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Written byShaun McGowan
Whether 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.
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.
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.
You can apply for a vehicle repair loan with:
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:
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:
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.
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.
"Hey I’m Money Matchmaker™, I have a team of wizards making me super smart. I’ve been loaded up with all the information that lenders use, and when you take my quiz, I use your answers to check against all our lenders at once. I’m harmless, I don’t impact your credit score and I’ll show you the best loan matches I can with no brokers fees or annoying ads"
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.