Compare Car Loans | Cheap Car Loans Comparison - BestFind.com.au

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Type of vehicle loan

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Important disclosure

Car Loans Comparison

for $30,000 over 5 years
Buying a car is stressful enough, our car loans offer no monthly fees, no penalty of early repayments and free online redraw.

Overview

Application / establishment fees$125

Minimum loan amount$2,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)7.95%

Car loan comparison rate8.13%

Monthly repayments (approx)$607

Total repayments (approx)$36,454

Total interest repayments (approx)$6,454

Rate typeFixed

Secured or unsecuredSecured

GO TO Hume Bank

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 004 863

Data accurate as of01.04.2018

GO TO Hume Bank

Comparison rate warning

Comparison rates based on secured loan of $30,000 over 5 years with monthly repayments. WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

GO TO Hume Bank

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Want to own your own motorhome? With NRMA car loans, you can own your home away from home and explore the great outdoors in style. Check out the NRMA car loan advantage and let NRMA car loans help get you on the road sooner.

Overview

Application / establishment fees$380

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.99%

Car loan comparison rate6.53%

Monthly repayments (approx)$579

Total repayments (approx)$34,790

Total interest repayments (approx)$4,790

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$8

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of09.05.2018

GO TO NRMA

Comparison rate warning

Comparison rate is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate is true only for the example given and may not include all fees or charges. Different terms, fees or other loan amounts might result in a different comparison rate. Costs such as redraw or early repayment fees and cost savings such as fee waivers are not included in the comparison rate, but may influence the cost of the loan.

GO TO NRMA

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There's nothing quite like the thrill of buying a car, but one of the biggest challenges is finance. Ideally you'll want a car loan that offers flexibility and a low competitive rate, and is easy to apply for.

Overview

Application / establishment fees$380

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.99%

Car loan comparison rate6.53%

Monthly repayments (approx)$579

Total repayments (approx)$34,790

Total interest repayments (approx)$4,790

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$8

For used vehiclesNo

SponsoredYes

Telephone1300 732 398

Data accurate as of09.05.2018

GO TO NRMA

Comparison rate warning

Comparison rate is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate is true only for the example given and may not include all fees or charges. Different terms, fees or other loan amounts might result in a different comparison rate. Costs such as redraw or early repayment fees and cost savings such as fee waivers are not included in the comparison rate, but may influence the cost of the loan.

GO TO NRMA

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Looking to buy a caravan for your next family holiday? Start with NRMA car loans and enjoy the freedom and flexibility of owning your own caravan. Check out our NRMA car loan advantage and turn your dream into a reality.

Overview

Application / establishment fees$380

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.99%

Car loan comparison rate6.53%

Monthly repayments (approx)$579

Total repayments (approx)$34,790

Total interest repayments (approx)$4,790

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$8

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of09.05.2018

GO TO NRMA

Comparison rate warning

Comparison rate is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate is true only for the example given and may not include all fees or charges. Different terms, fees or other loan amounts might result in a different comparison rate. Costs such as redraw or early repayment fees and cost savings such as fee waivers are not included in the comparison rate, but may influence the cost of the loan.

GO TO NRMA

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The NRMA car loans for business can help you expand your fleet or treat yourself to that company car that you've always wanted.

Overview

Application / establishment fees$380

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.99%

Car loan comparison rate6.53%

Monthly repayments (approx)$579

Total repayments (approx)$34,790

Total interest repayments (approx)$4,790

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$8

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of09.05.2018

GO TO NRMA

Comparison rate warning

Comparison rate is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate is true only for the example given and may not include all fees or charges. Different terms, fees or other loan amounts might result in a different comparison rate. Costs such as redraw or early repayment fees and cost savings such as fee waivers are not included in the comparison rate, but may influence the cost of the loan.

GO TO NRMA

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NRMA used car loans can help you get one step closer to owning your dream pre-loved car.

Overview

Application / establishment fees$380

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)6.99%

Car loan comparison rate7.54%

Monthly repayments (approx)$593

Total repayments (approx)$35,633

Total interest repayments (approx)$5,633

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$8

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of09.05.2018

GO TO NRMA

Comparison rate warning

Comparison rate is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate is true only for the example given and may not include all fees or charges. Different terms, fees or other loan amounts might result in a different comparison rate. Costs such as redraw or early repayment fees and cost savings such as fee waivers are not included in the comparison rate, but may influence the cost of the loan.

