What is car finance?
Car finance lets you borrow money to buy a vehicle and repay it over time. Each repayment usually covers part of the amount borrowed plus interest, which is the charge for lending the money. Car loans are often secured, which means the vehicle itself is used as security for the loan, though unsecured options also exist.
What lenders generally consider
Lenders generally look at your income, employment, regular expenses and credit history when assessing an application. The vehicle itself can matter too, including its age and condition, particularly for used cars.
The typical process
The process typically starts with exploring your options, then applying with information about your finances and the vehicle you plan to buy. The lender assesses the application and, if approved, sets the loan amount, interest rate, fees and repayment schedule before you take delivery of the vehicle.
Why outcomes vary
Rates, fees and approval outcomes vary by lender and by personal circumstances. A finance specialist can compare available options from a lender panel and explain what different loan terms and features, such as balloon payments, could mean for your situation.
Estimate your repayments
The Car Finance Calculator shows how the loan amount, interest rate and term could affect your estimated repayments, and our car finance guides cover new cars, used cars, Car Loan Pre-Approval, business use and electric vehicles.
This page is general information only and is not financial or credit advice. It does not consider your objectives, financial situation or needs. Applications are subject to lender assessment and approval.
You will be taken to our finance partner, CarClarity, to continue.