FAQ

Getting started

Can I get a car loan online?

Yes! With CarClarity getting a car loan is now 100% online. Simply fill out one application and get matched to 30+ lenders. We do all the checks and negotiate the best price for you. Learn more about how it works.

How does getting a car loan work?

Traditionally getting a car loan has been a time consuming and stressful process involving research, credit score checks and multiple applications. CarClarity takes care of the car loan process, compares the market and finds you the best new car loan.

How can CarClarity help me?

CarClarity helps you find the best car loan for your situation. Get matched to the most suitable lenders for your situation in 60 seconds. Our expert team will help find you the most suitable lender and do the legwork to get get you in your next car as fast as possible.

How do I start my car loan application?

To get started, simply start your car loan application.

Loan basics

How much can I borrow for a car loan?

Different lenders have varying minimum and maximum loan amounts, ranging from $1,000 up to $250,000. Many factors determine how much you can borrow for a car loan, including your income, living situation and credit score.

Do I need a deposit for a car loan?

While deposits are not mandatory to get a car loan, it may help with the approval process and lower your repayments and interest. Some lenders insist on a 10-20% deposit while others allow you to take out a loan for the entire value of the car.

What is a balloon payment?

A balloon payment is a lump sum paid at the end of the loan after your regular repayments have been made. A balloon payment reduces your regular payment amounts in exchange for owing the lender a lump sum at the end of the loan.

What are the interest rates for a car loan?

Interest rates for a car loan vary depending on many factors, including if the car is for business or personal use, income and credit score. Use CarClarity’s loan calculator to quickly estimate your personalised loan repayments in 60 seconds.

Application process

Will my application affect my credit score?

Your initial application uses a ‘soft’ credit check and will not affect your credit score. We will assess your application before submitting it to a lender of your choice to make sure we send it to the most suitable lender. Only then will your selected lender complete a ‘hard’ credit check.

How long does it take to get approved for a car loan?

The application takes 10-20 min to complete. Get your application submitted to the lender you choose on the same day for approval.

Ready to start?

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Get free expert advice on your next car loan

Our experts will help you figure out the cheapest new car loans available for your financial situation.