What does Personal Car Loans actually do?
We explain car loans and personal loans in plain English, give you a free car budget planner, and when you're ready, send you to our secure application partner to start an application.
Do you publish interest rates?
No. Every loan is priced on the applicant's circumstances and the lender's assessment, so an advertised rate often isn't the one you'd be offered. Compare the actual quote, including fees, against your own budget instead.
How much should I spend on a car?
Start from your spare cash, not the sticker price. Work out your take-home pay, subtract regular expenses and the car's running costs, and keep a buffer. The car budget planner does this for you.
Is a car loan or a personal loan better for buying a car?
A secured car loan uses the car as security and is often cheaper, but the lender can repossess the car if you default. An unsecured personal loan doesn't put the car at risk but usually costs more and has lower limits. Our quiz helps you decide which to look at first.
Can I see my options before I commit?
Yes. You can look over what's possible before you agree to anything. Nothing is signed until you're comfortable.
How quickly can I get the money?
Approval can be quick, and funds may be available as soon as the next business day for eligible applicants. Timing depends on your documents, the lender's checks and the seller.
Will applying affect my credit score?
A credit application can be recorded on your credit report, and many applications in a short time can lower your score. Plan first, then apply once rather than applying everywhere.
Can I get a car loan with bad credit?
Sometimes. Lenders look at the whole picture: what's on your report, how long ago it happened, and whether your income and expenses support the repayment. A bigger deposit and a modest car help.
Can I finance a car from a private seller?
Many lenders will finance private sales, usually with extra checks on the car and the seller. Always run a PPSR search to make sure there's no finance owing on the car before you pay.
What's a PPSR check and why does it matter?
The Personal Property Securities Register shows whether a car has finance owing, or has been reported stolen or written off. A search costs $2 on the official ppsr.gov.au site and needs the car's VIN.
What running costs should I budget for?
Registration, compulsory third party insurance (bundled with rego in some states, bought separately as a green slip in NSW), comprehensive insurance, servicing, tyres, fuel or charging, parking and tolls.
What is a balloon payment?
A lump sum left owing at the end of the loan. It lowers regular repayments but increases the total cost, and you'll need to pay or refinance it when the term ends.
Should I buy add-on insurance from the car yard?
Think carefully. Moneysmart says products such as loan protection, gap cover and tyre and rim cover sold with car loans are often not good value. You don't have to buy them to get the loan.
What do I need to apply?
Usually photo ID, details of your income and regular expenses, recent payslips or bank statements, and details of the car or the loan purpose. Have them ready to save time.
What if I can't keep up with repayments later?
Contact your lender early and ask for a hardship variation. The free National Debt Helpline on 1800 007 007 can connect you with a financial counsellor.
Who operates this website?
Personal Car Loans is a trading name of Techgen LLC Pty Ltd (ACN 696 942 391), Level 27, 101 Collins Street, Melbourne VIC 3000.
Still unsure? Try the car loan or personal loan quiz, or head to the apply page to see your options.
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