Australia's Money Matchmaker® - Loan Matchmaking
Compare vehicle repair loan rates in 60 seconds
Using technology Money Matchmaker® matches you to the lowest rates you qualify for from a pool of top lenders. So you can find the one.
Why use Money Matchmaker® to find your vehicle repair loan
1
NO CLICK BAIT
Compare real loan rates that you qualify for with your answers matched to lender rules. No fees, ads, sponsored rates.
2
STAY IN CONTROL
See all your options. Get the facts. Choose the loan that works best for you with 0 impact to your credit score.
3
SAVE TIME
All the research, analysis and shopping around with lenders is compiled for you using our industry leading algorithm to accurately match you.
How Money Matchmaker® works
Give Money Matchmaker® a try
GET MATCHEDLooking for a loan to repair your car and get it back on the road?
Written by
Shaun McGowanWhether you’re looking to fully fund your repairs, or just need a little extra to get the job done, there are countless personal loan lenders in Australia who can offer you a fair deal.
But just like choosing the right car, finding the most suitable lender and loan for your situation can take a significant amount of time - here’s how you can find a loan for your vehicle repairs and get pre-approved today.
What is a vehicle repair loan?
Vehicle repair loans are personal loans between $2,000 and $100,000, which are usually offered for a period of between one and seven years.
These loans can be secured or unsecured. Depending on the value of any available assets (such as your car), you may be able to qualify for both - this is where comparing your options to make an informed decision will be crucial to saving money in the long run.
Estimating the cost of your car repairs will be crucial before applying, so be sure to speak to a trusted, independent mechanic who can provide a detailed quote.
Compare secured and unsecured personal loans for vehicle repair
| Pros | Cons | |
|---|---|---|
Secured Personal Loans | Can apply for a loan up to $100,000. Lower repayments than unsecured loans. | Collateral can be repossessed by the lender and sold if you default on your loan. |
Unsecured Personal Loans | No security required for loan approval. The freedom to use the money however you choose. | Higher rates and repayments than a secured loan. Lower borrowing capacity than a secured loan. |
Find the best deal on vehicle repair loans
FIND YOUR LOANHow to get a personal loan for vehicle repair
You can apply for a vehicle repair loan with:
- Banks
- Non-bank lenders
- Specialist finance lenders
- A personal finance broker
You can apply for a vehicle repair loan over the phone, online, or in person.
Online lenders, such as specialist fintech lenders, offer faster approval on personal loans than traditional lenders, such as banks.
You can apply for a vehicle repair loan in Australia if you are:
- Over the age of 18; and
- An Australian citizen or permanent resident; and
- Employed or have a regular source of income
If you meet the basic eligibility for a vehicle repair loan, you will then need to compare lenders and assess their individual approval criteria.
To get a vehicle repair loan you will need to
- Submit a personal loan application to a lender
- Meet the lender’s approval criteria for the personal loan
- Sign a loan contract and agree to the terms of the loan
The most important factor when gaining approval is to demonstrate your ability to repay the full loan amount to your lender.
If you are self-employed, you’ll need to provide different documentation to lenders when applying for a vehicle repair loan. In general, you will need to provide tax returns in place of employee payslips.
If you need assistance with your application, you may wish to speak with a finance broker, otherwise it is always recommended that you speak with a financial consultant to ensure you are making an informed decision.
Ready to find a loan for vehicle repairs?
The easiest way to find a vehicle repair loan from trusted Australian lenders is to simply use our Money Matchmaker™ engine.
We’ll compare the best personal loans for vehicle repair we can find from our available pool of lenders, personalised entirely based on a few simple questions, and you can see exactly how much you’ll pay with each lender.
This includes all the little details like fees and restrictions, so you can find the offer that suits you best, so you can get started on your repairs and get your car back on the road today.
The vehicle repair loan can save you $1,000s
FIND YOUR BEST LOANWant to know more about Personal Loans?
About the Author
Shaun
McGowan
Shaun McGowan
Shaun is the founder of Money.com.au and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.
*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $30,000 over 5 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
