New Car Loan

New Car Loan

Every working adult has considered taking on a new car loan at least once. Cars are an essential part of everyday life for many of us. From driving to work to ferrying family members to places they need to be, cars give us the freedom to go wherever we need or want to.

Because the cost of getting a car with cash is so high, regardless of whether or not it’s fresh off the showroom floor, auto loans are often the most attractive option for financing your chosen vehicle.

The constant popularity of getting a car loan from auto loan providers means that there’s a wealth of options available in the lending marketplace. But with so many choices, how do you determine which one is right for you?

Is it difficult to get a new car loan?

When it comes to vehicle finance, an excellent credit history will make the process much smoother for the applicant. However, individual circumstances vary; some applicants may have less healthy scores compared to others.

If you’re concerned that your credit standing won’t qualify you for a new car loan, our Credit Score tool will give you a free credit score report. Just look for the ‘Get My Score’ button on the Credit Score page and sign up. By joining our Credit Score Club, you get unlimited access to exclusive resources and insights on improving your credit management.

You won’t be obligated to a vehicle loan agreement for joining the club, so we encourage you to take advantage of the service.

Getting a credit score review is also a requirement for the application process for our other secured finance products, so sign up even if you’re not decided on personal car loans just yet. You never know if you might need low-rate loans for emergencies in the future.

What are the requirements needed to finance a new car?

At SocietyOne, these are the general lending criteria for new car loan applicants.

• You must be an Australian citizen or permanent resident.
• You must be at least eighteen years old or older.
• You must have proof of income worth $30,000 p.a.
• You have good credit standing.

Our secured car loans have a loan ceiling of $70,000 and don’t have monthly repayment fees on top of what your loan terms require. You can ask for a quote or personalised rate at no obligation to commit, so you can determine which terms are best for you.

What is considered to be a good interest rate on a new car loan?

There isn’t a wrong or right answer to this question because the ideal car finance interest is the one that’s best suited to your specific circumstances. One-size-fits-all loans may be either excessive or insufficient for what you need.

Interest rates for vehicle loans are also calculated based on other deciding factors, and individual finance and loan companies have their formula for calculating the rates they offer. How you plan to use your car, or the type of car itself, can result in variable rates.

Is it an electric or hybrid car (which may qualify for green loans instead), or does it rely on fossil fuels? Some dealerships offset their freight or insurance charges to prospective buyers for brand new vehicles, while others have already included these charges in their prices.

Even the state in which your car is purchased could result in variable interest rates for a new car loan; a pre-owned car will have a different value from a brand new one, especially for non-insurable repairs.

We want the best bank car loans that are available to us, and good credit typically translates to more attractive car loan offers. A quick bank car loan comparison between two offers may show whether one provider has fixed interest rates or has additional fees. In some cases, online finance platforms can be more competitive compared to bank car loan rates.

At SocietyOne, we may ask you to provide us with information about your desired vehicle or chosen dealership. We want to give you the most competitive loan rates and terms, especially if you plan on taking on a secured loan with your vehicle as your collateral. If you feel a motorbike is more suited to the terrain you’ll be travelling through more frequently, we have similar requirements for a bike loan with similarly competitive rates as our new car loan options.

Find the ideal financial solution with SocietyOne

Society One isn’t just about small loans and car loans. We offer a variety of finance products, like loans for renovations and loans for students. We also have debt consolidation loans to help you manage your finances more efficiently. We’re licenced and regulated to provide credit services and products. As part of the ASX-listed MONEYME Group, we’re committed to delivering robust lending solutions and top-notch quality customer support.

Getting a new car loan is more convenient with the SocietyOne app, which you can download from both the App Store and Google Play. And if you have any enquiries about our vehicle loan interest rates or any of our other loan products, just send us an email at customer.service@societyone.com.au or call us during regular business hours at either 1300 144 221 or 02 8397 9700.

When you apply for a loan with SocietyOne, you’re not just putting your new car financing in our hands – you’re trusting us to help with your plans for the future. Let us meet that challenge head-on. Check your rate with us at SocietyOne today.