A car repair loan is a short-term quick cash loan up to $5,000 that can help cover unexpected vehicle expenses. With a straightforward application process and fast funding, it can be a practical solution when you have urgent costs but money is tight. It allows you to pay your repair bills upfront and then repay the loan over a period of up to two years, breaking the cost down into more manageable instalments.
The features and benefits of car repair loans
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Rapid approval and fund transfer
You can receive an instant car loan outcome in 60 seconds and have your money transferred to you in as little as one hour.
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Borrow up to $5,000
Any amount from $2,050 up to a maximum of $5,000 is available for your loan, making them suitable for a variety of repairs.
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Loan terms up to two years
As part of your loan, you can choose to make your repayments over a period as short as 16 days all the way up to two years.
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Flexible usage
Whether you’re looking for cash to pay for big or small repairs, we can help you get approved no matter what your car needs.
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No security needed
Savvy matches you to your lender instantly, who provide instant outcomes, and same day approval is achievable for borrowers.
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Fixed repayments
With capped, fixed fees built into your loan and no interest, your repayments will stay the same and allow you to budget around them.
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Diverse acceptable income streams
Aside from your salary, we accept a range of other income sources, including disability, age and veterans’ pensions, parenting and carer payments.
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Self-employed
You don’t have to be receiving payslips to qualify, either, as we help self-employed workers get approved for loans for their car repairs too.
Why apply for a small loan with Savvy?
What repairs can you cover?
Our loans can assist in covering some of the following problems you may have with your car:
- Body repairs
- Engine
- Gearbox or transmission
- Differential
- Turbo or supercharger
- Cylinder head & gasket
- Radiator
- Cooling system
- Air conditioning
- Fuel systems
- Brakes & ABS brake system
- Electrical repairs
- Clutch
- Steering
- Suspension
- Power windows
- Computers
- Transmission computer
- Driveshaft & universals
- Ignition system
The above list is quite a comprehensive one which would cover most parts. However, our cash loans can cover and kind of damage. You could also use some of you approved funds to do some modifications which may include a:
- Drivetrain
- Exhaust system
- Cold air intake
- Performance chip
- Sports suspension
- Sport brakes
- Turbocharger
- Body Kit
Or you could purchase some additional accessories such as:
- Roof racks
- Tonneau covers
- Grille guards
- Mirrors
- Snorkel
Our loans can also be used for other maintenance requirements as well, not just in emergency cases, but also if you need to renew your car registration, change your tyres or complete your regular service. Plus if it comes to a worst case scenario and the mechanic doesn't think it's worth fixing your vehicle, Savvy specialises in car loans and can even help source you new car.
Cash loan eligibility and information
Eligibility
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Age
You must be at least 18 years of age
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Residency
You must be an Australian citizen, permanent resident or an eligible visa holder with a fixed residential address
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Employment
You must be employed on a permanent or casual basis
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Income
You must have a consistent income deposited into your bank account for at least the last 90 days
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Finances
You must be managing your existing financial commitments comfortably
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Contact
You must have an active phone number, email address and online bank account in your name
Documents
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Personal info
Your full name, date of birth, address and contact details
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Employment details
Your employment status and the name of your employer (if applicable)
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Banking
Online banking details and secure access to your bank statements
How much will my car repair loan cost?
The cost of your car repair loan depends on two main factors: the loan amount and the repayment term.
In Australia, small cash loans up to $2,000 come with a 20% establishment fee and 4% monthly fee, with terms of up to a year. Loans between $2,001 and $5,000 have a maximum establishment fee of $400 and a maximum APR of 48%, and can be paid off over up to two years. The longer you take to pay off your loan, the more you will pay in fees or interest. However, this will allow you to lower the amount you pay in each instalment, whether you opt for weekly, fortnightly or monthly repayments.
For example, say your car breaks down and you are saddled with a $2,500 bill for the repairs. You take out a cash loan through Savvy to cover the cost, spreading the repayments out over 24 months. This is how the costs would work out:
| Loan amount | Loan term | Establishment fee | Interest rate | Monthly repayment | Total cost |
| $2,500 | 24 months | $400 | 48% p.a. | $191 | $4,565 |
Small loans to suit your circumstances
Cash loan cost table
| Small (SACC) loans | Medium (MACC) loans | |
|---|---|---|
| Minimum loan amount | $100 | $2,001 |
| Maximum loan amount | $2,000 | $5,000 |
| Minimum loan term | 16 days | 16 days |
| Maximum loan term | 12 months | 24 months |
| Repayment schedule | Weekly, fortnightly or monthly | Weekly, fortnightly or monthly |
| Establishment fee | Up to 20% of your loan amount | Up to $400 |
| Interest | N/A | Up to 48.00% p.a. |
| Monthly fee | Up to 4% of your loan amount | Included in the 48.00% p.a. maximum |
| Example loan | $1,500 loan over six months repaid fortnightly Costs: $1,500 (loan amount) + $300 (establishment fee) + $360 (4% fees over six months)Total cost: $2,160, repayable in instalments of $167 per fortnight |
$3,000 loan over 12 months repaid fortnightly Costs: $3,000 (loan amount) + $400 (establishment fee) + $912 (total interest over 12 months)Total costs: $4,312, repayable in instalments of $166 per fortnight |