GO TO NRMA

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At NRMA we have many types of vehicle loans. If you are looking to purchase a new or used motorcycle, you'll be happy to know the NRMA car loan advantage can help you turn your motorbike dream into a reality.

Overview

Application / establishment fees$380

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)6.99%

Car loan comparison rate7.54%

Monthly repayments (approx)$593

Total repayments (approx)$35,633

Total interest repayments (approx)$5,633

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$8

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of09.05.2018

GO TO NRMA

Comparison rate warning

Comparison rate is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate is true only for the example given and may not include all fees or charges. Different terms, fees or other loan amounts might result in a different comparison rate. Costs such as redraw or early repayment fees and cost savings such as fee waivers are not included in the comparison rate, but may influence the cost of the loan.

GO TO NRMA

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Buying a car is stressful enough, our car loans offer no monthly fees, no penalty of early repayments and free online redraw.

Overview

Application / establishment fees$125

Minimum loan amount$2,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)7.95%

Car loan comparison rate8.13%

Monthly repayments (approx)$607

Total repayments (approx)$36,454

Total interest repayments (approx)$6,454

Rate typeFixed

Secured or unsecuredSecured

GO TO Hume Bank

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 004 863

Data accurate as of01.04.2018

GO TO Hume Bank

Comparison rate warning

Comparison rates based on secured loan of $30,000 over 5 years with monthly repayments. WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

GO TO Hume Bank

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Buying a car is stressful enough, our car loans offer no monthly fees, no penalty of early repayments and free online redraw.

Overview

Application / establishment fees$125

Minimum loan amount$2,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.95%

Car loan comparison rate13.14%

Monthly repayments (approx)$681

Total repayments (approx)$40,909

Total interest repayments (approx)$10,909

Rate typeFixed

Secured or unsecuredSecured

GO TO Hume Bank

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 004 863

Data accurate as of01.04.2018

GO TO Hume Bank

Comparison rate warning

Comparison rates based on secured loan of $30,000 over 5 years with monthly repayments. WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

GO TO Hume Bank

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An Arab Bank Australia Personal Loan is a great way to purchase the car you want or need now, if you currently don't have the savings or cash to make your purchase.

Overview

Application / establishment fees$200

Minimum loan amount$2,000

Maximum loan amount$500,000

Minimum term0 years

Maximum term5 years

Car loan interest rates (base)11.30%

Car loan comparison rate12.32%

Monthly repayments (approx)$656

Total repayments (approx)$39,406

Total interest repayments (approx)$9,406

Rate typeFixed

Secured or unsecuredSecured

GO TO Arab Bank

Other Fees & Information

Monthly fee$8.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$250

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1800 64 64 84

Data accurate as of13.03.2017

GO TO Arab Bank

Comparison rate warning

The comparison rate is based on a loan amount of $30,000 and is calculated over a term of 5 years based on monthly repayments. This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

GO TO Arab Bank

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With flexible options and competitive interest rates you could be driving your dream car sooner than you think.

Overview

Application / establishment fees$250

Minimum loan amount$5,000

Maximum loan amount$75,000

Minimum term1 year

Maximum term5 years

Car loan interest rates (base)11.95%

Car loan comparison rate12.33%

Monthly repayments (approx)$666

Total repayments (approx)$39,994

Total interest repayments (approx)$9,994

Rate typeFixed

Secured or unsecuredUnsecured

GO TO The Capricornian

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 314 900

Data accurate as of02.04.2017

GO TO The Capricornian

Comparison rate warning

This comparison rate is based on a secured loan of $30,000 loan over 5 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate.

GO TO The Capricornian

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Big Sky offers car loans with varying interest rates depending on the type of vehicle being purchased and security offered.

Overview

Application / establishment fees$0

Minimum loan amount$10,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.40%

Car loan comparison rate12.43%

Monthly repayments (approx)$673

Total repayments (approx)$40,404

Total interest repayments (approx)$10,404

Rate typeVariable

Secured or unsecuredSecured

GO TO Big Sky Building Society

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment schedulen/a

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 654 321

Data accurate as of02.04.2017

GO TO Big Sky Building Society

Comparison rate warning

Comparison rate calculation is based on a loan of $10,000 over 3 years with fortnightly repayments unless otherwise stated. The comparison rates apply only to the example or examples given. Normal lending criteria apply, interest rate is per annum and is variable. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.  All interest rates are subject to change.

