How to find the best car loans? We can help!

PLP - Car loans

Car loans with PLP

Have you found your dream set of wheels but can afford to pay upfront at this time? We can help you find some of the best car loans to choose from. If you’ve been typing “car loans Australia” into Google, the number of lenders might make it hard to choose from. That’s what we are here for: Simply apply online and we match you with different lenders that offer what you need. If you would like to work out your interest payments up front, you can use a car loan calculator to roughly estimate your interest. If you have a fair bit of money saved already but need some extra payments towards the car you want, maybe consider small car loans an option.

How much money can I borrow for a car loan?

One of your most pressing questions might be how much money you can get when thinking about a money loan for a car. There are two sides to this question. First of all, the lenders we work with offer loans from $2,000 to $50,000. So hopefully, we can find you a range of low-interest car loans that match your needs. Secondly, you should take into consideration how much you can afford. Financial experts suggest you shouldn’t spend more than 10% of your take-home income on a car loan. (Your take-home income is the amount that stays on your bank account after tax and additional expenses such as health insurance and payments towards your retirement funds). A car loan repayment calculator can help you work out your repayment rates and what is affordable for you.

Who do we offer car loans for?

Anyone can apply for car loans who fulfil our minimum criteria. We can help find a matching lender for a range of different age groups and demographics. If you are looking for car loans for pensioners or car loans for students, we are your Pal! We may be able to find a lender for you, even if you receive Centrelink payments or other Government benefits. We encourage everyone to give it a try. It won’t take long and the application process is completely online.

Car loans for students

Having a car provides a certain amount of freedom when you’re a student but finding the right lender can be a tough task while studying for exams. Luckily, your Pal has got your back! You can apply online straight from the library or from the comfort of your own bed. Even if you have a tight budget, we may be able to find a lender.

Car loans for pensioners

Receiving a small pension can turn a car into a big expense. You shouldn’t have to compromise on your mobility though and we will do our best to match you with a lender.

Car loans for people on Centrelink

Many lenders offer loans for people who receive government benefits. What they are looking for are consistent payments and reliability. Therefore, many lenders treat Centrelink payments like a regular income.

Car loans with bad credit

Your credit score may affect your interest rate. However, having a bad credit rating doesn’t mean you can’t have access to car loans. We may still be able to match you with a lender, even if you’ve experienced financial problems in the past.

What can car loans be used for?

There are many different uses for a car loan, buying a car is just one of them.

Buying a new or used car.

Of course, you might plan to use a car loan to purchase a car. Experts suggest that you save around 40% of the full sum and get financing for the rest of it. However, you may find yourself in a tricky financial situation and still need a car.

Refinancing an existing car loan.

Under certain circumstances, it might make sense to refinance an existing car loan. You might get a better deal or your financial situation has changed over time and you need to readjust your payments.

Paying to fix your car.

Many Australians need their car or ute to get to work. Damage to your car, therefore, is not only inconvenient but might impact your ability to do your job. A car accident, hail or flooding can cause serious damage that may need instant repairing. A small car loan may be useful to take off financial pressure.

What are the requirements to apply for car loans?

We want to keep it simple while most lenders have their own specific criteria, we only need to know a few things about you before we will try our best to find you a good match:

  • Be at least 18 years of age;
  • Have an Australian passport or be a permanent resident;
  • Have an online banking account with at least 3 months of payment history;
  • Have an active mobile phone number and email address.

That is all! If you tick all the boxes, go ahead and apply for a loan. If not, sorry, we won’t be able to find a lender on your behalf. If you have any further questions regarding loan requirements, head over to our contacts page to get in touch.

How to apply for your car loan?

We know time is precious these days. There are only 3 quick steps between you and your future lender, so you might have a match within a few minutes.

1. Choose your loan amount.

First of all, we need to know how much money you would like to borrow and how much time you will take to pay it back.

2. Choose your future lender.

That’s when things get interesting. We may be able to present you with potential lenders within a few minutes. If we find multiple options, you can have a thorough read and choose from the most affordable car loans. Once you have found your match, your lender will get in contact with you and refine the details of your loan contract.

3. Lean back and wait for your funds.

Once your contract is signed, you can relax and wait for your funds. Most lenders won’t take long to transfer the funds to your nominated bank account. (The procedure may vary depending on the lender.)

Are you going to contact my work?

No, we won’t. We don’t need to contact your workplace as we only match you with suitable lenders for personal car loans. However, a future lender is very likely to check your details and may contact your workplace. But don’t worry, their customer service teams are very helpful and won’t give any details about your loan or your financial situation to anyone.

Can I apply for car loans if I receive Centrelink payments?

Yes, you can. Mobility is important and we can recommend you to lenders that offer loans to people on Centrelink if you meet the other criteria. We will do what we can to find you a suitable lender even if you are on Centrelink or have received Government benefits in the past.

How to find cheap car loans?

If you are on a budget, finding the best car loan is important. But what should you look for? The first indication for a good deal is the car loan interest rate. Interest is a percentage of the amount you borrow that you pay on top to your lender for using their money. A car loan comparison can help you find the best interest rates in advance. Your interest rate may also depend on the amount that you want to borrow and how long you want to take to repay. Again, a car loan repayment calculator can help you play around to see how your interest changes for different repayment terms.

However, if you are on a budget, remember that you don’t have to buy a new car straight away. Many lenders offer used car loans that will get you a cheaper deal and keep your spendings low.

If that sounds too stressful for you and you don’t want to spend hours on Google looking at the results for “compare car loans Australia”, ask your Pal! We will do our best to present you with suitable car loans as quickly as possible.

How do repayments for car loans work?

Your repayments will be stated in your loan contract. You and your lender will agree on a repayment period and a frequency of repayments, for example, fortnightly for 2 years. Once you have signed the contract, most lenders will set up a direct debit schedule in line with your income. It’s important to choose a sensible day for your repayments to make sure that you will have enough money in your bank account to make your payment. Otherwise, additional fees may be added to your payment.

How to refinance a car loan?

Refinancing a car loan can be a sensible choice if you can find a new loan with a better interest rate. What happens when you refinance a car loan? In short: You take on a new loan to pay off the old loan. You may be able to save money if the new loan has a better interest rate. Another reason to refinance a loan might be that your current monthly payments are too high and put extra financial pressure on you. If you can’t find a better interest rate, you may find a lender that allows you to pay lower rates over a longer period of time.

Can you refinance a car loan for more money?

Another situation where refinancing a car loan might make sense is when your financial situation has improved over time. Maybe you got a better job and can afford higher rates or your credit rating has improved and you would be able to get a better deal now. Either way, it is possible to refinance your car loan and pay a higher rate.

Can you refinance a car loan online?

Yes, you can. You have good chances to find a suitable lender online if you fulfil the requirements to get a loan. If you don’t know where to look, we will do our best to find a good selection of potential lenders for you to choose from.

Can you refinance a new car loan?

If you just got a loan and you realise that you could have gotten a better deal, it might still make sense to refinance your car loan. But carefully look into your terms and conditions to find out if your lender charges extra fees for early payouts and if it is worth it. Ideally, you should try and find the best deal upfront instead of choosing the first promising loan that pops up on Google.

Are you ready to get driving?

If you can’t wait to get on the road again, what are you waiting for? Forget about annoying paperwork, our application is completely online and hassle-free. We will do our best to match you with a fitting lender.
If you have any further questions, don’t hesitate to head over to our contacts page to ask a question, we are here to help.