How to get a car loan

There are a number of car loan options to explore when looking for a new car. You can use either a secured car loan or an unsecured personal loan to buy a new or second-hand car from either a dealer or a private seller. Learn more about the differences between secured and unsecured loans.

How much do I need to borrow?

Think about what type of car you need and what you’ll use it for. You’ll also have to do some research to determine how much you’ll need for the car you want.

It’s a good idea to set up a budget so you know how much you can afford in repayments.

You can use our personal loan borrowing power calculator to work out what you can afford to borrow and repay (this applies to unsecured personal loans only).

Check the eligibility criteria

Before you apply, read through the eligibility criteria for the loan you want to apply for. This will help you ensure you’re eligible and have all the information you need to complete the application.

Learn more about unsecured personal loans and secured car loans.

Check your credit rating

Before you apply for a personal loan, you may want to get a credit report. The report outlines the last seven years of your credit history – including why you've applied for credit, what types of credit, and how much each time.

It also lists if you've been bankrupt, as well any overdue accounts you may have had. Be aware these reports sometimes have mistakes, so check yours closely.

Find out more about creditworthiness and how we assess your ability to service a personal loan.