Accelerate your purchasing experience, with a pre-approved motor vehicle loan.
Whether you’re borrowing for a car, bike, boat or caravan, learn what pre-approval is, before u loan.
What is a pre-approved motor vehicle loan?
A pre-approved motor vehicle loan is essentially a lender's commitment to provide you with a specific loan amount before you go shopping for your dream vehicle. Pre-approval allows you to set a clear budget and adds a layer of confidence to your negotiations at the dealership.
Does car loan pre-approval affect credit score in Australia?
Applying for pre-approval usually involves a soft credit inquiry, which doesn't impact your credit score. It's when you formally apply for the loan that a hard credit inquiry is made, which can have a slight effect on your credit score. However, this is typically minor and temporary.
How long does it take to get a preapproved loan?
The timeframe for receiving pre-approval can vary. In some cases, you may get a response within minutes, while others may take a few days. It's a good idea to start the pre-approval process well in advance of your vehicle purchase to ensure you have enough time to make an informed decision.
Who can help me get pre-approval?
- Self-service – You can navigate the pre-approval process yourself, researching lenders, filling out applications, and gathering necessary documentation.
- Finance broker – A finance broker can be your expert guide through the pre-approval process. They'll compare lenders and streamline the application, saving you time and potentially securing the best terms.
- Lender assistance – Many lenders offer assistance for pre-approval. It's worth noting though that lenders will only offer you their own loan products, regardless of whether there is a better option out there for you.
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