Pre-approval is a lender’s “you’re likely good for it” letter, giving you a budget and bargaining power before you start sniffing around cars.
In Australia it usually lasts 30–90 days, needs ID, income and expenses, and may involve a credit check (soft first, hard when you proceed).
Typical secured car loan rates hover around ~6–12% p.a. depending on credit, term and whether the car is new or used; unsecured or older cars can be higher.
Remember on-road costs—stamp duty, rego, CTP, dealer fees and insurance—because they love ambushing your budget from behind a pot plant.
Compare bank, credit union and dealer finance, and get the comparison rate, not just the headline rate.
It’s guidance, not financial advice; read the fine print before you sign anything shinier than the car itself.
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