Soapy sponge being squeezed on a blue car.

Loans for all types, makes and models.

Soapy sponge being squeezed on a blue car.

Whether it’s your first car, a new car or a total change of the type of vehicle, there’s nothing quite like the feeling of being given the keys to your new set of wheels. Whatever your reason, our straight-forward car loan is here for whatever you need, for whatever’s ahead. Follow these steps and you’ll be handed a new set of keys in no time.

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Know what you want.

In the few months leading up to buying a car, you usually notice what everyone else is driving as you decide on the one you want. Don’t let your eyes get bigger than your wallet though - it’s vital to have a thorough idea of the makes and models that might best suit your needs and fit your budget.

To see how your personal finances would change with the addition of a car loan, our useful personal loan repayment calculator is here to help.

If you can wait, it always makes good financial sense to save as much as you can before a big purchase. Set up a savings goal and use a high-interest savings account to get the ball rolling on a downpayment that can save you in the long run.

 

Get pre-approval.

Getting pre-approval from Defence Bank on your car loan gets the paperwork out of the way so you head into buying mode with a clear idea of what you can spend. Put it this way, it’ll make the searching, buying and negotiating process easier.

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The dealership usually won’t offer you the best rates on a loan - after all, there’s a margin in it for them. And be aware they may try to upsell you with add-ons you might like to have but don’t particularly need. To get a quick loan approval turnaround we’ll usually need to see proof of identity and income, as well as key information about any other debt like loans and credit cards.

Find the one that you want.

If you like to live on the wild side, you can always skip to the fun part by finding the car you want before getting loan pre-approval - though you should always have a thorough idea of your budget and what you’re looking for. When you’ve found the one, haggled a good price and shaken hands on it, it’s time to get the final sign off on your loan sorted.

We’ll need to get to know your car almost as well as you do, including make, model, odometer reading and whether it’s had any aftermarket work done.

Apply now.

Get insured.

Despite not being a legal requirement in Australia, the rule of thumb is that if you can’t afford insurance, you can’t afford a car: don’t go anywhere or even leave the lot without it.

Types of insurance run from third party which only covers damage to someone else’s vehicle, all the way to comprehensive which can have your back come rain, hail, shine or accident.

Enquire about car insurance.

Your payment will take into account the kind of car you’re insuring, any previous insurance history, who’s driving it, whether you’ve previously been in an accident and where the vehicle is most commonly parked overnight. Remember to carefully go through the policy to know what you’re covered (and not covered) for, and in which circumstances so you’re never caught out.

Defence Bank works with leading Australian insurer CGU to give those who get their car loan with us a great deal on their car insurance as well - and applying is as easy as ticking a box during your loan application.

Frequently asked questions.

No, there are no fees to pay out your loan early. Paying off a loan early usually means you save money on interest over the life of your loan, making it a great step financially if you can afford to do so. This is why we have no fees in this instance, encouraging you to make the best decision for yourself.

While there is no set maximum amount, we often require a vehicle to be held as security over loans of a higher amount. If there is a suitable vehicle, we can assess the loan on its own merit.

Congratulations on being so near to paying off your loan. The process of paying out the remainder of your loan is different depending on the type of loan you have.
If you want to pay out your home loan, you’ll need to contact your personal home loan consultant. Our helpful staff at our Contact Centre or in-branch can let you know who that is if you’re unsure.
If you want to pay out your car loan or personal loan, we can provide you with a payout figure up to one week in advance of the requested payout date. This figure can change day to day, and we need to make the final payment into the loan to close it off. Once you’ve spoken to us and transferred the right amount into one of your everyday accounts, we’ll keep an eye on it and make sure it’s closed off for you.

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