Car finance

A. Yes! Whether you are buying through a private seller (Marketplace/Gumtree, etc.) or from a dealership, we can help you obtain car finance. We’ll look at car loans from 50+ lenders and can assist every step of the way.

A. Secured car loans come in fixed or variable options. We’ll look at your situation and present the competitive car finance options that best suit your circumstances and preferences.

A. Every vehicle finance application is unique and different documentation is required for different circumstances. Documents may include your driver’s licence, two most recent payslips and a finance application. At Varlo, we take your privacy seriously and use state of the art technology to ensure we handle your documentation carefully and efficiently.

A. The choice is ultimately yours. Using a broker has become the norm, with around 88% of people looking for finance using a broker. The main reason for this is that using a broker gives you greater choice of options. Going directly to your bank may limit you to what products and interest rates they have on offer. At Varlo, our clients can choose from over 50 different lenders to find the perfect car finance for you.

A. On average, a car loan will take between 1-2 business days to get approved. Your application, credit score, accuracy of documentation and how easily your ID can be verified will determine the length of time your car finance application takes to get approved.

A. Every car finance application is unique, and approval for a car loan will depend on your personal circumstances. To find out if you qualify for a car loan, you can speak to our qualified team of car finance brokers and have a no obligation, friendly chat.

A. A personal loan can be used to purchase a car – this method doesn’t require the vehicle to be used as security. To find out if a personal loan or car loan is suitable for your circumstances, you can speak to our qualified team of brokers and have a no obligation, friendly chat.

A. Most lenders will allow people to borrow between $10,000 and $300,000 for a car loan. Your income, credit score, living expenses and many other factors will determine how much you can borrow. To find out how much you can borrow and to get a pre-approval, you can speak to our qualified team of brokers and have a no obligation chat.

A. You can’t transfer a car loan to another person. You may be able to sell your car and use the money to pay off your loan or use another loan type like a personal loan to pay off your car loan and remove the encumbrance, also known as the ‘security’ from your vehicle.

A. Car loans can be paid off early, however some car loans may have early termination fees as part of your loan agreement. If your intention is to pay your car loan off early, that’s great! A good broker should be discussing this with you early on so that they can match you with the most suitable car finance product.

A. A car loan allows you to purchase a vehicle and pay back a lender like a bank in smaller instalments. The smaller instalments consist of principal, interest and fees. A typical car loan is usually between 1-7 years.

A. Most car loans are secured and are used to help the lenders manage risk. Most secured car loans have set parameters around age and value of the vehicle. Secured car loans typically range from $10,000 to $300,000. If a vehicle falls out of the typical parameters of a secured car loan, a personal loan is often used to make the purchase instead.

A. Some lenders will look to lend people between 10-30% of their annual income on a vehicle. Other determining factors include credit score, age of applicant, liabilities and expenses. To find out how much you can borrow for a car loan, and what car loan rates are available, speak to our qualified team of brokers and have a no obligation chat.

A. You may be able to claim interest and depreciation on your car loan if you are using the vehicle for business purposes. It is best to discuss the tax benefits of your car loan with your accountant before purchasing a car or applying for a car loan.

A. Yes, if you are using your vehicle predominately for business purposes and you have an established ABN or company, then you can finance your car using a business car loan (also known as a Chattel Mortgage.)