Compare Melbourne car finance options with a few simple steps

Comparison rates assist you in working out the true cost of a car loan when considering if it's worth getting finance, this is because it includes all the fees a lender pays for initialising auto loans.

Driva clearly specifies the different comparison rates of every quote we provide enabling you to quickly see which car loan will cost you less. We recommend you focus on the comparison rate or monthly repayment figure instead of the quoted annual percentage rate (APR) or interest rate as they can be misleading!

For example, some Melbourne lenders might use a very low-interest finance rate to attract new customers. However, it's important to note that these same Melbourne lenders often have high establishment fees, early repayment fees or ongoing fees, which can make their car finance options more expensive than they appear at first glance and a significantly higher comparison rate.

We work with over 30 various auto lenders (several are based in Melbourne) to make sure you have multiple Melbourne car finance options that best suit your lifestyle, financial situation and vehicle preference.

Though not all car finance lenders are created equal, some do offer more competitive rates, quicker response times, and better support functions than others. We’ve hand-picked the partners that we work with to build a seamless online financing experience with the lowest rates possible.

The Melbourne car finance process is quick and easy - getting an online quote to receiving funds in your bank account can all happen within a day. That said, actual turnaround times will vary depending on your lender choice.

With our easy online car loan application process, which only takes 2 minutes to fill out, you can see your finance options from within your Driva Dashboard instantly.

After selecting your lender and providing a few extra details we need (like income, employment, living expenses), we will process your application with them. In general, we process applications for a loan and send them to the lender within 3 business hours, but we might require some additional information from you depending on your unique financial situation before we can finalise your loan application and lodge it.

Approval can take anywhere from a few hours to 48 hours. The Melbourne Driva finance team is closely aligned with our finance partners to make this a quick process, and in some cases, we even have guaranteed turnaround times in place so that you can be on the road cruising around Melbourne in your new or used car in no time.

Melbourne lenders offer a range of different types of car finance at fixed or variable interest rates (you can check out the lenders that we work with here). Some main Melbourne car loan features include flexible repayments, balloon payments and low-interest rates.

A flexible repayment system allows you to pay back more than the minimum loan amount from time to time. This means you might be able to repay the loan ahead of schedule. Keep in mind, however, that some finance lenders may restrict how often you can do this or impose additional fees and charges when you do.

Balloon fee systems allow you to make smaller repayments with more significant payments at the end of your loan term. Alternatively, you can often refinance your vehicle to repay the final instalment.

With loan amounts available from $2,000 and over 30 lenders on our panel, we have a wide range of financing options to suit your individual needs. Our finance team can get you cruising through Melbourne in your new or used car in no time!

A secured loan means that your car value is used as collateral against loan default. Lenders tend to charge lower interest rates for loans that comply with this measure.

Most secured auto finance products have an age restriction of 12 years or less, which means if you are buying a car older than this, you will need to opt for an unsecured personal loan.

No. Getting your rates with Driva doesn't impact your credit score.

Only once you've chosen your preferred lender, submitted your loan application to us, have been vetted by the Driva finance team and provided consent will your application be shared with your chosen lender and a full credit report run. We ensure you don’t have unnecessary enquiries on your file - only once we have established a high likelihood of finance approval and you are happy to continue do we give lenders authority to run the required credit checks!

Additionally, even if you have a bad credit score, there may still be finance options available to you. For some lenders, your credit score isn’t as important as other factors like your income and employment status. 

If you can’t afford to purchase a car outright, you can take out a car loan to cover some or all of the cost of the vehicle. You’ll then make regular repayments to your lender (normally weekly or monthly) to pay back the loan. These payments include interest and lender fees.

Apart from paying with cash, your cheapest car finance option is likely going to be a secured loan. We work with more than 30 lenders who have interest rates starting from 3.69%.

Absolutely! If you’re based and Melbourne and looking to get a loan for a used car, Driva can help you find a finance option that works for you.

If you don’t have the cash on hand to buy a car outright, or you’d rather use that money for something else, a car loan can be a great idea. If you can afford to make the monthly repayments and you’re happy with the interest rate and loan term offered, a car loan can be a great idea.

There are a number of factors that will impact whether you’re approved for car finance or not, but some of the main ones include your credit score and history, your current living situation and income.