GO TO Big Sky Building Society

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The variable rate personal loan is unsecured.

Overview

Application / establishment fees$195

Minimum loan amount$5,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)13.60%

Car loan comparison rate13.89%

Monthly repayments (approx)$691

Total repayments (approx)$41,510

Total interest repayments (approx)$11,510

Rate typeVariable

Secured or unsecuredUnsecured

GO TO Credit Union SA

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$10

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check feeAt cost

For used vehiclesYes

SponsoredNo

Telephone08 8202 7777

Data accurate as of17.07.2017

GO TO Credit Union SA

Comparison rate warning

Comparison rates are based on a secured loan of $30,000 with monthly repayments over a term of 5 years. WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

GO TO Credit Union SA

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Buy the type of car or vehicle you want with interest rates from 12.99% p.a. (comparison rate 14.06% p.a.)

Overview

Application / establishment fees$195

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.99%

Car loan comparison rate14.06%

Monthly repayments (approx)$682

Total repayments (approx)$40,946

Total interest repayments (approx)$10,946

Rate typeVariable

Secured or unsecuredUnsecured

GO TO Bank of Melbourne

Other Fees & Information

Monthly fee$12.0

Other fees$0

Missed payment fee$9

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$100

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 100 266

Data accurate as of13.09.2017

GO TO Bank of Melbourne

Comparison rate warning

The above comparison rates are based on an unsecured personal loan of $30,000 over 5 years and are only true for this example. Interest rate ranges and representative examples are: Based on an unsecured loan of $30,000 borrowed for 5 years with the minimum interest rate of 10.99% p.a. (11.88% p.a. comparison rate)

GO TO Bank of Melbourne

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With all the great features of our new car loan, this loan is designed for used cars over 5 years old.

Overview

Application / establishment fees$100

Minimum loan amount$1,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term5 years

Car loan interest rates (base)13.90%

Car loan comparison rate14.11%

Monthly repayments (approx)$696

Total repayments (approx)$41,789

Total interest repayments (approx)$11,789

Rate typeFixed

Secured or unsecuredSecured

GO TO Macquarie Credit Union

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesNo

SponsoredNo

Telephone1300 885 480

Data accurate as of02.04.2017

GO TO Macquarie Credit Union

Comparison rate warning

Comparison rate calculated on a loan amount of $30,000 over a term of 5 years. WARNING: These comparison rates are true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. If approved, we will confirm your actual interest rate in your loan contract.

GO TO Macquarie Credit Union

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With flexible options and competitive interest rates you could be driving your dream car sooner than you think.

Overview

Application / establishment fees$250

Minimum loan amount$5,000

Maximum loan amount$75,000

Minimum term1 year

Maximum term5 years

Car loan interest rates (base)13.95%

Car loan comparison rate14.34%

Monthly repayments (approx)$697

Total repayments (approx)$41,836

Total interest repayments (approx)$11,836

Rate typeFixed

Secured or unsecuredUnsecured

GO TO The Capricornian

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 314 900

Data accurate as of02.04.2017

GO TO The Capricornian

Comparison rate warning

This comparison rate is based on a secured loan of $30,000 loan over 5 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate.

GO TO The Capricornian

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An Arab Bank Australia Personal Loan is a great way to purchase the car you want or need now, if you currently don't have the savings or cash to make your purchase.

Overview

Application / establishment fees$200

Minimum loan amount$2,000

Maximum loan amount$500,000

Minimum term0 years

Maximum term5 years

Car loan interest rates (base)14.00%

Car loan comparison rate14.99%

Monthly repayments (approx)$698

Total repayments (approx)$41,883

Total interest repayments (approx)$11,883

Rate typeFixed

Secured or unsecuredUnsecured

GO TO Arab Bank

Other Fees & Information

Monthly fee$8.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1800 64 64 84

Data accurate as of13.03.2017

GO TO Arab Bank

Comparison rate warning

The comparison rate is based on a loan amount of $30,000 and is calculated over a term of 5 years based on monthly repayments. This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

