Personal Vehicle Loans

Your guide to getting the right personal vehicle loan.

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A quick guide to personal vehicle loans

Personal vehicle loans offers flexible options to help you acquire a new or used vehicle. Whether you're buying a car, motorcycle, or SUV, this financing solution can make it more affordable. You can borrow a specific amount based on your financial circumstances and repay it over an agreed-upon term. Personal vehicle finance typically involves fixed monthly repayments and may come with competitive interest rates. This type of financing allows you to enjoy the benefits of vehicle ownership while spreading the cost over time. It's important to consider factors like your budget, credit history, and repayment ability before applying for personal vehicle finance.

Here's what a personal vehicle loans typically looks like:

eligibility orange tickBorrow from $5,000
eligibility orange tickLoan terms from 1 - 7 years
eligibility orange tickWeekly, fortnightly or monthly repayments
eligibility orange tickFixed interest rates from 5.29%
eligibility orange tickVariable interest rates from 5.74%
eligibility orange tickInterest rate tailored to your situation

What can I use a personal vehicle loan for?

With personal vehicle loans, you can bring your dream of owning a car, motorcycle, or SUV to life. Whether you're commuting to work, embarking on road trips, or simply enjoying the freedom of personal transportation, this financing option allows you to spread the cost over time and make affordable monthly repayments.

Here are some common reasons people take out a personal vehicle loan:

Purchasing a New Car

Personal vehicle loans are commonly used to finance the purchase of a brand new car, providing individuals with the funds to buy the vehicle of their choice.

Buying a Used Car

Used cars are another popular choice for personal vehicle loans, allowing individuals to affordably purchase a pre-owned vehicle that meets their needs and budget.

Upgrading to a Larger Vehicle

Personal vehicle loans can help individuals upgrade to a larger vehicle, such as a family SUV or minivan, to accommodate growing needs and provide more space and comfort.

Getting a Smaller, Fuel-Efficient Vehicle

Some individuals opt for personal vehicle loans to downsize to a smaller, fuel-efficient car, reducing their environmental impact and saving on fuel costs.

Financing a Motorcycle

Motorcycle enthusiasts often use personal vehicle loans to finance the purchase of their dream bike, allowing them to hit the road with their preferred two-wheeled transportation.

Investing in a Classic or Vintage Car

Personal vehicle loans can be used to acquire classic or vintage cars, enabling collectors and enthusiasts to own and restore these timeless automotive treasures.

Funding a Recreational Vehicle (RV)

Recreational vehicle loans are a common subset of personal vehicle loans, providing the funds to purchase motorhomes, campervans, or travel trailers for memorable road trips and adventures.

Supporting Business Needs

Entrepreneurs may utilise personal vehicle loans to finance vehicles for their business, such as delivery vans or company cars, ensuring reliable transportation for their operations.

Consolidating Debts

Some individuals choose to use personal vehicle loans to consolidate high-interest debts, using the loan funds to pay off credit cards or other outstanding loans, potentially reducing overall interest payments.

Emergency Vehicle Replacement

In situations where a vehicle is unexpectedly inoperable or beyond repair, personal vehicle loans can provide the necessary funds for a quick replacement, ensuring individuals can maintain their mobility.

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How much can I borrow for a personal vehicle loan?

When it comes to personal vehicle loans in Australia, the amount you can borrow depends on various factors. Lenders consider your creditworthiness, income, expenses, and the type of vehicle you intend to purchase. Typically, lenders offer personal vehicle loans ranging from $5,000 to $100,000 or more. The loan amount can cover the full cost of the vehicle, including taxes and fees. For new vehicles, lenders may offer higher borrowing limits, sometimes up to 100% of the purchase price. Used vehicles usually have lower borrowing limits, ranging from 60% to 80% of the vehicle's value. It's important to note that lenders may also require a down payment, especially for used vehicles.

Interest rates for a personal vehicle loan vary based on your credit history and the lender's terms. Secured loans, where the vehicle acts as collateral, often have lower interest rates compared to unsecured loans. The loan term typically ranges from 1 to 7 years, and longer terms may result in lower monthly repayments but higher overall interest costs. To determine how much you can borrow for personal vehicle finance, use our repayment calculators to estimate your borrowing capacity and consider your budget and financial goals before taking on any debt. Remember to read and understand the loan terms and conditions to make an informed decision.

