Getting your application sorted
Once you have been pre-approved the next step is to provide your supporting documentation for the final car loan approval process.
This will include:
- A copy of your driver’s license
- Bank statements
- Other information the lender may have requested when loan was conditionally approved
Once the vehicle has been secured, we will contact the dealership and obtain an invoice for the vehicle.
At that time, a final assessment will be conducted and a final approval granted. You will then receive an electronic copy of your loan contracts to be signed and returned. We will then pay the loan funds to the car dealership directly. You are then free to drive away!
Pre-approval is a conditional approval based upon the information received at the time of issuance. It is not a guarantee but is an important part in the car loan process. Unconditional approval will be provided once all documentation has been received and a final credit assessment has been conducted.
Our minimum loan amount for a private vehicle is $5,000 and our maximum loan is $100,000. For a business vehicle, the minimum is $5,000 and the maximum is $150,000. The amount you can be pre-approved for will depend upon the vehicle purchase price and your financial circumstances.
You can find out if you qualify to apply for a pre-approved car loan within 24 hours, and get final official conditional approval within two work days. The overall car loan processing time, from application to settlement, takes 3-4 days.
Depending on where you are in your car buying journey, you can do any or all of the following:
- Calculate your repayments – Find out how much you can afford to pay for a car using our car loan calculator. It only takes a minute to get an estimate.
- Get car loan pre-approval – complete an online car loan application and then arrange a call with one of our experienced lending managers. They will quickly run through some extra questions and do a credit check. Once an assessment has been made, we will provide a pre-approval. Later, this makes it easier to get approved for a car loan online.
The main reason to get pre-approved before going to a car dealership is to strengthen your position when negotiating with the dealer. It is difficult to play hardball when you are depending on the dealer for finance! If you know your budget and are buying a car with a pre-approved loan, you can bargain with more confidence.