6 Tips To Get A Great Deal On A Car Loan

Here are six ways to make help ensure you drive away with a great deal on your new car loan.

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6 Tips To Get A Great Deal On A Car Loan

Looking to buy a new car? You’ll most likely need a loan. But how can you make sure you get a great car loan?

Here are six ways to help you drive away with a great deal on your new car loan.

Tip #1: Shop around

When applying for any type of loan it’s always smart to shop around and make sure you’re getting the best interest rates available. Lower interest rates mean lower monthly payments and less interest paid over the life of the loan.

The one thing you do need to be careful of is applying for too many loans at different lenders because each application directly to a lender counts as a credit enquiry and this can negatively affect your credit score.

To avoid hurting your credit score we recommend using an online service like us. In just a few minutes we can check what interest rates you may be able to get from over 20 lenders without hurting your credit score because we do what’s called a soft credit check that doesn’t hurt your credit rating.

So using a service like ours can quickly and easily show you some great interest rate options while protecting your credit score. You can apply here.

Tip #2: Have a positive payment history

Having a positive loan repayment history is one of the key contributing factors to having a good credit score. It shows that you can consistently meet your repayments. It doesn’t have to be a car loan, having a history of meeting payments for other types of finance can also help you get approved. Not sure what a credit score is and how it’s calculated? Read our article “What is a credit score?” for all the information you need.

Tip #3: Improve your credit score

When it comes to getting any type of finance, having a good credit score is critical, and car finance is no different. Lenders will look at your credit score to determine how reliable a borrower you are, which in turn will affect how much they are willing to lend you and what interest rate they can offer. The good news is, understanding your credit score has never been easier, so take the time to get your head around yours before you apply for a car loan. If you do find that there are issues that are negatively impacting your credit score, there are lots of things you can do to improve your credit score. For more information read our article “How to improve your credit score”.

Tip #4: Save up a healthy deposit

If possible, it’s always best to have a solid deposit for your car purchase before you apply for a loan.


Aside from the fact that this will obviously reduce the total amount that you must borrow, and therefore pay interest on, it will also help improve your odds of getting an approval for your car loan and the best interest rate offer. The less you are borrowing, the less risk you represent to the lender, which may means they’re happy to offer you a better deal on your loan.

Tip #5: Get your finance pre-approved BEFORE committing to buy a vehicle

Getting your car loan approved BEFORE you commit to purchasing your vehicle can give you a lot of benefits like:

Locking in your interest rate

Getting a car loan pre-approved will lock in the interest rate for a period of time. This can give you some more certainty if rates are moving.

Knowing how much you can spend

It’s not a great feeling agreeing to purchase a vehicle and then finding you can’t get a loan for the amount you need. That’s why it’s best to get your car loan pre-approved. This will give you the confidence of knowing what your budget is and what you can afford.

Being able to immediately commit

When you find that dream set of wheels you may want to quickly make an offer and seal the deal. If you have your car loan pre-approved you’ll be able to negotiate with confidence knowing your finances are sorted.

Fast settlement

Once you have agreed to purchase your new vehicle having a pre-approved loan will allow you transfer the money and driveaway faster than if you were starting to look for a loan from scratch.

There are some things to be aware of with pre-approved loans. Firstly, the pre-approval is usually valid for a limited time (up to 90 days generally). Secondly, some lenders may not offer pre-approval so it might reduce your options.

We make the process of getting pre-approval fast and easy. Simply complete our application and we’ll go to work checking our panel of up to 35 lenders to find a deal that can save you money.

Tip #6: The age of your new vehicle impacts the rate you can get

Did you know that some lenders offer better rates on younger vehicles? For example, recently nmoni were finding John a car loan. He originally wanted a 10-year-old vehicle. Because of the age of the vehicle lenders offered him a rate of 6.85% but nmoni also told John that if he purchased a 3-year-old vehicle the rate would be 4.84%. That’s a big difference in interest rates and importantly gave John the opportunity to get into a newer vehicle with better features.

Remember these 6 tips when getting a loan for your next set of wheels and you could save some serious money.

You might also find our article on “The 4 mistakes people make when buying a car interesting”.

If you want to see what interest rate your credit score and profile can get you simply apply and we will quickly check our panel of over 20 lenders for a great loan for your situation (importantly this won’t hurt your credit score).

Frequently Asked Questions

A credit score is a number generated by credit reporting agencies that provides an indication of your credit worthiness. A credit score is really important as they can significantly affect your ability to get a loan and how much that loan will cost (the interest rate and other chargers).

For more information on credit scores read our article "What is a credit score".

The exact formula is not disclosed by credit reporting agencies however there are several key factors that they consider like the amount of money you’ve borrowed, the number of loan applications you have made, your repayment history and any defaults, bankruptcies, debt collection agency agreements or short-term credit you have.

For more information on credit scores read our article "What is a credit score".

