Make Your Dream Car Happen

Online Loans

June 1, 2020

Picturing yourself in your dream car? You’re definitely not alone. OnlineLoans helps our clients make the right decision at the right time.

Here are some key points to think about when buying a car:

New or used?
New Vehicles

The advantage is the untouched and unblemished history of the vehicle. New cars are also backed by warranties, some lasting up to seven years. Note that warranties are transferable. If you buy a late-model used car, they are often still covered.

Used Vehicles

These sometimes have a bad rap, but don’t rule them out. Research is the key to avoiding an expensive ‘lemon’.

  • A PPSR is a downloadable document that displays whether any finance is owing on a vehicle or if it’s ever been reported as stolen or written off.

  • Paying a qualified mechanic to thoroughly inspect a vehicle before you make a purchase can save a lot of headaches.

Tip: Check model variants. Prices and specs differ depending on the variant. For example, a base model Toyota Camry is around $28,500 – the top-of-the-range Camry is around $45,200. Naturally, the features and technology differ too.


Often, well-kept cars from top quality brands can hold their value and you can get some great deals whilst enjoying slightly lower prices.

Figure out what your repayments will look like each month by using a car loan calculator. Simply input a few details such as the loan amount and loan term for instant results telling you exactly how much to expect to pay back each month.

Tip: Get some quotes to see what your budget might be able to stretch to.

Credit rating

Credit ratings and credit scores are pretty important in the finance world. Both bad credit ratings and used cars can be a risk for lenders. Higher rates can result too.

Tip: Check your credit via a reporting agency like Equifax. Improve your credit score and make sure your bills and existing loans are up to date.

Interest Rates

We all want to find the best interest rate possible. Interest rates can affect monthly repayments when calculating budgets.

With a used car loan you might face higher interest rates than with a new car. This is because lending institutions can’t always use the car as security for the loan due to their value.

Tip: Get a quick quote through OnlineLoans. You’ll be able to accurately consider your budget and know whether a loan is right for your circumstances.


Saving for a deposit or down payment can help get a better deal. A larger deposit will mean you’ll borrow less and likely get a better interest rate. It can also increase your chances of approval if you’re struggling.

Deposits also show that applicants can save money and are in control of their budget.

Always ask for help

It can be daunting getting a car loan if you’re not experienced with what you’re looking for and are unsure of the right questions to ask. If you need any tips or assistance on getting a loan, OnlineLoans is here to help. With our 100%-online car loan process, we can help you get your dream car with ease.

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