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“Experience the unmatched potential within Magnet, our rapidly growing community, and innovative financial solutions.”
What our customers say about their loan experience
Ty Newell
3 weeks ago
“Great service and very easy people to deal with. I will tell all my mates for sure. Cheers”
Kirsty Potter
3 weeks ago
“They made everything so much easier for me. Even Though the bank declined they still got me approved”
“Dealt with Greg who was very efficient and helpful. I would definitely recommend him.”
CRS concrete repair specialist
3 weeks ago
“Very quick and very professional. service. Hilux arrived as described. Thank you”
Elevate Your Drive & Pay Experience
Unlock your dream car with Drive & Pay. Experience flexible financing options and seamless vehicle ownership like never before.
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Frequently Asked Qestions
About Magnet Finance
Magnet is the brand that brings your finance journey together. It’s designed to be simple, approachable, and fast — giving you one clear place to start your car finance application.
Behind the scenes, all credit assistance is provided by Robo Loans Pty Ltd, our licensed finance team who work with a wide panel of lenders to find the right option for you.
Magnet is the experience.
RoboLoans is the engine that gets it done.
Our car finance interest rates are variable and depend on several factors, including the age of the asset you’re purchasing, your credit history, credit score, as well as your assets and liabilities. Our rates begin at a minimum of 4.69%* for new vehicles, both for business and consumers.
- This rate is applicable to a commercial contract for a new vehicle that meets specific criteria.
Magnet is the brand that brings your finance journey together. It’s designed to be simple, approachable, and fast — giving you one clear place to start your car finance application. Behind the scenes, all credit assistance is provided by Robo Loans Pty Ltd, our licensed finance team who work with a wide panel of lenders to find the right option for you. Magnet is the experience. RoboLoans is the engine that gets it done.
Applying for a loan
To qualify for finance, you must meet the following criteria:
- Be at least 18 years of age.
- Be an Australian citizen or permanent resident.
- Currently hold employment.*
- Earn a minimum of $400 per week after tax.
- Not have an undischarged bankruptcy or be a part of a part 9 debt agreement.
*For employment, you need a minimum of 1-month permanent employment (full or part-time) with a continuation in the same industry (probation periods may be considered), or 6 months of casual employment.
The application process is straightforward and swift. To apply, you’ll need the following documents ready to provide to your broker:
- Proof of Current Australian Residency
- Two most recent payslips
- One up-to-date bank statement
Not if you are currently in bankruptcy or a Part 9 or 10 debt agreement. However, if you are discharged or more than half of your bankruptcy period has passed, we may be able to assist you. Feel free to contact us at 02 7228 4752 for more information.
Absolutely, you can. Being self-employed doesn’t hinder your ability to borrow up to 100% of the vehicle’s purchase price, and you can even incorporate additional items like insurance and extended warranties into the loan.
Loan Application Process
Magnet is an independent organization committed to helping individuals achieve their aspirations and objectives through a holistic financial strategy. In contrast, dealerships and banks often present a standardized solution with a single lender, whereas we undertake a thorough comparison among a wide array of over 40 lenders to pinpoint the most competitive car finance rates designed to suit your specific circumstances. Our focus is on serving your interests, not just the bank’s, to secure you a superior deal.
The entire process, starting from the moment you complete our application form to receiving approval and the funds being transferred to your chosen seller’s bank account, can be as swift as a few hours. However, it’s important to note that the actual turnaround times can vary considerably due to several factors. These factors include the turnaround times of the lender, how easily we can reach the applicant, the strength of the applicant’s profile, the collection of necessary documents, and any additional information requested by the lender.
Our online application form takes just 2 minutes to fill out. Once you’ve completed it, our customer service team will contact you within the next 2 business hours to pre-approve your application and connect you with an assigned broker. Lender settlement times can range from immediate processing to up to three days, depending on the current queue of customers.
At Magnet, unlike traditional banks, we don’t leave a mark on your credit file indicating a “declined” application if yours is unsuccessful. However, it’s important to note that having more than six inquiries within a 12-month timeframe could potentially influence your finance application.
Paying my loan
In brief, yes. Late payments that are 14 days or more overdue are likely to be reflected on your credit score.
Absolutely! Numerous loans we offer provide the flexibility to pay off your loan before its designated term concludes. Our team of financial experts is available to customize a solution that best suits your needs.
A balloon payment provides the opportunity to reduce your monthly repayments over the course of your car loan by making a single lump sum payment at the conclusion of your loan term. For instance, if you were to secure a $30,000 loan spanning five years with a 30% balloon component, your regular payments, calculated at a comparison rate of 8.10%, would decrease from $609.73 per month to $467.24 per month, including a $9,000 lump sum payment to be made alongside your final instalment. Balloon payments are applicable to vehicles up to five years old. In the final six months of your loan term, we’ll reach out to discuss your payment alternatives. These options may involve refinancing the balloon amount in a new car loan or covering the balloon payment with your own funds.