehicles are eligible for car financing in Adelaide. If you’re looking up ‘car loans Adelaide’ or ‘car finance Adelaide’ for vehicle financing, SocietyOne offers a range of credit products suitable not only for sedans and SUVs but also for motorcycles, caravans, and other types of personal vehicles.

For more information on which loan type is ideal for your desired vehicle, get in touch with us during our support hours. You can find our customer support information here.

How does the online loan application process work for car loans?

Curious about the application process for car loans Adelaide-wide? Applying for a SocietyOne loan is as straightforward as we can make it. First, you must check for the following eligibility criteria:

• You are at least 18 years old or older at the time you apply.
• You are an Australian citizen or permanent tax-paying resident.
• You meet our minimum annual income requirement of $30,000.
• Ideally, you have a good credit history.

For secured personal loans, you will need to have an asset to pledge as security. Depending on the amount you wish to borrow, we may require your asset to meet a minimum value. You may use our loan interest calculator to determine your asset’s value as well as estimate your interest calculation for loan amounts.

If you meet these criteria, you can submit your application with the required documents online.

How long does it take to get approval for a car loan?

The approval times for car loans typically vary, though it may be uncommon to offer same-day loans or approve loans instantly. This is because lenders generally need to properly assess many factors in your application, such as your credit score, your provided income or identifying documents, your ability to repay your loans, and your collateral, if any.

At SocietyOne, you can apply in as little as five minutes, and you could hear back from us in as little as one business day after you’ve submitted a loan application. Rest assured that we will do what we can to reach a fair decision promptly.

Transforming personal finance with SocietyOne

At SocietyOne, you don’t need to search high and low for the ideal car loans Adelaide has to offer; they’re right here with us.

Our award-winning services and loans have helped thousands of Aussies fund a wide range of personal expenses, and our risk-based pricing means the better your unique credit profile, the lower your potential rate, at times lower than what you’ll find with traditional banks.

Experience the SocietyOne difference when you apply for a personal loan with us today.