Work out your car loan repayments

Most car loan lenders will allow you to borrow up to 100% of the car's value, meaning you may not require any deposit on a car loan. However, if you want to help lower your repayments you may wish to consider a 5% -10% deposit, to lower the amount you borrow.

A balloon payment is a one-off lump sum that you agree to pay your lender at the end of your car loan's term. It is called a "balloon" because it is very inflated compared to your other payments.

This one-off final payment can account for a large proportion of your car loan which means your regular car loan repayments are a lower amount for the majority of the loan term until it comes to paying your balloon.

It's important to note - the balloon repayment option is only available if you get a fixed car loan, and will not be available for the variable car loan.

A new car is one that is sold in its original condition, usually at a car dealership and has never had any previous owners.

When you get a car loan, we are lending you money to buy a new or used car.

You then repay to us the amount you borrowed and your interest repayments over a loan term of between 3-7 years.

Once your loan has been fully paid off and you've completed paying the total amount, and you own your vehicle!

Some lenders can offer a car loan pre-approval to give you peace of mind and understanding how much you can afford will give you confidence to negotiate a good deal on your next car purchase. At loans.com.au, we can offer pre-approval for car loans.

A secured car loan is a loan for which you offer the lender some sort of security, which is usually the vehicle itself.

The alternative to a secured car loan is an unsecured loan where no security is offered. Because this is more risky for the lender, unsecured loans generally come with a much higher interest rate than secured loans. loans.com.au does not offer unsecured car loans.

At loans.com.au, one of our friendly car loan specialists will give you a call to go through your employment, income and expenses to confirm your eligibility. We'll then run a credit check and pending the outcome, offer you a pre-approval for a car loan which will be valid for 60 days and allow you to purchase your new car with confidence!