Vehicle Loan: A Complete Guide


It’s very hard to get by without a car these days. Whether it be commuting to work or picking up the kids from school, or even driving to meet your friends, having your own car makes your life a lot easier. But cars are very expensive, and often, it can be the biggest investment you’ll make aside from buying a car. So how do you pay for such a necessary expense?

That’s where vehicle loans come in! With a vehicle loan, you can get enough cash to buy a car, whether it be new, pre-owned, or leased, and then pay the loan off gradually as time passes. It’s much easier to pay smaller amounts regularly than to take on a huge expense at once. What’s hard is to wait and save up to buy a car because it’s something you need every day!

 So how exactly do vehicle loans work, and how are they different from other kinds of loans? Where would you even get a vehicle loan from? Let’s find out.

What is Vehicle Loan?

A vehicle loan is a loan you take specifically for the purpose of buying a vehicle (a car, two-wheelers, or other commercial vehicles), wherein the vehicle itself becomes collateral in case you are unable to keep up with the repayments of the loan. With a vehicle loan, you do not have to wait for the car and can use it when you need it the most.

 With a vehicle loan, you get to decide and buy whichever model of the car you want; it can be a new car or a refurbished one, or a second-hand or leased one as well. You can also use vehicle loans to buy two-wheelers and other commercial vehicles, and you aren’t necessarily limited to cars.

This is great because you can use the vehicle for your work to earn money to pay back the loan. Using a loan saves you the trouble of spending a huge sum of money at once. Instead, you can make payments of a decided amount on an annual or monthly basis. You can therefore use the vehicle when you need it the most, even if you, at that moment, cannot manage the money.

How Do You Apply for a Vehicle Loan?

 Here at EFT Capital, you can apply for a vehicle loan completely online and get your dream car without any hassle at all. You can get approved in minutes, and there’s no long waiting line. Just apply for the loan online, and a loan specialist will contact you to discuss your details. Then if you are eligible, you are just one step away from owning your own car!

 Here’s how you can get a vehicle loan with EFT capital.

Step 1: Register with EFT Capital

 First, you have to register with EFT Capital and create an account. Then once you have decided on what kind of vehicle you want and the type of budget you are looking for, you can apply online for a loan.

Step 2: Upload documents

 You have to provide documents to us so that we can check whether you are eligible for the loan. Email 2 payslips, three months of bank statements, and a copy of your driver’s license or your passport directly to

Step 3: Discussion

 A loan specialist will contact you to discuss the details of the loan. You can discuss budgets, vehicle specifications, special requests, repayment terms, and so on.

Step 4: Sign contract

 If you are eligible and all your documents are satisfactory, then you will be sent an official contract that will articulate all the agreed-upon loan terms. You can sign it online (digitally) or manually, and you’re done! The funds will be directly transferred to your bank account. It’s really that easy.

 How Do You Know If You Are Eligible for a Vehicle Loan?

If you are more than 18 years old, are an Australian citizen, have an internet-linked bank account, have a regular income, and have at least 90 days of bank statements, then you are most likely to be eligible for a vehicle loan from EFT Capital.

 If you meet all of these criteria, then it shouldn’t be that hard for you to get a loan. Though, each case is different and is judged by a loan specialist. You can check your personal eligibility as well by providing your details.

What Happens if You Can’t Make Payments on your Loan?

 A lot of people are afraid of taking out loans because they are scared of commitments or regular payments. If you can’t make your payments, the vehicle is taken back. That’s how vehicle loans work. So you won’t be losing other assets, and there’s nothing to worry about.

 Besides, you can always discuss your situation with us, and we will set up a plan that works for you. Everything starting from whether you pay the loan for six months to 3 years and how much you pay each term can vary depending on what best suits your interests. You can even refinance your loan if you have any issues.

So we have your best interest at heart. The loans are meant to help you out, so you can decide how much you want and how you want to pay it back. You can take loans of anywhere from 2000 AUD to 20 000 AUD. So there’s a lot of room for you to decide what kind of vehicle you want. You can also always get a second-hand one if you want something cheaper.


Vehicle loans are very convenient, and they can help you get your hands on a car or a two-wheeler in a matter of days. Sometimes, you even need a car to get to work so you can earn enough money to buy a car, so you get stuck in a cycle.

This is where vehicle loans can really be helpful. Apply for a vehicle loan today with EFT Capital, and get a car sitting at home!