Personal Vehicle Loan Repayment Calculator

To estimate your monthly repayments and the total cost of the loan, input the loan amount, loan term and interest rate into the calculator below. This helps you plan your budget and choose the most suitable loan terms.

Loan Amount
Establishment Fee
Loan Term (Years)
Interest Rate
Total amount to repay
Your repayments

Balance over time

Am I eligible for a personal vehicle loan?

Lenders consider several factors when assessing your eligibility, including your credit score, income, debt-to-income ratio, age, residency, and required documentation. While meeting the eligibility criteria doesn't guarantee loan approval, having a good credit score, stable income, and a positive financial profile significantly improve your chances.

You are eligible to apply for a personal vehicle loan if you are:

eligibility orange tickOver the age of 18; and
eligibility orange tickAn Australian citizen or permanent resident; and
eligibility orange tickHave a regular source of income, that is enough to meet the repayments

How to apply for a personal vehicle loan?

Applying for a personal vehicle loan is easy and only takes a few minutes. Get started by filling out some basic information into our application form. We’ll review your information, and someone will be in contact with you to discuss the best option for you from over 40+ Australian lenders.

If you’re eligible for a personal vehicle loan, and you are happy with the initial quote, you will need to prepare documents such as:

eligibility orange tickPassport or drivers licence
eligibility orange tickProof of income and expenses (e.g. payslips, bank statements)
eligibility orange tickDetails of any current debts or other loans

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How to get the best personal vehicle loan for you?

When searching for a personal vehicle loan, it's essential to understand the different factors to find the best fit for your needs. From interest rates and fees to loan terms and early payout options, each factor can increase or descrease the total amount you will repay.

Interest Rate

When seeking a personal vehicle loan, it's crucial to pay attention to the interest rate. A lower interest rate means you'll pay less over the loan term. It pays to research and compare rates from different lenders to ensure you secure the best possible rate that aligns with your financial circumstances.


In addition to interest rates, it's essential to consider the fees associated with personal vehicle loans. These may include application fees, ongoing fees, and early repayment fees. Assess these costs and opt for a loan that offers competitive fees, ensuring you don't incur unnecessary expenses throughout the loan duration.

Comparison Rate

Comparison rates provide a more comprehensive understanding of the overall cost of a loan by factoring in both the interest rate and any associated fees. When comparing loan options, look beyond the interest rate and consider the comparison rate to make a more accurate assessment of the total cost of borrowing.

Loan Term

Consider the loan term or repayment period that best suits your financial situation. Shorter loan terms may involve higher monthly repayments but result in lower overall interest paid. Longer loan terms may offer lower monthly payments but result in higher interest paid over time. Choose a loan term that strikes the right balance between affordability and minimising interest costs.

Balloon Payment

Some personal vehicle loans offer the option of a balloon payment, which is a larger lump sum due at the end of the loan term. While balloon payments can lower your monthly payments during the loan term, they require careful planning. Assess your financial capacity to make the final payment or explore alternatives, such as refinancing or selling the vehicle, before committing to a loan with a balloon payment.

Early Payout

It's crucial to check whether the personal vehicle loan allows for early repayment without penalty. This feature provides flexibility and the opportunity to save on interest costs by paying off the loan sooner. Opting for a loan that allows early payout can help you become debt-free faster and potentially reduce the overall cost of borrowing.

Find the best Personal Vehicle Loans for you with Emu MoneyFind the best Personal Vehicle Loans for you with Emu Money

Frequently Asked Questions

Still have questions about personal vehicle loans?

These helpful FAQs will help you find the answers you need. If you can't find what you're looking for, you can request a callback below.

What is a personal vehicle loan?
How do personal vehicle loans work?
What types of vehicles can I finance with a personal vehicle loan?
What factors affect the loan amount I can borrow?
How long is the repayment period for a personal vehicle loan?
What interest rates can I expect for a personal vehicle loan?
Can I get a personal vehicle loan with bad credit?
What documents do I need to apply for a personal vehicle loan?
Should I get pre-approved for a personal vehicle loan?
Can I refinance my existing personal vehicle loan?
What happens if I can't make my loan payments?
Can I pay off my loan early?
Can I use a personal vehicle loan to buy a used car?
What happens if I sell my vehicle before the loan is paid off?
Is it possible to get a personal vehicle loan with no down payment?