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Beginners guide to car finance

Posted 12th April, in Car News, Finance News, Finance Tips

NuStart Finance | Beginners Guide to Car Finance
NuStart Finance | Beginners Guide to Car Finance

You’ve called it. It’s time for a new car.

The wheels that have served you for the last few years just aren’t cutting it anymore. Maybe you’ve got something in mind already or maybe it’s just the idea that has you thinking. Either way, the big catch is that it’s going to take an age to save the cash you need, which means it’s time to get your first car loan.

Getting finance can be a confusing process full of uncertainty for first timers. There’s a number of moving parts to a loan, and you can alter some of these to work in your favour. But what are they and how do you know you’re getting the best deal for you? Everyone has heard of pre-approval, guarantors, secured loans, and all kinds of interest rates but what do they all mean for your bank balance at the end of the day?

Getting the right loan doesn’t need to be complicated, and with a bit of knowledge under your belt you’ll breeze through the process and pick up your new car in no time. Our beginners guide to car finance will walk you through the process and give you the knowledge you need to make the right decision.

1. How much can I borrow?

Use our Car Loan Calculator to obtain an illustrative indication of how much your repayment may be and how much you can comfortably afford to borrow. You can make repayments on your loan on a monthly or fortnightly basis. There are a few variables which will affect the amount of your regular payment but this will give you a rough idea. More information on those variables later.  All loans are subject to credit approval criteria.

2. Apply for Pre-Approval

First of all, what actually is Pre-Approval? Pre-approval refers to the lender declaring that you are eligible to borrow a certain amount of, money providing certain criteria are met. When you apply for pre-approval you supply information such as how much you’d like to borrow, your income, your living expenses and any other fixed commitments. Gaining pre-approval for a certain amount of money doesn’t necessarily mean you’ll be able to buy just any car for that amount (more on that later) but it does give you an upper limit to work with. You can apply for pre-approval online here.

3. Choose your car

The fun part! Once you know how much you can borrow, you can really get stuck into your car search. You can use our Car Locator to take the hassle out of finding just the right car for you. Also note, you do not need to sign a vehicle purchase contract before seeking finance approval.

4. Interest rates

The interest rate offered will vary depending on a number of factors. As a general rule, the lower the risk to the lender, the lower the interest rate will be. Some of the factors the lender will consider are the amount borrowed, the type of loan, the age of the vehicle, and the financial situation of the borrower. Due to the number of factors that can alter the interest rate you will be offered, it is very difficult to quote accurately via a website.

5. Secured or unsecured loan

A secured loan is one that is “secured” by an asset of yours. In the case of a car loan, this will usually be the car you are purchasing. Secured loans tend to carry a lower interest rate due to the reduced risk taken by the lender. If you were unable to continue paying off your loan, the lender would re-possess your car to cover their loss. The vast majority of car loans are secured loans.  An unsecured loan is one that is not tied to any asset of yours. An unsecured loan will tend to carry a higher interest rate, but it does grant you the freedom to sell your car without breaking your loan contract, more on that later.

6. Loan term

With NuStart Finance you will be able to choose any loan term between 2 and 7 years, subject to credit assessment. Your regular repayments will change as you alter the length of the loan. If you would like a smaller regular payment choose a long term, if you want to pay it off quickly or can afford a higher regular payment, choose a shorter term.

7. Guarantor or Co-borrower

If you are having difficulty gaining finance approval, a guarantor or co-borrower will potentially work in your favour. In this situation, the lender will take the income and financial position of your guarantor or co-borrower into account as well as your own. A guarantor is someone who will take responsibility for your loan should you not be able to continue paying it off. This is usually an immediate family member such as your partner or parents.  A co-borrower is someone who you jointly sign a loan with. In this arrangement, the co-borrower and you are equally responsible for repaying the loan. These arrangements minimise the lenders risk and therefor increases your chance of gaining finance approval. Before agreeing to be a guarantor the person must be aware of the responsibility they are taking for your loan.

8. Can I get a loan for a used car?

This is one of the most common questions we’re asked and the answer is yes, you can get a loan for a used car. The conditions of your loan will vary depending on the age and type of car you are purchasing, particularly for a secured loan. As a general rule, you will be able to get a better finance deal on a newer vehicle. An unsecured loan may be a better choice for older vehicles. Keep this in mind when you are selecting your car.

9. Can I pay my loan off early?

If your circumstances change and you are able to pay your loan off faster we won’t stop you. There may be an early termination fee which will be outlined in your credit contract.

