Finding your dream car is the fun part. Arranging the finance? Usually less so.
But if you get pre-approved for a loan first, you can walk into a dealership or meet a private seller with the confidence of a cash buyer. With NOW Finance, pre-approval locks in your interest rate for 6 months, giving you the freedom to shop without the stress. You’ll just need to reconfirm your pre-approval after 30 days, so we can check that nothing has changed with your details.
Here is how car loan pre-approval works with us, and how you can use it to get the keys quicker.
A quote isn’t the same as approval (but it’s the best place to start)
Before you worry about paperwork, the first step is to check your personalised rate. You can get a quote in 2 minutes by providing some basic information about you and your finances.
The best part? When you get a quote with NOW Finance, we complete a “soft check” on your credit file, which doesn’t impact your credit score.
A quote gives you a clear estimate of your interest rate and repayments. However, a quote isn’t a full approval. Approval (or pre-approval) only happens after you submit a full application and we review your financial situation. This extra step ensures the loan is the right fit for your budget.
Why getting pre-approval is a smart move
Think of pre-approval as a “green light” from us. It gives you a serious advantage when you are out car hunting:
- Know your budget instantly: You will know exactly how much you can borrow before you fall in love with a car that is out of reach.
- Negotiate like a pro: When a seller knows you’re financed, you have more bargaining power to negotiate a better price.
- Move fast: Good cars sell quickly. With pre-approval, you don’t have to wait days for finance while someone else snaps up the vehicle. You are ready to buy.
Found the one? Here is what happens next
Once you have found the vehicle you want to buy, just send us the details (such as the car’s age, make/model, and seller info).
We will quickly check the vehicle to ensure it meets our asset eligibility criteria.
- If the vehicle is eligible, we provide final approval and move straight to settlement. Upon settlement, the funds will be transferred directly to the seller.
- If it’s not eligible, we will confirm and discuss your options so you can find an alternative.
What if you haven’t found a car yet?
It happens! Sometimes the perfect car doesn’t appear right away!
If your pre-approval is close to expiring, don’t stress. Contact your loan consultant. We can often look at extending your pre-approval or refreshing your application in a way that protects your credit profile while you continue your search.
A quick tip: Be careful about applying for finance with multiple lenders during this time. Multiple “hard” enquiries on your file can lower your credit score and potentially change the interest rate you are offered.
We’re here to help
Getting on the road shouldn’t be complicated. The first step is simple: check your rate. Once you’re happy with your quote, we’ll assign a loan consultant to guide you every step of the way, no confusion, no hidden surprises.