GO TO Arab Bank

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Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)14.69%

Car loan comparison rate15.55%

Monthly repayments (approx)$708

Total repayments (approx)$42,529

Total interest repayments (approx)$12,529

Rate typeVariable

Secured or unsecuredUnsecured

GO TO NAB

Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 13 12

Data accurate as of17.09.2017

GO TO NAB

Comparison rate warning

Comparison rate calculated on unsecured loan amount of $30,000 over a term of 5 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

GO TO NAB

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Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)14.99%

Car loan comparison rate15.85%

Monthly repayments (approx)$713

Total repayments (approx)$42,812

Total interest repayments (approx)$12,812

Rate typeVariable

Secured or unsecuredUnsecured

GO TO NAB

Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 13 12

Data accurate as of17.09.2017

GO TO NAB

Comparison rate warning

Comparison rate calculated on unsecured loan amount of $30,000 over a term of 5 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

GO TO NAB

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Tips for comparing car loan

Overview

A car loan is a specific type of personal loan used for the purpose of purchasing a vehicle, such as a car, van, truck, motorcycle, or other motorized vehicles. A car loan is typically used when the borrower can not afford to purchase the vehicle with cash, but can afford to pay off a loan in monthly instalments.

Types of car loans

A new car loan is for buying brand new cars (lenders will offer new car loans cars for up to five years) where the interest rate is likely to be lower. A new car loan will typically use the car as an asset to secure the loan.

A Used-car loan is available for cars Usually That are a five year old. A used car loan is usually a secured loan, like a new car loan, with the car as the asset.

Of An UNSECURED-car loan is available for Usually OldEr-car, That Banks do not see of value in securing. Unsecured loan interest rates are typically higher than secured car loans.

Pros of a car loan:

  • Car loan payment terms can be up to 10 years
  • Borrowers can borrow an unlimited amount with most financial institutions
  • The debt is fixed so every payment made toward the loan will lower the premium and borrowers can not add more debt
  • The average interest rate for a car loan is lower than its immediate competitors, personal loans or credit cards
  • A fixed interest rate loan makes it easy for the borrower to make and stick to a budget

Cons of a car loan:

  • Some financial institutions will place restrictions upon the makes and models of vehicles it will accept for a car loan
  • Borrowers can not increase the amount of debt to cover operating or maintenance costs
  • The car can be repossessed (in the case of a secured loan) or the borrower taken to court (in the case of an unsecured loan) if the payments are not continued

Who can apply for a loan?

Most permanent residents of Australia are eligible to apply for a car loan if they are 18 years or older and can verify their income. While many financial institutions will turn down the loan application of a prospective buyer with poor credit, there are some institutions willing to lend to someone with a poor credit history if the loan is secured against the value of the car.

What types other of car loans are available?

In addition to the secured new and used car loans and the unsecured car loan discussed above, you could compare car loans based on features such as early repayment fees, repayment schedules and up-front fees.

A -car hire Quick Search purchase is another option for the self-employed Have Prospective Borrowers. Each payment made toward a car hire purchase reduces the purchase price of the car.

A car lease is yet another option for the self-employed that borrower wishes to have a vehicle for business use. In this case, the financial institution purchases the car and the borrower makes payments on it for an agreed-upon term in exchange for the use of the car.

A Novated lease is the when an employer Makes an arrangement to a pay to a lease out of the the borrower’s the before-tax salary. At the end of the lease period, the borrower will have the option of purchasing the car or upgrading to a new model. This is a great option to reduce your taxable income at the end of the year.

What else should you consider when you compare car loans?

  • The interest rate. Ensure that the interest rate you are offered is competitive for your financial history and the vehicle that you are purchasing.
  • The loan term length. The shorter the loan, the less it will cost you in interest.
  • Balloon payment. Some loans will require a larger sum payment at the end of the loan term. This is especially common with dealership lenders.
  • Repayment frequency. Check to see how often you will need to make a payment and if you will be penalized for paying off the loan early.
  • Fees or additional costs. Sometimes a loan with a higher interest rate with fewer hidden fees is more economical in the long run. Monthly account fees and establishment fees are common with car loans.
  • It is likely your lender will insist upon valid car insurance during the life of the loan as additional protection for the car as the security of the loan.