Here are 5 ways to improve your credit score: 1. Pay your bills on time, 2. Don’t apply for a loan at multiple lenders, 3. Pay your loans off on time, 4. Check your credit score is accurate, 5. Reduce the amount of credit cards.

For more information on credit scores read our article "How can I improve my credit score?".

The higher your credit score the better your chance of getting a loan and the better chance you have of getting a lower interest rate. This is because if you have a really good credit score you are a lower risk to a lender and therefore are a good chance of paying back the loan. Conversely, if you have a lower credit score a lender may classify you as having higher risk and therefore charge a higher interest rate.

In addition to your credit score, other factors like overall banking conduct (such as dishonours and payday loans) can also impact the interest rate you are offered. 

At nmoni we do not perform upfront credit checks. This means that we can review your application and give you a guide as to whether a lender will give you a loan before a credit check is completed. Our process reduces the number of credit checks required and therefore helps you avoid hurting your credit score. Start the process today by completing our fast application.

At nmoni we review your situation and only apply for loans with lenders we believe will approve your application and provide the right rate. This will reduce the impact on your credit score while also saving you a lot of time and hassle.

This is really important as you don’t want to get a loan with a lender that charges high fees and has high exit costs. We only deal with reputable lenders so we can ensure you avoid any of these potential potholes. Also, make sure the lender or broker you use has high Google ratings (we happen to have a 4.9 out of 5 Google rating!).

The good news is that there are lenders who work with clients looking for a car loan with bad credit. Importantly, these lenders often change their lending criteria so it’s important to work with a broker who can help place you with a lender who is more likely to fund your dream car purchase. Please complete our online car loan application and we will check our panel of over 20 lenders to see who can help with your situation.

We take a broader view of your application than just your credit score. We do this by reviewing your overall credit profile to get a clearer picture of your financial position. We do this without performing an upfront credit check (we do a soft check that does not impact your credit score). Importantly, we also provide credit feedback if we cannot assist you with a loan right now. 

Secured loans are amongst the easiest loans to get. That's where you put up something of value in exchange for funding. Car, boat and caravan loans are types of secured loans and means the lender has some security over the loan.

We can review your situation and provide feedback on why you are being declined without hurting your credit score. Apply now and we'll provide you valuable feedback.

There are lenders we work with that specialise in clients with lower credit scores. The best way to find out is to complete our online application and we’ll put our technology and/or one of our credit analysts to work to review your file and provide feedback. We can provide valuable information on your options without affecting your credit rating.

real customer reviews

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4.9 Google rating
based on 700+ reviews

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After searching for a car loan I found nmoni. They are very helpful… keep you up to date at the progress of your loan. And made settlement a breeze. Thank you Chris and Michelle you are both amazing.

Jodie Bayliss

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Outstanding service. Above and beyond and service you just can’t get from a big bank or finance company.The team at nmoni have been incredibly helpful in assisting me with obtaining business finance for my new vehicle. Every step of the process they have been super responsive and highly efficient. I would highly recommend their service!

Ben Duncan

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I just want to say thank you to Chris from NMONI for helping me get my car finance.

Highly recommended bunch! As they go above and beyond to help you achieve the best possible outcome. They are very prompt with communicating and provide excellent customer service.

Kevin Reyes

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Omg with my credit rating I thought I’d never get credit again but these guys gave me the chance and now my credit rating is rising these guys work magic

Josh Carson

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Nmoni is such a great lending company, Christina is the best of best broker, person and very understanding. Great customer service and very helpful any time, she actually answers the phone unlike other company employers who do not care. She Actually cares and Christina does everything in her power to help and solve your issues. Thank you Nmoni and thank you Christina.

Mirjana Markovic

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How we find great rates

1. Complete our online application

10 minutes is all it takes.

2. We search for the best lenders

We go to work to find the best deal for your situation from a panel of over 40 lenders.

3. Choose your loan

Choose your preferred lender with complete transparency of rates and fees.

4. We send you the money!

Review and sign the loan documents, and will transfer the money within 24 hours.

Use the nmoni advantage to save

We compare, you save

We'll find a great deal from our panel of over 40 lenders.

Low rates

We use our 20 years of experience and cutting-edge technology to find you the lowest possible rate for your circumstances.

Protect your credit score

Applying for a loan won't impact your credit score until you are ready to proceed.

No nasty surprises

All fees and charges are fully disclosed upfront, so you know exactly what is going on and what it’s going to cost.

Apply in 10 minutes

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Intelligent decisions

We can provide approvals within a few hours using our personalised finance platform

Advanced Technology

Let our sophisticated finance platform work for you with a real-time personalised rate offer

Flexible loan repayments

To suit you and your situation.

Our experience is your advantage

We use our deep market experience to find you the best rate for your situation.

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Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstance before acting on it, and where appropriate, seek professional advice from a finance professional such as an adviser