10. Can I sell the car before I have paid out my loan?

Yes you can, however there are some conditions.  If you have a secured loan against the car this security needs to be lifted. This is done by paying out the amount left on the loan. If you can not do this in one lump sum, we may be able to arrange a new loan to pay the balance of the previous loan, subject to credit assessment. If you have an unsecured loan, you are free to sell your car whenever you like without impacting your loan.

Ready to get started on your way to that new car?

Our Beginners Guide to Car Finance gives you the information you need to make the right choice for you. Use our Car Loan Calculator to find out how much you can borrow, apply for pre-approval, and get your search under way with our Car Locator. If you have any questions or would like to speak to one of our experienced finance consultants, call us on 1300 883 983.

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5 tips to getting your car loan Pre-Approved

Posted 9th November, 2015 in Finance News, Finance Tips

Car Loan Pre-Approved

Anyone who has struggled with poor or bad credit will know the frustrations of going through a loan pre-approval system only to be denied at the very end. It could also be that it’s the first time you’ve applied or that you’re self-employed in a contracting industry.


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5 ways a car finance broker could Save you money

Posted 24th October, 2015 in Finance News, Finance Tips


If you’re in the market for a new or used car and are relying on car finance, then you should consider speaking to one of our experienced finance consultants. We may be a little biased, but we believe our consultants will be able to find a finance solution to suit your situation and could also save you money. To prove our case we’ve put together the top 5 ways we could save you money.


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2015 Sydney Motorcycle Show

Posted 1st October, 2015 in Finance News, Finance Tips


Time to throttle it out!

The 2015 Sydney Motorcycle Show is a family friendly event that goes for 3 days only in November, so if you are interested or curious about Motorcycles this is an auto show that cannot be missed! Organisers are predicting this event to be a sell out, so grab your tickets now to secure your spot.

What to expect

This year is built up to be big, busy and lots of baarrrrpp! With live motorcycle demonstrations and test rides for adults and children, there is something exciting for everyone. With over 130 exhibitors this year, you can expect to see the largest range of:

  • Motorcycles
  • Scooters
  • ATV’s
  • Side by Sides
  • Trikes and,
  • PWC’s

If you’re a motorcycle enthusiast you can see all the latest custom, classic, vintage, performance and cafe bikes bikes displays.

View more information or buy tickets.



20th to 22nd November 2015

Friday: 10am – 7pm
Saturday: 9am – 6pm
Sunday: 9am – 5pm

Ticket Prices

Adult: $22
Child: $16 (5-15 Years
Senior: $18 (Seniors Card Only)
Family: $65 (2 Adults, 2 Children)
Kids Under 5 Free


Sydney Showgrounds – Halls 5 & 6 Sydney Olympic Park, Homebush

Sydney Showgrounds

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Guaranteed approval explained

Posted 12th August, 2015 in Finance Tips


What is guaranteed approval?

In the finance world, the term ‘Guaranteed Approval’ is uncommon. Some lenders may market ‘Guaranteed Approval’ to attract people who’ve had bad credit history or think they won’t qualify with mainstream lenders.

Guaranteed approval is when a loan is automatically approved or ‘Guaranteed’. The reason why guaranteed approval is rarely seen is because lenders are legally obligated to conduct an assessment of the loans suitability and affordability before a lending decision is made.

Worried about finance? Apply for pre-approval instead

We believe that if you have had bad credit in the past, you should speak to one of our experienced loan consultants. We have access to a network of lenders and even a lender that specialises in bad credit assistance.

We do not offer guaranteed approvals, instead we work hard to find you pre-approval on a great finance deal (subject to assessment).

We could help you obtain pre-approval for a:

  • Personal Loan
  • Car Loan
  • Motorbike Loan
  • Caravan Loan
  • Truck Loan
  • Equipment Loan

We look into your financial situation past and present to find ways to get you a great deal on finance. We do all the hard work and negotiating on your behalf to get you pre-approval. By obtaining pre-approval, we can then help you locate a new car and you can expect a repayment structure that fits your budget.

Step 1: Submit your application online

Step 2: We’ll call you & arrange finance

Step 3: You get pre-approved! (subject to assessment)


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EOFY truck & equipment finance

Posted 5th June, 2015 in Finance Tips

Logistics - proud driver or forwarder in drivers cap of truck and trailer, on a transshipment point

During the End of Financial Year Sales most businesses buy big ticket items like equipment, vehicles and office fixtures to save money. With the launch of the new $20,000 tax break, small businesses can also claim depreciation costs straight away; making the EOFYS the best time to buy.

