How Many Car Loans Should I Apply For?

Great question. It's really important you read the answer below.

How Many Car Loans Should I Apply For?

This is such a great question and it’s so important you understand the answer.

The answer is ZERO.

Right now you are thinking “Zero – that makes no sense because I need a car loan”.

Let us explain.

When you apply for a car loan you actually can hurt your credit score. This is because an application direct to a lender will often trigger what’s called a hard credit check.

Hard credit checks are a formal credit inquiry and therefore impact your credit score.

If you go and apply for a loan with lots of lenders you run the risk of seriously hurting your credit rating.

That’s why we say don’t apply for lots of loans direct with lenders.

Now you are probably thinking “what should I do then because I need a car loan?”

We strongly recommend you work first with a car loan broker.

A good car loan broker will listen to your situation and what you want to achieve. Then, based on their knowledge of various lenders and their criteria, will provide some recommendations for your to consider.

Once you have a preferred lender the car loan broker will then make a direct application on your behalf. In other words, the car loan broker will only apply with one lender having scanned their panel of lenders for the best rate for your situation.

This is the process we follow at nmoni. We listen to your situation and then check which of our panel of over 20 lenders bests suits your situation.

We do all the hard work of checking multiple lenders for a great deal and then provide options to you.

All without hurting your credit score!

So here is an easy step by step guide to answer your question “How many car loans should I apply for?”


Step 1: Stop!

Don’t apply for a loan directly with lenders. We don’t want you to hurt your credit rating.


Step 2: Find a car loan broker

When searching for a car loan broker ensure they have two important things:

  1. Make sure they have at least 20 lenders to choose from. It’s important they provide alternatives for you to choose from so they need a large panel of lenders.
  2. Excellent customer reviews.You want a car loan broker who will work in your best interests. Find a broker with lots of 5 star reviews. Read the reviews to get a sense of the business they run.

At nmoni we have over 20 lenders on our panel which allows us to provide options to our clients.

Also, we are rated 4.9 stars out of 5 on Google from over 200 reviews so we like to think our customers love us! Check out our reviews here.


Step 3: Complete an application

Once you have found a car loan broker fill out their application form. Make sure they have a fully online application form so that you can move quickly.


Step 4: Sit back and relax!

Your broker now has all the details required to track down a great loan for your situation.

So, to answer your question “How many car loans should I apply for?” follow the steps above and you’ll give yourself the best chance of getting into that new set of wheels!

If you’d like us to find you a great car loan from our panel of over 20 lenders fill in our application form now. It only takes 10 minutes!

Frequently Asked Questions

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!).

Your credit score is calculated by credit reporting agencies based on your personal and financial information. Here are some factors that can impact your credit score:

  • the number of credit applications you’ve made
  • the amount of money you have borrowed
  • have you paid your loans or bills on time?

Credit reporting agencies calculate a score between 0 and 1,000 or 1,200. The higher the score the better your chances of not only getting your loan approved, but getting a lower rate.

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. 

The key is to check with multiple lenders to see what they have to offer. Not all lenders offer bad credit car loans and rates can vary widely. We have a panel of over 20 lenders and have a great deal of knowledge on which lenders are suitable for your situation at an affordable interest rate. We can do all the hard work for you without hurting your credit rating as we do not do upfront credit checks. Our online application is fast and hassle free and we can give you immediate feedback on your options.

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.

Yes, it is possible to get a car loan with bad credit because these loans are secured against the car which reduces the risk for the lender. The car loan however may be more expensive. The key is to check with multiple lenders to see what they have to offer and what you can afford. We can do all of this for you without hurting your credit rating as we do not do upfront credit checks. Our online application is fast and hassle free and we can give you immediate feedback on your options.

Bad credit car loans are for people with a bad credit history. Not all lenders do car loans for people with bad credit. This is why it’s best to check with us to see what your options might be. We can give you guidance as to your chances of securing a car loan. All while protecting your credit rating as we don’t do upfront credit checks (we do what’s called a ‘soft pull’ of your credit file to ensure you are protected).

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


4.9 Google rating
based on 500+ reviews

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

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

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

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

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 35 lenders.

3. Choose your loan

Choose your preferred lender with complete transparency of rates and fee's.

4. We send you the money!

Review and sign the loan documents and we 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 35 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.

Easy. Apply in 10 minutes.

We’ve built a simple, easy and secure online system to fast track your loan request.

Speedy decisions

We can provide approvals within a few hours.

Fast Funding

Get your funds the same day.

Flexible loan repayments

To suit you and your situation.

Bad credit history considered

We look beyond your credit score to understand your situation.

Ready to get started?

Apply anytime, any where