Personal Car Loans Australia
A personal car loan can help you buy a new or used vehicle without paying the full purchase price upfront. You borrow the amount you need and repay it over an agreed loan term, plus interest and applicable fees.
Realloans Australia helps borrowers compare car loan options from a panel of 45+ lenders, with loan terms generally available from 1 to 7 years, subject to lender criteria.
Whether you’re buying your first car, upgrading your current vehicle or replacing an older car, understanding your finance options can help you choose a loan that suits both the vehicle and your budget.
How Do Personal Car Loans Work?
A personal car loan provides the money required to purchase a vehicle, which you then repay through regular repayments over an agreed period.
Your repayments will depend on factors including:
- The amount you borrow
- Your interest rate
- The loan term
- Applicable fees
Personal car loan terms commonly range from 1 to 7 years. A shorter term generally means higher regular repayments but less interest paid over the life of the loan. A longer term can reduce your regular repayment but may increase the total amount of interest you pay.
Before choosing a loan, it’s worth considering both what you can comfortably repay each month and the total cost of the finance.
Secured vs Unsecured Personal Car Loans
Secured Car Loans
With a secured car loan, the vehicle you’re purchasing is used as security for the loan.
Because the lender has security over the vehicle, secured car loans can offer more competitive interest rates than unsecured finance. However, the vehicle will generally need to meet the lender’s age, value and condition requirements.
Unsecured Personal Loans
An unsecured personal loan doesn’t use the vehicle as security.
This can provide greater flexibility around the type or age of vehicle you purchase, but the interest rate may be higher because the lender doesn’t have the vehicle as security.
The most suitable option depends on your financial circumstances, the vehicle and the products available to you.
New and Used Personal Car Loans
Personal car finance can be available for both new and used vehicles.
Newer vehicles will generally meet the security requirements of a wider range of lenders. Used vehicles can also be financed, although some lenders place restrictions on how old the vehicle can be at the beginning or end of the loan term.
Realloans can assist with finance for eligible:
- New and used cars
- SUVs
- Utes
- Vans
- Caravans
Finance may also be available for eligible vehicles purchased through a licensed dealership or private seller.
Personal Car Loans for Different Borrowers
Car Loans for Self Employed
Not every car buyer has the same financial circumstances.
Realloans assists PAYG employees, including eligible full-time, part-time, casual and contract workers, as well as self-employed borrowers.
Low Doc Car Loans
Self-employed borrowers don’t always have the same income documents available as PAYG employees.
Some lenders may consider alternative documentation when assessing eligible self-employed borrowers. Here, a low doc car loan seems a better option.
Zero Deposit Car Loans Australia
Don’t have cash available for a deposit? Some lenders may consider car finance at zero or low deposit for eligible borrowers. Approval depends on your income, credit history and ability to repay, and you’ll need to provide documents showing you can meet the repayments.
Bad Credit Car Loan
Previous credit problems don’t necessarily mean there are no car finance options available. However, defaults, missed repayments or other credit issues can affect which lenders will consider your application and the interest rate and loan terms available.
Worried About a Credit Check?
Lenders will generally check your credit history as part of a car loan application. If you’re concerned about what your credit file shows, we can talk through your situation first and help identify lenders that may consider applicants with past credit issues.
What Do You Need to Apply for a Personal Car Loan?
The exact documentation required varies between lenders, but you may be asked to provide:
- Proof of identity
- Driver licence
- Recent payslips or evidence of income
- Employment details
- Details of existing financial commitments
- Bank statements where required
- Vehicle details
- Purchase invoice or contract
- Seller information for a private purchase
Having the required documents available can make the application process easier and reduce delays caused by missing information.
Self-employed borrowers may be asked for different financial documents depending on the lender and loan type.
How the Car Loan Process Works
- 1
Tell us what you’re looking for
Provide details about the vehicle you’re purchasing, the amount you want to borrow and your finance requirements.
- 2
Discuss your circumstances
A car finance specialist can discuss your income, employment, existing commitments and other relevant information.
- 3
Explore suitable lender options
Real Loans can consider available options from its lender panel based on your circumstances and applicable lender criteria.
- 4
Submit your application
Once you’ve selected an appropriate option, we’ll assist with the application and required supporting documents.
- 5
Lender assessment
The lender will assess the application against its lending criteria. Some straightforward applications may receive a decision within approximately 24 hours, although actual timeframes vary and aren’t guaranteed.
Why Choose Realloans Australia for Personal Car Loans?
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Qualified & Industry-Recognised Brokers
Our brokers are ASIC-registered and members of recognised industry bodies including MFAA, FBAA and CAFBA, providing experienced guidance throughout your car finance application.
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Access to 45+ Lenders
Compare car finance options across our network of 45+ banks, non-bank lenders and specialist funders, rather than relying on a single lender.
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30+ Years of Combined Finance Experience
With 30+ years of combined industry experience and over 10,000 clients helped, our team understands a wide range of borrower and vehicle finance scenarios.
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Support From Application to Settlement
We help with lender selection, documentation and the application process, keeping you informed from your initial enquiry through to settlement.
Ready to Find a Personal Car Loan That Fits?
Whether you’re buying a new car, upgrading to a used vehicle or purchasing privately, the right finance should suit both what you’re buying and what you can comfortably afford to repay.
With access to 45+ lenders, Realloans Australia can help you explore personal car loan options based on your vehicle, borrowing requirements and financial circumstances — without limiting your search to a single lender.
Enquire about a personal car loan and speak with a Real Loans car finance specialist about your options.
Personal Car Loan FAQs
What is a personal car loan?
A personal car loan lets you borrow money to purchase a new or used vehicle and repay it over an agreed term, plus interest and applicable fees. Depending on the loan, the vehicle may be used as security, or the finance may be unsecured.
How much can I borrow for a personal car loan?
The amount you can borrow depends on factors such as your income, expenses, existing debts, credit history and repayment capacity. The vehicle’s age and value can also affect how much a lender is prepared to finance.
What interest rate can I get on a car loan?
Car loan interest rates vary between lenders and applicants. Your credit profile, income, employment, loan amount, vehicle and whether the loan is secured can all affect your rate. It’s important to compare the comparison rate and fees as well as the advertised interest rate.
Can I get a personal car loan for a used car?
Yes. Finance may be available for eligible new and used vehicles. Some lenders have restrictions on vehicle age and value, particularly for secured loans, so the options available can depend on the car you’re purchasing.
Can I get car finance without a deposit?
Eligible borrowers may be able to finance a vehicle with little or no upfront deposit, subject to lender criteria and repayment capacity.
Can I get a personal car loan with bad credit?
Potentially. Some specialist lenders consider applicants with defaults, missed payments or other previous credit issues. Your available rates and terms will depend on your circumstances and lender criteria.
Can self-employed borrowers get a car loan?
Yes. Eligible self-employed borrowers may have access to several car finance options depending on their income documentation and vehicle use.