What is a vehicle loan?

A vehicle loan is when a finance company provides you with a lump sum of money for you to purchase a vehicle. That vehicle is yours to drive, while you pay the lender back in monthly repayments over time. This lump sum is typically paid straight to the dealership or private vendor.

What is a personal loan?

A personal loan is an unsecured loan, meaning, once approved, funds will be deposited straight into your bank account to spend as you please. There is no security to the loan so you can buy and sell vehicles without having to close off the loan.

What are the benefits of a vehicle loan?

If you need a car urgently you don't have to wait until you've saved all or even part of the money. You can borrow 100% of the car's purchase price, letting you spend your savings on other important things, while helping you establish credit. If you are purchasing a vehicle for business use, the car finance can be tax deductible.

Can I purchase from a private seller?

Yes, majority of lenders allow for private sale assets but may charge an additional 0.5%. For all secured private sale purchases, a simple private sale inspection will need to be completed which verifies the ownership, written-off/stolen status and if there is any encumbrance owed on the vehicle.

How long does the finance process take?

Getting an online quote only takes a few minutes with our simple finance calculator. The entire process from getting a quote to receiving funds into your account for purchase can be done as quickly as 24 hours, though this will vary depending on the chosen lender.

Does applying affect my credit score?

Avara can quickly compare and identify the best suited lender for you without affecting your credit file. Once you are satisfied with the lender, we will submit the application and wait for the analyst to review. It is only at this stage an enquiry will be made on your credit file.

Which lenders does Avara Finance work with?

Avara Finance works with over 40 lending partners to ensure we provide you with the best possible loan option from the most suitable lender. Our panel includes major banks and specialist lenders across Australia.

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