Car loan pre-approval made easy

Pre-approved car finance

A pre-approved car loan is an indication where your lender may agree to lend you a certain amount of money to buy a car, subject to credit approval and, where applicable, receiving an invoice from the dealership. Pre-approval is also known as a ‘conditional’ approval, where the final approval is subject to certain conditions such as verification of your identification, for example.

Why get pre-approved before going to a dealership?

Getting pre‑approved before visiting a dealership gives you a clear budget before you start shopping, so you have a strong idea of what you can afford.

When you already know your budget and finance options, you can negotiate with confidence instead of relying solely on dealer finance.

How long does car loan pre‑approval take?

In many cases, you can receive car loan pre‑approval on the same day you apply. Final approval is typically completed within two business days once all required documents and vehicle details are received.

From application to settlement, the full car loan process usually takes around 3 to 4 business days.

How much can I be pre‑approved for?

Our minimum loan amount for a private vehicle is $10,000 and our maximum loan is $150,000. The amount you may be pre-approved for will depend upon the vehicle's purchase price and your financial circumstances.

Does pre-approval guarantee a car loan?

Pre-approval is a conditional approval based upon the information received at the time of issuance. It is not a guarantee. Unconditional approval will be considered once all documentation has been received and a final credit assessment has been conducted.

Helps you set a realistic budget

You’ll have a clearer idea of how much you may be able to borrow and what your repayments could look like before you start shopping.

Compare finance and get better value

If you shop around and get pre-approved in advance, you can compare your options and choose the one that offers the best value for you.

Strengthen your negotiating position

With your pre-approval in hand, you’re in a stronger position to negotiate.

Avoid upselling

You can use your pre‑approval amount as a firm budget, making it easier to decline add‑ons, extras, or extended warranties you don’t need.

No obligation

There is no obligation to proceed should your circumstances change and there is no out of pocket cost incurred unless you move ahead with a car loan.

Buy with confidence

Because you are not reliant on dealer finance, you can walk away if a deal doesn’t feel right and keep shopping elsewhere.

Each pre‑approval application involves a credit check. Applying with multiple lenders in a short period may affect your credit score. It’s often best to research your options first and apply with your preferred lender.

Pre‑approval is only valid for a limited time, usually between 30 and 90 days. At loans.com.au, car loan pre‑approval is valid for 60 days.

Once you’re pre-approved, the next step is to provide your supporting documents to finalise your car loan.

This usually includes:

• Digital ID verification
• Recent payslips
• Evidence of any other income you’re receiving

Once you’ve secured a vehicle, we’ll obtain the invoice from the dealership. A final assessment is then completed, and if approved, your loan contracts will be issued electronically.

After you return the signed documents, we’ll pay the loan funds directly to the dealership or private seller, and you can drive away in your new car.

How long does car loan pre-approval last?