What is a car loan?

Have you been looking up how to refinance car loans? Are you wondering what a car loan actually is? A car loan is essentially just like a personal loan, but for the purchase of a new or used car. Car loans, much like personal loans, attract interest which is payable on top of the loan amount and loan repayments are usually made over an agreed-upon schedule. There are a number of different places you could apply for a car loan, such as banks, credit unions and online lenders. At Pocket Cash, we cut out the searching. Our team will put your application in front of a range of lenders who may be able to offer you a possible chance at approval! 

What does refinancing a car loan mean?

Not exactly sure what we mean by refinancing car loans? Refinancing a car loan is essentially just taking out a new car loan to replace an existing loan or getting a better rate from your current lender. Wondering why someone might refinance a car loan? Refinancing a car loan could reduce the cost of your payments as a result of lower interest rates or a longer-term on your loan. If you’ve been thinking about refinancing your car loan why not let Pocket Cash do the hard work of finding a lender for you! 

What should I consider?

Wondering what to consider when refinancing your car loan? At Pocket Cash, we know how confusing it can be. So, let us break it down for you:

Secured vs. unsecured 

Don’t know what we mean by secured and unsecured car loans? A secured car loan is basically just a car loan that has been guaranteed with collateral. In most cases, secured loans need to be guaranteed because they are for larger amounts of cash. If you fail to repay a secured loan, the lender might have the right to take ownership of your collateral. Collateral is an item of value such as a car, boat or motorbike. However, when applying for a car loan, your lender will typically ask that you secure your loan with the car you’re purchasing. 

On the other hand, an unsecured loan is a smaller amount of cash that does not need to be secured with collateral. Unsecured loans are usually for smaller amounts of cash, that is why the lender does not require a guarantee. It is important to keep in mind, however, that unsecured loans can attract higher interest rates. 

Fixed vs. variable rates?

Wondering whether you should opt for a fixed or variable interest rate? Don’t know what a fixed or variable interest rate is? Let us explain. A fixed interest rate essentially means that the rate of interest you pay on your refinance car loan will remain the same across the life of your loan. That means your regular loan repayments will remain the same. 

On the other hand, a variable interest rate on your refinance car loan means the amount payable on your loan could change if interest rates shift. When interest rates go up, your repayments could go up. Whereas, if interest rates go down, the repayments of your refinance car loan could be less. It is important to consider what you can afford, however. Both options have their pros and cons. At Pocket Cash, we encourage borrowers to seek professional advice if they are unsure.  

What is a lender finder?

Wondering what a lender finder actually is? At Pocket Cash we do not provide applicants with the loan ourselves. Instead, our team looks for a lender who can! The Pocket Cash team is the middle-man between you and your perfect car loan. Our team will show your application to a variety of different lenders and do our best to find you the perfect match. At Pocket Cash, we know you don’t have time to wait for hours in line at the bank. That’s why we’ve designed our application process to be 100% online. You could even apply from the comfort of your own home. At Pocket Cash, we’re committed to helping Aussies find the cash they need quickly! 

Can I apply to refinance car loans?

At Pocket Cash, we like to keep it as simple as possible to apply to refinance car loans. You will, however, need to meet a few important criteria before our team starts searching for a compatible refinance car loan. All applicants must:

• Be over 18 years old;
• Be an Australian citizen or permanent resident;
• Have a driver’s licence;
• Be receiving a consistent income into a personal bank account for the last 3-months;
• Have an active phone number or email address.

Pretty simple, right? If you said ‘yes’ to the above criteria, you could apply for refinance car loans today. 

What documents will I need to provide?

At Pocket Cash, we won’t ask you to complete any paper documentation when you apply to our lender finder service. All required documentation can be submitted 100% online. If you’d like to make the process as simple as possible, we suggest having these things handy:

• Online banking details; 
• An active email address and mobile number;
• The reason you are applying for the loan; 
• Your MyGov details (if you are receiving Centrelink payments);
• Employer and contact details.

If you’ve got questions regarding required documentation you can get in touch with the Pocket Cash team or your individual lender. 

Can I get refinance car loans with bad credit?

Worried that bad credit could stand in the way of the perfect refinance car loan? You’ll be pleased to know that Pocket Cash shows your application to a variety of different lenders. That means you will get a better chance at approval. Some lenders prefer to take a more realistic approach. In some cases, a potential lender might take a look at your current relationship with money rather than focussing solely on your credit report.

