Your perfect car finance rate is only a few clicks away.

Get your finances in order

The first thing to do before financing a car (as with any loan or credit situation) is to rectify any finance-related issues.

Credit reports will impact your car loan interest rate and the funds available to you, which is why it is so important to deal with any past agreements before getting a new loan.

For example, consider paying off any existing loans and credit cards, as well as removing any financial commitments that are no longer needed.

With Driva our smart platform and dedicated team of vehicle finance experts will protect your credit score by making sure you’re extremely likely to be approved before sharing any personal information with your chosen lender. We’ll also be able to tell you ways to improve your credit health so that you can secure the lowest rate possible.

And even if you have never taken out a loan before or your credit is not the best, Driva may still have loan options for you or at the very least, be able to recommend ways to improve your credit rating for the future.

Understand your affordability

Be realistic with your finances before the car shopping process, it is important to know how much you can afford. That means taking into account how you will repay the loan and what your ongoing commitments are. For example, having a budget for repayments that is more than your monthly income may be unsustainable in the long term. Work out a comfortable finance term with car loan repayments you can afford without compromising any lifestyle essentials. 

Driva will be able to tell you the maximum amount you are eligible to borrow so that you can shop with confidence! You can get started by using our car loan calculator to get an idea of the finance options available to you.

Get pre-approval

At Driva we're able to find you the best car loan deal by helping you compare more than 30, lenders negotiating on your behalf, then obtaining an indicative pre-approval rate of interest for you, which we can then hold on ‘standby’ until you find your perfect new or used car.

This pre-approval can speed up the car-buying process considerably because it means that all financial checks are done before purchase and you can shop with complete confidence knowing exactly how much you can afford.

If you're after a vehicle to use for mostly personal use, Driva has a wealth of loan options available!

For drivers looking to purchase a newer car, a secured loan could be a great loan option. They normally have lower interest rates than unsecured loans, as you'll be required to use your new car as collateral. If you're thinking of buying an older car though, an unsecured loan might be the way to go. You'll likely end up paying a higher interest rate but won't need to put up any collateral. 

You can check out our handy car loan calculator tool to get an idea of how much you could borrow, and what your monthly repayments might look like, with a consumer car loan. Or, you can get started with your personalised quotes here. 

If, on the other hand, you're considering buying a car that will be used for business purposes, you might be eligible for one of our commercial loans. Some of our most popular commercial loan products include chattel mortgages, hire purchases, ongoing leases and novated leases. 

To start the business car loan process, simply head to our Driva Dash, where you'll be able to view all of your best eligible cheap car loan rates in one place. 

Loan amounts for any type of automotive finance will vary from customer to customer, depending on their personal situation and preferred loan terms. Things like living expenses, income sources, living situation, your credit score and your credit history will all contribute to your maximum loan amount and estimated car loan repayments. 

Adjusting your loan term (e.g. from 5 years to 7 years) can also help with your maximum borrowing amount, and Driva's smart online platform and expert team will give you the appropriate professional advice you need to find out the maximum amount of car finance and type of car loans you could be approved for.  

If you need assistance in determining how much to spend on a new vehicle, check out our resource, ‘How Much To Spend On A Car - A Complete Guide,’ for more information.

Whether you're buying your next car through your business, want to take out a personal loan for a used car, are self-employed or a contractor, Driva has a car loan solution with low-interest rates to suit your needs.

In fact, in some cases, Driva's commercial car loan lenders are able to offer lower interest rates than if you were to acquire a car through a personal loan. Enabling you as a business owner to get a great deal on a company car with a tailored business loan solution from us. It's worth weighing up all of your car finance options to figure out the most tax-effective solution (for detailed information, please head to the ATO website). 

The most popular automotive financing option for business purposes offered by Driva is a chattel mortgage. This is a car finance product where a financier lends the money to buy a car and the customer makes regular monthly repayments. The business assumes ownership of the vehicle but the financier has a ‘mortgage’ over it (secured loan) until the loan is paid, including any balloon payment. A balloon payment is where you make smaller monthly payments and a larger lump sum payment (or residual payment) at the end of your loan term.

Learn More: ‘Buying A Vehicle For Your Small Business - 3 Important Things To Consider.’

Secured car loans are where the vehicle that is being purchased is used as collateral in the event of loan default. It gives lenders additional comfort that they will be able to recoup the money lent, and as a result, generally will be accompanied by a lower average car loan interest rate and cost savings vs unsecured loans. 

Secured loans generally will require the vehicle to be 12 years or under, which means if you're buying a car older than this you'll have to opt for an unsecured loan.

Learn more: 'Secured vs. Unsecured Car Loans.’

No. Getting your rates with Driva won't affect your credit score.

Only once you've chosen your preferred lender, submitted your final application to us, have been vetted by the Driva team and provided consent, then your application will be shared with your chosen lender and a full credit report run. This way we make sure you don’t have unnecessary credit enquiries on your file - only once it is clear that you meet the criteria for approval and are happy to proceed do we give lenders authority to run the required checks! 

