Buying a new car is exciting, but starting the finance process can be overwhelming. With countless loan options, tricky terms, and hidden costs, it’s easy to feel lost. Fox Finance Group is here to help you every step of the way, ensuring you find the best car loans in Australia. Follow these seven tips to make confident, informed decisions.
Before applying for car finance, know how much you need to borrow. While many focus on interest rates, the loan amount has the biggest impact on repayments. A loan repayment calculator can help. Adjust the amount, rate, and term to find the right balance—getting the car you want without straining your budget.
Use our Car Loan Repayment Calculator to get a better sense of what your repayments and loan could look like!
Your credit score affects your car loan options, interest rate, and loan term. A higher score means better rates, while a lower score may limit your finance choices.
Fox Finance Group help clients find the best car loans, no matter their credit history. Unsure of your score? Our pre-approval process includes a free credit file check, provided by your dedicated Lending Specialist. Plus, we don’t leave any marks on your credit file, so your credit score stays unaffected.
If you’d like some more information to help you protect and improve your credit score, you can also check out our blog on credit score improvement for some easy to implement tips
As part of the car loan application process, there are documents that all lenders require to assess and approve your application. If you want to get approved as quickly as possible, have these documents readily available to minimise delays and speed up your approval. Typical documents required by lenders are:
Our Lending Specialists help you gather the right documents and present them to the lender for approval. Missing something? Don’t worry – we’ll guide you through alternatives to confirm your identity, income, or account conduct.
Not all car loans are created equal. It’s important to understand the key differences between secured and unsecured loans.
A secured loan uses the car as security (collateral), offering lower interest rates. The lender pays the seller directly, keeping things simple. Unsecured loans don’t need collateral but they usually have higher rates and stricter requirements. Unsecured loans can also be referred to as a Personal Loan, where the funds are typically disbursed to your nominated account for you to use.
An extra consideration to make is the age of the car you are purchasing. Because Personal Loans don’t take into account the asset being purchased as part of the risk assessment, an older car may have a higher rate as a secured loan vs unsecured option. This is where it helps to reach out to our team of Lending Specialists, as they will be able to compare both secured and unsecured options to find the perfect loan for you – without impacting your credit score or committing you to anything.
A low-interest rate is appealing, but it shouldn’t be your only focus. Fees, charges, and restrictive terms can turn a low-rate loan into a costly burden. When comparing car loans, consider the total cost—fees, early payout penalties, repayment terms, and balloon/residual options.
Remember, fees added to your loan increase the amount you borrow, often inflating repayments. In some cases, a loan with a higher rate but fewer fees can cost less overall than one with a lower rate and higher fees.
Transparency is our priority at Fox Finance Group. Our Lending Specialists break down all costs, so you know exactly what’s included. We work for you, not the banks, ensuring no surprises and peace of mind as you find the best car loan for your needs.
Getting pre-approved for a car loan can provide a significant advantage during the car-buying process. Pre-approval gives you a clear picture of the amount you can borrow, and confidence when you find your car, that there’s nothing standing in your way from getting the funds into the seller’s account and keys into your hand. This can also help you to strengthen your negotiation position, by giving the seller confidence in your ability to access the funds needed in a timely manner.
Fox Finance Group offers a streamlined pre-approval process, giving you confidence to negotiate and buy with clarity. For more information on how pre-approval works and how it’s beneficial, check out our dedicated blog on car loan pre-approval.
Securing a car loan doesn’t have to be an overwhelming or confusing process. By following these six tips and leaning on the expertise of our passionate and experienced team, you can confidently navigate the world of car loans Australia has to offer. Our personalised approach and transparent process will ensure you not only secure the best deal on the market but feel totally at ease and in control from the moment you speak to our team to start your application, to picking up the keys to your new car!
When finding the ideal loan, it’s important to consider all your needs and requirements from approval to settlement. For example, some lenders provide access to an online portal to view and manage your loan. Whereas other lenders require contact via phone or email to make changes and extra repayments.
Some use technology to not only verify your ID but also issue and complete loan documents. This allows for quicker approval and settlement, but may not suit those who are uncomfortable using technology. Our Lending Specialists can factor in your preferences when putting together your options. Ensuring you get the best deal on the market that suits all your needs
Ready to take the next step? You can complete our quick and easy online application. Alternatively, you can give our friendly team a ring on 07 3505 3099 and they’ll get the ball rolling for you. If you’d like to learn a bit more about us, click here to meet the team and put a face to the name. You can also head to our Blog Page to discover more handy articles about all things finance.
 Rowdie Lang |
Rowdie has been a part of our Team since 2020. He has witnessed firsthand the ongoing evolution of the finance industry as technology continues to change the way customers' access financial services. He has a passion for helping people and relishes the opportunity to work alongside our teams every day as they help our customers financial dreams come true. |