At Pocket Cash, we cannot guarantee to refinance car loans with bad credit. We can guarantee, however, that we will do our best to find you the perfect refinance car loans Our team does their very best to assist all Aussies who apply with our lender finder service. If you’ve got questions regarding bad credit you can our FAQ page. Alternatively, you can get in touch with the Pocket Cash team. 

Will my lender do a credit check?

At Pocket Cash, we’re a lender finder. That means Pocket Cash cannot speak on behalf of a potential lender. Most Australian lenders, however, do conduct a credit score check when you apply for a refinance car loan. There’s no need to stress though, some lenders could look at more than just your credit score. Pocket Cash has successfully matched Aussies borrowers with lenders who could refinance car loans.

Why do I need to supply my online banking details?

Wondering why a lender might ask you to provide your online banking information? Don’t worry, it’s not so they can look at your real bank account. A possible lender might ask for your online banking details so they can access read-only copies of your bank statements. Bank statements give a potential lender a closer look at your finances. Lenders might consider your spending habits, income and existing financial commitments. For borrowers with bad credit, this could be an opportunity for a potential lender to see whether or not you have made a considerable attempt to reconcile bad credit. 

Can I apply to refinance car loans on Centrelink?

Yes, if you are receiving Centrelink benefits you can still apply to refinance car loans. Pocket Cash is a lender finder, however. That means we cannot guarantee approval for every applicant. Potential lenders might take a look at how much of your income is drawn from Centrelink payments. The good news is, you can apply to refinance car loans completely risk-free. That’s right, we won’t charge you anything to review your application. So, what have you got to lose? Apply with Pocket Cash today and let us see what we can do for you.

Why choose Pocket Cash?

Pocket Cash is a lender finder Aussies trust to help them find the finance they need. Don’t have time to apply for a loan at the bank? Pocket Cash is proud to be 100% online. That means you can apply anytime from anywhere with an internet connection. Our application process is built for Aussies on the go. Our team understands that you don’t have time to wait. That’s why we do our best to get back to you with an outcome in just 60 minutes if you apply during AEST business hours. So, what are you waiting for? Pocket Cash could find you the cash you need sooner than you think! 

So, why should you choose Pocket Cash? If you’re still looking for a reason check out the following:

100% online! 

When we say 100% online, we mean 100% online! Our application process is 100% online for your convenience. We know that Aussies don’t have time to waste scrolling through pages and pages of google results to find the perfect loan. So, let our team do it for you. When you apply to refinance car loans with Pocket Cash, our team will show your application to a variety of different lenders and get back to you as soon as possible with an outcome. We don’t mess around. At Pocket Cash, we’re all for finding you the cash you need when you need it!

Fast outcomes 

At Pocket Cash, we know you need an outcome quickly. So, we’ll do our best to get back to you as soon as possible. If you choose to apply with our lender finder service during AEST business hours we’ll do our best to get back to you within 60 minutes. If the Pocket Cash team has been able to match you with a compatible lender we’ll put you straight in touch. 

What you see is what you get

At Pocket Cash, what you see is what you get. Our team is proud to be 100% transparent. We follow the same responsible lending guidelines that the lenders find do. We don’t mess around with hidden fees or charges. The Pocket Cash team are proud to be helping Aussies find the reliable cash they need, fast! Our helpful team is here to make your life easier. If you’ve got questions you can chat to the Pocket Cash team today!

How does it work?

Like what you hear? Wondering how it works? Here’s what you’ll need to do.

Apply online 

Head to the top of the page and fill out Pocket Cash’s 100% online application form. We’ll just need some important details to start looking for your perfect refinance car loan. Our application form could just take you a few short minutes to complete. Why not get started right now?

We look for a lender 

The Pocket Cash team will show your application to a variety of different online lenders and do our best to find you the perfect match. If you choose to apply within AEST business hours, the Pocket Cash team will do their best to get back to you with an outcome in just 60 minutes. 

Meet your lender 

If the Pocket Cash team has been able to match you with an appropriate lender we’ll put you in touch ASAP. Your new lender will most likely send over an agreement for you to review and sign. Pocket Cash encourages all borrowers to read through your agreement carefully before signing. It is important to understand the full terms and conditions of your new loan. Keep in mind that some lenders could charge late payments fees. 

Get your cash 

Once your new lender receives a signed copy of your agreement they will most likely transfer the cash into your account as soon as possible. Some Aussie lenders now have instant transfers. That means the cash could be in your account and ready to use in just 60 seconds once approved.*

*If you have an NPP-enabled bank account