Even if you’re not happy with your current credit score, Driva might be able to help you with a bad credit car loan. We have the right car loan options to suit your unique financial circumstances.

When shopping around for online car finance, you can use comparison rates to help work out the true cost of a loan. This is because it accounts for almost all of the fees and charges a lender is paid for originating car loans (excluding things like stamp duty). 

Driva clearly specifies the comparison rate of every quote we provide to you so you can quickly see which car loans will cost you less. Our tip is to rely on either the comparison rate or monthly repayment figure instead of the quoted annual percentage rate or interest rate, as these can be very misleading! 

For example, some lenders might lead with an exceptionally low interest rate to appeal to new customers looking for the best car finance deal. But these same lenders often have high establishment, monthly or termination fees associated with their car loans which then lead to a significantly higher comparison rate. 

It's important to take caution when relying on online resources like a car loan calculator, which might not accurately account for all fees associated with a particular new or used car loan. This might lead to a rate comparison made on an interest rate, instead of a comparison rate, and overall a poorer outcome for the consumer.

We work with over 30 different lenders in order to provide you with the ability to find the perfect car loan for your desired vehicle and personal situation.

We realise not all lenders are created equal. That’s why we work with a select few that have great response times and support functions to support our vision of a seamless customer experience and great rates across a range of different scenarios. You can view a complete list of our current lending partners here and compare car loans to find a finance package that works for you.

You can always pay out your existing car loan, but some lenders may charge you what's called an early termination fee in addition to the outstanding loan amount to do this. You could also be charged a fee for making additional repayments. 

Using Driva's online loan matching tool, you can find out which of your eligible lender options will penalise you for making an early repayment on your vehicle loan.

While we consider monthly car loan repayments (inclusive of all fees) as the most important factor to consider when assessing your Driva quotes, it is also important to consider early termination fees and early repayment fees if you intend to pay out your loan early. In some cases, it may be worth choosing a lender with a slightly higher monthly repayment to avoid early termination fees and charges if you want the flexibility of reducing your interest and paying off your car sooner.

Yes - Driva can help you get a pre-approved flexible fixed rate car loan so that you can start shopping for your dream vehicle (including caravans, motorcycles or an electric car!) with a set limit of what you can spend.

Absolutely! Whether you're after a motorcycle, a jet ski or a boat, Driva can find you a competitive rate from our panel of more than 30 lenders.

Yes, Driva works with many lenders that offer car loan refinancing. If you have a car loan from an existing lender and would like to compare your options or if you want to find out what your monthly regular repayments would look like at another institution, we are here to help!

Car refinancing can be a great idea if you're unhappy with your current loan, you'd like to take advantage of your improved credit score, or your financial situation has changed.

Fixed Rate Car Loans

Fixed rate car loans are where the interest rate charged on the loan amount is the same for the entire loan term. A fixed rate car loan will stay the same whether the Reserve Bank of Australia (RBA) cash rate goes up or down. The majority of new or used car loans are at a fixed rate.

Fixed rate car loans make your finance more reliable in terms of repayments. Your repayments will stay the same throughout the entire car loan term, so there’s no surprises if the interest rate fluctuates. 

Variable Rate Car Loans

A variable rate car loan is as the name suggests, it has a variable rate of interest, so your repayments may fluctuate if the market interest rates change. This means your rate may increase or decrease over the course of the loan term, with the chance of averaging a low rate throughout the car loan term compared to a fixed rate.

However, a variable rate car loan also comes with increased repayment flexibility when compared to a fixed rate car loan. Variable rate car loans usually don't have an early exit fee. This might be better if you're planning to make extra repayments and pay the car loan back early.

A car loan is a form of credit under which an individual borrows money from a financial institution to purchase his or her vehicle. The main characteristics of a car loan include an interest rate (which is generally fixed rate), a monthly repayment amount and a loan term. A secured car loan uses the vehicle as security, which allows borrowers to access lower rates because they can repossess the car in the event of non-payment. By comparison, an unsecured loan will have a higher interest rate and leave the lender with no recourse to the underlying vehicle.

We're able to facilitate all types of car loans, including green car loans, low doc loans, and pre-approved loans.

To be eligible for a car loan, you'll need to be over 18 years old, either an Australian citizen or permanent resident, and earning an income. 

Where traditional vehicle finance can be slow, confusing and generic, Driva is easy, transparent and personalised. Put simply, we're a finance company that cares about making the finance process as seamless as possible.

People choose Driva because we take the hard work out of the online car loan application process from start to finish, and provide our customers with a seamless and hassle-free finance experience. 

If you'd like to chat to a member of our team, feel free to reach out! Whether you've got a question about the different between consumer loans and commercial loans, or are wondering why you have to provide your employment details to be eligible for a specific loan type, please get in touch.

Absolutely! If you'd like to finance an electric car, we can help you compare your best EV car loan options from a wide range of lenders.