Auto loans

Applying for a car loan in Australia involves several steps.

First, calculate how much you can afford to borrow and repay each month. Consider additional costs like insurance, registration, and maintenance. Select the car you want to purchase within your budget. Consider new, used, and certified pre-owned vehicles.

Compare different lenders, such as banks, credit unions, and online lenders. Look at interest rates, loan terms, fees, and other conditions. Apply for pre-approval to understand how much you can borrow and to show sellers you are a serious buyer. A good credit score can improve your chances of getting approved and securing a lower interest rate.

Gather required documents such as identification (driver's license, passport), proof of income (pay slips, tax returns), employment details, bank statements, and details of any other debts or liabilities.

Complete the loan application with your chosen lender. Submit the required documentation. Some lenders allow you to apply online, while others may require a visit to a branch.

Once your loan application is approved, the lender will provide a loan contract. Review the terms and conditions carefully before signing. The lender will disburse the loan amount, often directly to the car seller or dealership.

Arrange for car insurance before driving the car. Complete the vehicle registration process as required by your state or territory.