Frequently asked questions
Frequently asked questions

Questions & Answers + Guides

Have you got a question about our auto finance?

If you have a question about Car Loan World or the loans we offer, our FAQs may hold the answer. If you can’t find the answer you are looking for, or you want to find out more about what we do or what we offer, contact us here.

General Questions

1Who are we?

Car Loan World Australia is a subsidiary of Credit World Pty. Ltd, one of Australia’s leading finance comparison websites. At Car Loan World, we match borrowers with lenders, so they can find the car loan they need at a price that suits them. As well as offering car finance, we also offer a range of used cars available with finance.

2What are our products?

We are your one-stop-shop for auto and car finance! We’ve financed more than 40,000 happy customers all around Australia and the United States. From auto loans and bad credit auto loans, to auto refinancing and car leases, we can find auto finance to suit your needs.

3What interest rate will I pay?

The interest rate you pay will be dependent on a number of factors. Interest rates will vary according to the loan and the lender, the length of the loan, whether the loan is secured or unsecured, fixed rate or variable.

The interest rate you pay will usually be determined by your credit history. Borrowers with good credit history may find they pay less in interest, however, each lender will vary.

Applying for an auto loan

4Can I get a car loan if I’m not a U.S citizen?

It is usually harder for Non-citizens of the U.S to get approved for an auto loan. However, it is not entirely impossible for some lenders to overlook your residency status providing you meet other criteria.

5How do lenders determine your ability to repay a loan?

Lenders will usually look at your income and your credit file to assess your ability to repay a loan. Your credit file tells the lender how well you have dealt with credit in the past, helping them to determine how well you will deal with it in the future.

If you have repaid loans and credit cards on time in the past, it will suggest to the lender that you would be capable of repaying the loan they give you. As for your income, the lender will look at your income to determine whether you can afford to repay the loan.

6How Much Can You Borrow?

The amount you are allowed to borrow will depend on the loan type and the lender, as well as your borrowing power.

The lender may assess your credit history, your current income and various other factors to determine how much you are allowed to borrow. If the loan is secured against the car, you may be able to borrow more, as the car will be used as collateral.

7Personal loans vs. secured auto loans

A personal loan can be used for any purpose, whereas a secured auto loan can only be used to purchase a car. The amount that can be borrowed on a personal loan and a secured auto loan is determined by the lender, the loan, the market, and the borrower’s income and credit history.

Personal loans and secured auto loans can be fixed rate or variable rate. Personal loans can be secured or unsecured, while a secured auto loan is secured, usually against the car being purchased. Choosing a secured loan can make the loan cheaper and easier to get approved, as it is deemed lower risk by the lender.

8Can i have more than one car lease or loan at a time?

You can have as many car leases or loans as the lender – and your budget – allow. The lender will take into account how well you deal with your current and past loans, and whether you can afford to take out a new lease or loan. This will involve looking at your income and your credit file.