Guide to loans.com.au’s car loans

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on February 03, 2022 Fact Checked
Guide to loans.com.au’s car loans

Interested in a car loan from loans.com.au? Here’s what you need to know.

Who is loans.com.au?

Established as an online lender in 2011, loans.com.au is a direct-to-retail business of wholesale non-bank lender Firstmac which has been in business for more than 43 years.

Today Firstmac is one of Australia’ largest privately owned non-bank lenders and manages nearly $14 billion dollars in home loans and car loans.

Managing Director of loans.com.au Marie Mortimer says the lender operates on a direct-to-funder online model, which allows it to cut costs such as broker commissions and branch presence.

“Those cost savings are passed along to our customers in terms of cheaper interest rates,” Ms Mortimer told Savings.com.au.

loans.com.au car loans

loans.com.au offers new and used fixed rate car loans for vehicles up to 12 years, plus a 'green discount' for electric or hybrid vehicles.

Check out some of loans.com.au’s car loans in the table below:

Lender

FixedUsed5 yearsMore details
  • Flexible repayment options
  • Can apply online
  • Approval is instant

Used Car Loan (up to 5 years) (Fixed)

  • Flexible repayment options
  • Can apply online
  • Approval is instant
FixedNew1 yearMore details
GET APPROVED WITHIN 24 HOURS
  • Approval in 24 hours
  • No ongoing fees, no discharge fee
  • Flexible repayment options
GET APPROVED WITHIN 24 HOURS

New - Prime Special (Fixed)

  • Approval in 24 hours
  • No ongoing fees, no discharge fee
  • Flexible repayment options
FixedUsed7 yearsMore details
  • Approval in 24 hours
  • No ongoing fees, no discharge fee
  • Flexible repayment options

Used Car Loan (6-7 years) (Fixed)

  • Approval in 24 hours
  • No ongoing fees, no discharge fee
  • Flexible repayment options
FixedUsed12 yearsMore details

Used Car Loan (Fixed) (8+ years, Dealer Only)

    Rates correct as of May 26, 2022. View disclaimer.

    How does loans.com.au stack up to the competition? See how it compares with other lenders' car loans in the table below:

    Lender

    VariableNew1 yearMore details
    NO ONGOING FEES
    • Unlimited extra repayments
    • Flexible repayment options
    • Can apply online
    • You could win a $1,000 fuel gift voucher. Open to customers who settle a car loan with loans.com.au. Terms and conditions apply.
    NO ONGOING FEES

    New - Prime Special

    • Unlimited extra repayments
    • Flexible repayment options
    • Can apply online
    • You could win a $1,000 fuel gift voucher. Open to customers who settle a car loan with loans.com.au. Terms and conditions apply.
    FixedNew, Used99 yearsMore details
    APPLY ONLINE
    • No ongoing fees
    • No early exit penalty
    • Flexible repayment options
    APPLY ONLINE

    Car Loan

    • No ongoing fees
    • No early exit penalty
    • Flexible repayment options
    FixedNew2 yearsMore details
    NO ONGOING FEES
    • No ongoing fees
    • No early exit penalty
    • Apply online
    NO ONGOING FEES

    New Car Loan

    • No ongoing fees
    • No early exit penalty
    • Apply online
    FixedNew2 yearsMore details
    QUICK APPLICATION PROCESS WITH NO FEES
    • Quick application process and no monthly fees
    • Low fixed interest rates with terms of up to seven years
    • New car loans cover cars up to 3 years old
    QUICK APPLICATION PROCESS WITH NO FEES

    New Vehicle Fast Loan Low Rate

    • Quick application process and no monthly fees
    • Low fixed interest rates with terms of up to seven years
    • New car loans cover cars up to 3 years old
    VariableNew1 yearMore details
    APPLY ONLINE
    APPLY ONLINE

    Electric and Hybrid Car Loan

      *Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 26, 2022. View disclaimer.

      loans.com.au car loan features

      Aside from competitive interest rates, loans.com.au provides car loan pre-approvals to help car buyers shop with the certainty of knowing what they can afford to buy.

      “We also offer a balloon repayment (optional) for our car loans. Our customers can get approval within 24 hours, with no monthly, ongoing or annual fees,” Ms Mortimer said.

      “Customers also have the option to pay out their loan early.”

      How to apply for a loans.com.au car loan

      “Chat to a lending specialist on the phone or fill out a quick 2 minute form,” Ms Mortimer said.

      “From there, you'll download our app onTrack on your desktop or device to upload documentation such as payslips and bank statements,  and track the progress of your application.

      “After your loan settles, you can manage your loan via our easy-to-use app Smart Money, which is a desktop and app based online banking portal.”

      What sets loans.com.au apart from other car loan lenders?

      Ms Mortimer said loans.com.au processes are quick and simple, as they should be.

      “You can find out if you pre-qualify for a low rate loan in just minutes,” she said.

      “The application process is easy, online, plus we’re here to help at each step of the way.

      “By keeping our interest rates low and revolutionising the loan application process, we keep on winning awards for our products, innovations and customer service, year after year.

      “By offering a competitive, low fixed car loan rate and a transparent offer, our customers know exactly what they're getting, every time.”

      What does loans.com.au stand for as a brand?

      Ms Mortimer said loans.com.au is more than just an online lender.

      “We understand that nobody really wants a loan, rather, they want a home to live in, a new car to drive, their next investment property or to save thousands on an existing loan.

      “We put people at the heart of everything we do, and that doesn’t stop at supporting customers with their loans.

      “We also do our best to support our local community through our Women, Children & Community Program.

      “We participate in a number of ways, whether it be financial support via official sponsorship, employer-supported volunteering with our staff giving their time, donating items or raising awareness for local charitable causes. loans.com.au works to support many causes which benefit the Women, Children and Community in Australia.”

      Frequently Asked Questions: 

      What are the requirements for getting a car loan from loans.com.au ? 

      For a smooth and comfortable car loan application, you will need to provide:

      • Personal information and identification

      • Proof of income

        • 2 most recent payslips

        • Bank statements for the last 3 months showing your incoming and outgoing expenses

      • Proof of assets and liabilities

        • Information on any other loans you have, such as mortgage and personal loan documents

        • A summary of your share portfolio if you have one, or a portfolio of other investments such as bonds

        • A summary of your superannuation

      • Information about your car and insurance

        • A dealer invoice or contract of sale (contains address, contact numbers and ABN)

        • The vehicle chassis number

        • The year, make and model of the car

        • Information on the vehicle’s registration

        • Information on the car’s fuel efficiency

      What other loans does loans.com.au  provide?

      loans.com.au provides not just car loans. It also offers owner occupier home loans, investment loans, SMSF, green and construction loans.

      In the interest of full disclosure, loans.com.au and Savings.com.au are both associates of Firstmac.


      Image by Rowan Heuvel via Unsplash

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      author-avatar
      Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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