Truck Loans

You might need more than 4 wheels to keep your business rolling, so NuStart could help you finance a truck and even locate a great EOFY deal as well.

Truck Loan Features

  • Fixed Interest Rate
  • Flexible Loan Lengths (1 – 7 years)
  • Residual value or balloon payments available for loan terms up to 60 months.

Apply for a Truck Loan

Equipment Loans

You might need machinery, tools, electronic equipment or office fixtures, so an equipment loan may suit your business.

Equipment Loan Features

  • Fixed Interest Rates
  • Flexible Loan Lengths (1 – 7 years)
  • Scheduled repayments to match your pay cycle

Apply for a Equipment Loan

How to Qualify

There are many benefits to what a loan could do for your business. Whether it’s to finance a new or used truck, or to purchase equipment to keep with your businesses demands. See if you qualify by calling 1300 883 983 or visiting our Contact Page. Whether you’re looking for a competitive deal or are concerned about your credit history, we may be able to help!

For more information on truck and equipment finance, please call our experienced brokers on 1300 883 983.

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New fuel price cycle tool lets you know when to fill-up

Posted 5th December, 2014 in Finance Tips


If you’re planning a trip to the big smoke, travelling interstate, or just going about your daily commute, the Australian Competition and Consumer Commission (ACCC) wants to let you know when it’s cheapest to buy fuel, thanks to a new price cycle tool.

The tool, available on the ACCC’s website, shows petrol price cycles for Brisbane, Melbourne, Perth, Adelaide and Sydney – with information on whether prices are likely to increase or decrease over the coming days, so motorists can decide whether to hold off or fill-up right away.


(Above: Adelaide petrol prices)

The site notes the varying cycles between capital cities, particularly Perth, were Western Australian laws dictate a more rigid price cycle.

“Price cycles are the result of deliberate pricing policies of petrol retailers, and are not directly related to changes in wholesale costs,” the ACCC says.

“The duration of petrol price cycles in Sydney, Melbourne, Brisbane and Adelaide varies from cycle to cycle, and has increased in recent years. In 2014 to date, the average price cycle duration in these cities has ranged from a low of 13 days to a high of 43 days.”

“The petrol price cycle duration in Perth is 7 days.”

Information: ACCC.

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3 tips to help you get boat finance approval

Posted 26th November, 2014 in Finance Tips


If you’ve ever dreamed of owning your own boat but don’t have the spare funds to take the plunge and buy outright — you’re not alone!

While the idea of spending time on your very own fishing boat, watercraft or jet ski might sound unattainable, boat finance is a realistic and achievable option to help Australians do what they do best, and that’s to get out on the water.

Make this Summer the time you finally become the envy of your mates, with our top 3 boat finance tips to help you get approved.

Research your boat loan options

Early research on boat finance typescan help put you in a better position when negotiating for your boat, as well as settling on the most suitable loan option for your financial circumstances.

The finance benefits can vary, depending on whether you take out a chattel mortgage or a secured personal boat loan. If you feel overwhelmed with options, you can always talk to an expert NuStart Finance boat loan consultant.

Budget using a finance calculator

Calculating your potential weekly repayments can help you determine a realistic and affordable budget for your lifestyle, and, more importantly, help prevent financial difficulty down the track.

Use an Online Finance Calculator to find out what you can realistically afford to borrow, and don’t forget to factor in any other financial commitments, such as phone bills, groceries, petrol and school fees.

Talk to an expert

Not only can a NuStart Finance consultant help clarify any details throughout the boat buying process, they can also take on the responsibility of finding the most suitable boat loan lender and negotiate finance on your behalf. That’s a lot of hours of research and planning saved.

For more information on how to finance the boat of your dreams, contact NuStart Finance on 1300 883 983 today!


This article contains information on car finance tips to help you get boat loan approval.The information provided is intended as a guide only. It should not be treated as financial advice and does not take into account your personal circumstances. If you have any specific questions about individual financial matters or government legislation, you should consult an appropriately qualified professional or government department.

NuStart Finance has endeavoured to ensure all information is accurate at time of publication, but does not guarantee the ongoing accuracy this information.

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Bad Credit Loans

We understand that things can happen in the past, so our aim is to find finance solutions by looking at your current situation & not just your credit rating.

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Your Repayments

See how much you could be repaying with our online loan calculator. You can choose the amount, loan length and interest rate.

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