First Car Loan
Buying your first car can be exciting. Find the most suitable loan for you by applying with us today and get on the road sooner.
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Buying your first car can be exciting. Find the most suitable loan for you by applying with us today and get on the road sooner.
Everybody remembers the day they bought their first car. Alongside leaving home, it’s a major milestone in life, but it can be equal parts exciting and daunting.
That’s where we come in. We’ve helped first-time buyers across Australia find the best finance deal for their first set of wheels. By partnering with flexible lenders, our consultants can find the deal most likely to get you approved. Apply today to start making memories in your new car.
Our online application process means you can apply via your smartphone or laptop, no matter where you live in Australia.
Our consultants have been matching borrowers to their most suitable lenders for more than a decade and know the market inside out.
Partnering with flexible and understanding lenders allows your car loan to be customised to fit your financial circumstances.
You can get approved as a casual employee if you can show your lender that you’re able to manage the repayments across your term.
Government benefits, such as disability or parenting payments, can be factored as income if they form part of your earnings.
Our lenders allow you to borrow the total price of your car without the need for a sizeable down payment.
You’ll be spoilt for choice when you hit the car market with the option of new and used vehicles up to 20 years old at the point of purchase.
Make extra payments or pay your loan off early with the assurance you won’t be charged hefty fees with some of our partners.
Opting for a fixed interest rate means your repayments are set in stone for the life of your loan, allowing for more accurate budgeting.
Take a few minutes to fill out our online quote form. A consultant will call to discuss your options. If you want to apply now, though, you can push ahead straight away.
Our experienced consultants work their magic once you apply, using our state-of-the-art software to match you to your most suitable lender.
Kick back as your consultant prepares your application. Keep your phone close, as you may need to supply further supporting documents.
Your consultant will call to inform you of your approval. They’ll send you digital paperwork to sign and return so your funds can be released.
Estimate how much you have to spend and look at cars within that price bracket. This will make your loan repayments more manageable over the life of your loan and maximise your chances of approval. The market is flush with options, so you’ll have plenty of choice no matter your budget.
A car loan can be a big responsibility for a first-time borrower. It’s also a golden opportunity to get your credit rating off to a good start. Sticking to a budget which shows how much you have left over once your living expenses and loan repayments are deducted will help you keep on top of your repayments.
When choosing your car, it’s important to think about how you’re going to be using it. If you’re wanting a car to get to university and work, a smaller vehicle would do the job. Alternatively, our in-house Vehicles Direct team can scour Australian dealers on your behalf to find a car that fits your budget and needs.
Your safety is important when you’re behind the wheel. If you’re buying a used car, opt to have an experienced inspector check the health of the vehicle’s engine, cooling system and brakes. This can cost between $200 and $300. It’s also a good idea to take a test drive with a vehicle-savvy friend or family member. They’ll be able to check out any odd noises or glaring maintenance issues.
As a first-time borrower, you likely won’t have much of a borrowing track record, so lenders will look at how you manage your money. Showing strong saving habits and offering a deposit on your car loan will help improve your chances of getting your set of keys.
Decisions, decisions, decisions. When you take out your first car loan, picking a vehicle that satisfies your budget and needs can be tricky. Opting for a brand-new or second-hand vehicle is a common dilemma, so it’s worth assessing some of the key differences here:
Price
Used cars are more attractive to young people making their first purchase because they cost substantially less than top-of-the-range new models. Buying used means taking out a smaller, more manageable loan that you’re more likely to be able to repay.
Running costs
New cars are generally more fuel-efficient and have lower running costs than second-hand models. However, a used car which has been well-maintained can be as reliable as a vehicle that’s just rolled off the showroom floor. It will also be cheaper to insure a car of a lesser value.
Inspections
Some states and territories require used cars have an authorised roadworthy inspection before you transfer the registration into your name. These usually take under an hour and checks a car’s tyres, engine and brakes. Queensland, Victoria and the ACT require inspections on second-hand vehicles. Cars over five years old in NSW must undergo a yearly ‘pink slip’ inspection. Tasmania, WA and SA don’t require inspections. In contrast, new cars don’t require inspections.
Warranty
Your new car will be covered by a warranty. Most warranties cover you in the event of a manufacturer fault for between five and seven years or the first 100,000km. Used cars bought through a dealership also come with warranties, but the terms are much shorter. These usually cover you for the first 5,000km or three months. If you buy privately, you won’t be covered by guarantees or warranties.
Your choice of specs
New car buyers sometimes get to choose the colour of their vehicle and the type of upholstery. This can help personalise your ride, whereas a used car will be costly to modify.