Online car loan brokers

Car loan brokers can help you find and apply for a loan when you're ready to purchase a vehicle. And online brokers can give you insights into what different lenders are looking for and help you complete the application process when you've chosen a loan.

Applying with a broker also means that your application can be submitted to several lenders, which increases your chances of getting approved.

How do car loan brokers differ from a car lender?

• A car lender such as a bank or standalone financier, provides car finance directly. They can only offer you the loans and products that they have available.
• A car loan broker goes between banks and car lenders to find a loan that meets your needs. They can pick and choose loans from different lenders to give you a range of options to choose from, instead of you having to go to multiple lenders to get quotes.

Car loan broker comparison

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
Credit Concierge Car Loan - Prime (Credit Score 800+) Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.29% to 8.29%	Comp. Rate (p.a.) 7.41% to 9.41%	Application Fee $553	Monthly Fee $10	Monthly Repayment $637.97	More Info Compare	You'll receive a fixed rate of 6.29% p.a. with a comparison rate of 7.41% p.a. Must have a high credit score and excellent previous repayment history to qualify. Home ownership or mortgage may assist overcoming a lower credit score in some instances. Lenders individual credit criteria applies and approval is not guaranteed nor is the interest rate finalised until a formal submission for finance is made.
Driva Car Loan Fixed3 - 7 Years $1,000 - $250,000	Interest Rate (p.a.) 5.95% to 25.99%	Comp. Rate (p.a.) 7.98% to 30.9%	Application Fee $295	Monthly Fee $10	Monthly Repayment $626.95	More Info Compare	You'll receive a fixed rate from 5.95% p.a. Borrow up to $250,000 with loan terms from 1 to 7 years. Get access to a range of lenders.
Stratton Finance New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.27	Go to siteMore Info Compare	You'll receive a fixed rate from 6.52% p.a. depending on the lender you are approved with. Apply for up to $300,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
AutoCarLoans Fixed1 - 7 Years $15,000 - $500,000	Interest Rate (p.a.) 4.8%	Comp. Rate (p.a.) 5.69%	Application Fee $381.80	Monthly Fee $5	Monthly Repayment $614.03	More Info Compare	You'll receive a fixed rate from 4.8% p.a. Get access to a range of lenders to finance a new vehicle or a car up to 2 years old. Loans start at $15,000
Freedom Finance Car Loan Fixed1 - 5 Years $35,000 -	Interest Rate (p.a.) 5.1%	Comp. Rate (p.a.) 5.94%	Application Fee $380	Monthly Fee $0	Monthly Repayment $611.72	More Info Compare	If you meet all the requirements you could get access to a range of lenders to finance a new or used car up to 4 years.

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Pros and cons of applying with an online car loan broker

How do you choose a car loan broker?

It can be tough choosing a car loan broker, but it’s important to consider whether or not they meet your needs.

The most important thing to know first off is if they are licensed within Australia to be brokering loans. If they’re not, walk away. You can search whether or not they are licensed through ASIC Connect’s Professional Registers.

Another thing to consider is that a loan broker is impersonal. If you like meeting the lender who will grant your loan request in person, this may not be the ideal situation for you as loan brokers send applications off for approval.

Also keep in mind that a car loan broker should be transparent with its fees. It is important to ask what loans a broker offers, who it works with and if it charges a fee for its services.

Getting all the right information is vital in making your decision, so it’s okay to ask questions before agreeing to go with a car loan broker. Making a wish list of your loan requirements can also help as you can show the loan broker what you’re looking for.

Are there any risks in using an online car loan broker?

There are a few risks to using an online broker. For example, you may not be approved for a loan despite following the broker’s instructions and filling out the form properly. This can be tough as you have done the legwork and received no reward for it.

There is also the potential risk of being approved for a loan but it’s not the amount that you need. Keep this in mind when you apply.

Another aspect to keep in mind is that the loan the broker is pushing may work out better for the broker than you, whether that is because of a higher commission rate or a higher fee that it charges you. These possibilities are something to keep in mind when deciding whether or not you want to go with a car loan broker.

How does applying for a car loan online work?

The first step is getting in touch with the online broker about your car finance needs. Most car loan websites have a contact or a quote form you can fill in. The car loan broker will then follow up with you about your financial situation, the car you’d like to buy and the appropriate loan product. This information will be used to do a preliminary assessment of your situation.

After cross-checking your application against various lenders’ criteria, the broker will recommend a loan product suited to your situation. If you agree to the suggested terms, the broker will secure the finance on your behalf.

You will also need some information from the seller so that the lender can settle the loan contracts. Funds will then be sent directly from the lender to the seller, after which you can collect your new car.

What do you need to apply with a car loan broker?

Here’s what you’ll need to submit as part of your application:

• Driver’s licence
• Medicare card
• Proof of income
• Proof of residence
• Passport or birth certificate

You’ll also have to provide information about the car you’d like to buy and the person or company selling it (if you’ve chosen your vehicle).

The more complete your application, the better your chances of getting it approved. Online brokers work with a variety of lenders, so they’ll help you cast a wide net by highlighting the strongest aspects of your application.

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Is there anything you need to keep in mind?

Buying a new car is exciting, but there are a few things to keep in mind before signing any binding contracts.

• Be realistic. Besides a house, a car is one of the bigger investments you’ll make. Go for a purchase that’s good value for money and that you can afford to pay off and maintain.
• Thoroughly check the car. Before signing any legal contracts, make sure that the car corresponds with the seller’s description. Check the car’s mileage, the features advertised and its general condition.
• Don’t settle. You don’t have to sign or agree to anything if you don’t feel comfortable with the broker’s recommendations. Make sure that the broker has a clear idea of what you want and what you’re willing to pay.

Frequently asked questions about car loan brokers

Written by

Elizabeth Barry

Lead Editor

Elizabeth Barry was the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review. See full bio

Elizabeth's expertise

Elizabeth has written 291 Finder guides across topics including:

• Banking
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