ING Personal Loan for a car

Applying for an ING Personal Loan for a car is straightforward. If you're exploring how to apply for vehicle finance, the process is designed to be as simple as possible. You can apply online in around 20 minutes.

First, you'll need to provide some basic details to receive a personalised rate estimate. This gives you an indication of your rate without impacting your credit score. Please note this is an estimate only and is not an offer of credit. Your actual interest rate and repayment amount will be confirmed once we complete a full credit assessment, and approval is subject to eligibility criteria.

Once you're ready to proceed with the full application, you'll need your ID (driver's licence, passport, or Medicare card) and supporting financial documents like PAYG payslips or bank statements. In most cases the process is digital, though some customers may be required to complete identity verification via Australia Post. Once submitted, we'll keep you in the loop via email and SMS.

Getting your paperwork sorted before you begin your application makes the process much smoother. To apply for an ING Personal Loan for a car, have the following ready:

• Valid proof of ID: driver's licence, passport, or Medicare card
• Recent PAYG payslips
• Recent bank statements

Having these documents ready speeds up the review process. When you finally find the perfect ride, you want to move quickly, and so do we.

To be eligible for the ING Personal Loan for a car, you must:

• Be at least 18 years old
• Be an Australian citizen, New Zealand citizen, or permanent resident of Australia
• Maintain an Australian residential address
• Earn at least $36,000 per year (before tax) with your primary income being PAYG
• Have a credit rating that meets ING's lending guidelines

Please note that at this time, the ING Personal Loan for a car is not available to self-employed applicants.

The ING Personal Loan offers flexibility to suit different budgets. You can apply to borrow anywhere from $5,000 up to a maximum of $60,000. If you are a casual or fixed-term contract employee, the maximum loan amount is capped at $30,000.

For loan amounts up to and including $30,000, you can apply for a term between 2 and 5 years. If you need to borrow more than $30,000, extended terms are available, including up to 7 years. Keep in mind that a longer term reduces your regular monthly repayments, which can help with day-to-day cash flow, though you will pay more in total interest over the life of the loan. The 7-year option is only available on loans over $30,000.

Speed and convenience matter when you're ready to move on a vehicle. While we don't promise instant approvals, applying for an ING Personal Loan online typically takes around 20 minutes to complete.

If your application is approved and you are an existing ING customer with an Orange Everyday account, you may be able to receive the funds in your Orange Everyday account on the same day you accept your loan contract online. This means you could walk into negotiations with confidence, knowing your personal loan finance for your car is already arranged.

When comparing car finance options in Australia, the choice often comes down to dealership finance versus an unsecured personal loan from a bank. There are real differences worth understanding.

Dealerships and some finance companies may offer seemingly low rates on vehicle finance. It's important to understand why: secured vehicle finance, where the car is used as security against the loan, typically attracts lower rates because it significantly reduces the credit risk for the lender. This is a fundamentally different product to an unsecured personal loan.

With dealership finance, there may also be conditions such as balloon payments, higher vehicle purchase prices, or restrictions on which vehicles you can buy. Every arrangement is different, so it pays to read the fine print carefully.

By securing an unsecured ING Personal Loan for a car before you shop, you walk into the dealership as a cash buyer. This may give you negotiating power on the vehicle price. And because it's unsecured, the bank doesn't hold your car as collateral.

The market has no shortage of finance options, from smaller boutique lenders to major banks. Why choose an established bank? For most people, it comes down to trust, transparency, and how the product fits into your broader financial life.

With the ING Personal Loan, you get a clear, fixed interest rate disclosed upfront before you proceed. There are no balloon payments at the end of your term. Managing your loan is also straightforward, since it sits right next to your everyday accounts in the ING banking app. You can check your balance, make extra repayments, and track your progress easily.

When you start looking at personal loans for buying a car, there's no single 'best' answer for everyone. The right loan depends on your financial situation, how much you need to borrow, your credit history, and how quickly you can comfortably repay.

ING is proud to be Australia's most recommended bank (according to RFI Global's Consumer Atlas Survey, February to July 2024). We offer straightforward tools, including a personal loan borrowing power calculator and a repayments calculator, so you can model the numbers yourself before you apply. There's no commitment required to use these tools.

If you're looking to consolidate debt while also funding a car purchase, the ING Personal Loan can potentially help you manage your finances more effectively. As part of the application process, you will be asked to nominate the purpose of your loan. Consolidating other debts into a single fixed-rate loan can simplify your repayments: one predictable monthly amount instead of juggling multiple creditors with varying interest rates.

Navigating vehicle finance can feel complex, with options including secured, unsecured, fixed, and variable. The ING Personal Loan for a car keeps it straightforward: it is an unsecured, fixed-rate loan.

A secured loan is one where the lender takes an asset, typically the car itself, as collateral against the loan. This means if you're unable to meet your repayments, the lender has the right to repossess the vehicle. Because the lender carries less risk, secured loans often come with lower interest rates.

An unsecured loan means the lender does not take any assets as security. There is no collateral tied to the loan, which gives you more flexibility, including the freedom to sell or modify your vehicle without needing your lender's permission.

The ING Personal Loan for a car is unsecured and fixed-rate. 'Fixed rate' means your interest rate will not change for the duration of your chosen loan term. This combination offers peace of mind and predictability, with no risk of losing your vehicle if your circumstances change.

One of the key features of the ING Personal Loan for a car is that it is unsecured. Unlike some forms of vehicle finance where the lender holds the car as security until the final payment is made, ING does not hold your vehicle as collateral.

This means you have the freedom to sell or modify the vehicle whenever you want, without needing to seek ING's permission. Whether you're upgrading to a family SUV or buying a smaller everyday car, this flexibility is a genuine benefit of the unsecured structure.

To get a sense of what your estimated repayments might look like, you don't need to commit to anything. Our website features straightforward calculators where you can input your desired loan amount, preferred term, and an estimate of your credit rating.

The calculators will generate an estimated monthly or fortnightly repayment figure, alongside an estimated interest rate and comparison rate. Remember, these results are estimates only and are not an offer of credit. Your actual interest rate and repayment amount will be confirmed once we complete a full credit assessment.

When you apply for an ING Personal Loan for a car, we take our responsibility as a lender seriously. Every application goes through our standard credit and eligibility checks before approval. Information provided on this page is general in nature and does not take into account your personal objectives, financial situation, or needs.

Before you decide to get a car loan, make sure it's actually the right fit for you by reviewing the Personal Loan Terms and Conditions, the Fees and Limits Schedule, and the Credit Guide.