Important disclosure

Car Finance

Shopping for the right car is an exciting adventure, but what happens when you fall in love with a purchase that’s out of your league? You can still claim your prized discovery with car finance.

Using the sliders below, select your desired amount and repayment period and hit “Calculate Repayment” to start browsing through top Australian lenders.

Compare car finance

Loan Amount

$30,000

Term

5 months

OurMoneyMarket

New Car Loan | No Fee, Excellent Credit

EST Monthly Repayment
Advertised Rate
6.57%
Advert. Rate (p.a)
Comparison rate
Simple, fast, low-rate secured car loans from $2,001 to $75,000 for any new motorised vehicle. No monthly account-keeping fees, no exit fees, and no early repayment fees. Weekly, fortnightly, or monthly repayments are available.
Can be used to buy any used cars without vehicle age limit. Borrow from $2,001 to $75,000 with this simple, fast, low-rate secured car loans with fixed rates. No monthly account-keeping fees, no exit fees, and no early repayment fees. Weekly, fortnightly, or monthly repayments are available.
MoneyPlace

Used Car Loan (Excellent credit)

EST Monthly Repayment
Advertised Rate
6.66%
Advert. Rate (p.a)
Comparison rate
Don't get ripped off by dealer financing, hidden charges, balloon payments or early exit fees. Check your rate today.
Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $15,000-$100,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. Comparison rate can vary from 6.75% to 21.65% p.a.*
Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. Comparison rate can vary from 6.75% to 26.95% p.a.*
NRMA

NRMA New Car Loan (Credit Score +832)

EST Monthly Repayment
Advertised Rate
7.29%
Advert. Rate (p.a)
Comparison rate
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.
Driva

Driva - Unsecured Car Loan

EST Monthly Repayment
Advertised Rate
7.65%
Advert. Rate (p.a)
Comparison rate
Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.
NRMA

NRMA Used Car Loan (Credit Score +832)

EST Monthly Repayment
Advertised Rate
8.49%
Advert. Rate (p.a)
Comparison rate
NRMA used car loans can help you get one step closer to owning your dream pre-loved car.
MoneyPlace

New Car Loan (Good credit)

EST Monthly Repayment
Advertised Rate
10.34%
Advert. Rate (p.a)
Comparison rate
Great value finance for new or ex-demo cars. Borrow up to $50,000 to buy your dream car. Check your rate today.
MoneyPlace

Used Car Loan (Good credit)

EST Monthly Repayment
Advertised Rate
10.57%
Advert. Rate (p.a)
Comparison rate
Don't get ripped off by dealer financing, hidden charges, balloon payments or early exit fees. Check your rate today.
MoneyPlace

New Car Loan (Average credit)

EST Monthly Repayment
Advertised Rate
12.86%
Advert. Rate (p.a)
Comparison rate
Great value finance for new or ex-demo cars. Borrow up to $50,000 to buy your dream car. Check your rate today.
MoneyPlace

Used Car Loan (Average credit)

EST Monthly Repayment
Advertised Rate
13.15%
Advert. Rate (p.a)
Comparison rate
Don't get ripped off by dealer financing, hidden charges, balloon payments or early exit fees. Check your rate today.
Arab Bank

Secured Personal Loan

EST Monthly Repayment
Advertised Rate
11.30%
Advert. Rate (p.a)
Comparison rate
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.
NAB

Variable Rate Personal Loan

EST Monthly Repayment
Advertised Rate
12.69%
Advert. Rate (p.a)
Comparison rate
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
Bank of Melbourne

Unsecured Personal Loan

EST Monthly Repayment
Advertised Rate
12.74%
Advert. Rate (p.a)
Comparison rate
Buy the type of car or vehicle you want with interest rates from 12.99% p.a. (comparison rate 14.06% p.a.)
Commonwealth Bank

Fixed Rate Personal Loan

EST Monthly Repayment
Advertised Rate
12.99%
Advert. Rate (p.a)
Comparison rate
We have dropped the rate on our 5 and 6 year loan terms.
Beyond Bank

Flexi Car Loan

EST Monthly Repayment
Advertised Rate
13.45%
Advert. Rate (p.a)
Comparison rate
Make your dreams come true with a car loan that offers maximum flexibility. Our Flexi Car Loan is available for the purchase of new and used cars.
NAB

Fixed Rate Personal Loan

EST Monthly Repayment
Advertised Rate
13.49%
Advert. Rate (p.a)
Comparison rate
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
Credit Union SA

Variable rate car loan

EST Monthly Repayment
Advertised Rate
13.60%
Advert. Rate (p.a)
Comparison rate
The variable rate personal loan is unsecured.
Macquarie Credit Union

Used Car Loan 5 years +

EST Monthly Repayment
Advertised Rate
13.90%
Advert. Rate (p.a)
Comparison rate
With all the great features of our new car loan, this loan is designed for used cars over 5 years old.
Arab Bank

Unsecured Personal Loan

EST Monthly Repayment
Advertised Rate
14.00%
Advert. Rate (p.a)
Comparison rate
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.

BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 19.07% p.a. Total interest repayments vary between $4,290 and $14,531 over the life of the loan. *Comparison rate is based on an unsecured loan of $30,000 for a term of 5 years. WARNING: This comparison rate is 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. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

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What type of car loan are you looking for?

Compare car finance in Australia

What is car finance?

Car financing involves borrowing money from a lender in order to purchase the vehicle of your choice. Once the lender purchases the car for you, you pay it off at a more comfortable pace. Here are a few features of car finance you need to know:

  • Loan amounts. Typically, you can borrow any amount between $5,000 and $100,000.
  • Loan terms. Loan terms usually range from 12 months up to 10 years.
  • Interest rates. Rates depend on whether the car loan is secured or unsecured. Secured car loans have lower interest rates.
  • Fees and charges. Car loan fees usually include application, monthly service, early repayment, and late repayment fees.

How does car finance work in Australia?

Generally, financing your car purchase involves the following steps:

  • Shopping for your car.
  • Shopping for cheap car finance by comparing rates and other factors.
  • Applying for the loan of your choice.
  • Once approved, you obtain a purchase agreement from the seller.
  • The lender pays the seller.
  • You drive your car while making repayments.

Secured car finance vs. Unsecured car finance

Secured car finance uses the car as collateral. That means the lender can hold on to your new purchase if you fail to repay the loan. Because there’s less risk to the lender, secured car finance offers some of the best car finance rates in Australia.

Unsecured car finance has no collateral requirements, and there’s no risk of having the car repossessed. However, unsecured loans generally come with a higher cost of borrowing to mitigate the risk the lender is taking.

Fixed-rate car finance vs. Variable rate car finance

Fixed-rate car finance has fixed monthly payments because the interest rate will never change for as long as you’re paying off the loan. Variable-rate car finance has monthly payments that fluctuate from time to time to accommodate market ups and downs. A fixed-rate car loan protects you from unexpected increases in your monthly payments.

But, if the market rate falls, you will not be able to benefit from savings on interest. In contrast, a variable rate car loan can boost your savings if market rates drop. However, rates can also increase pushing the total cost of your loan upwards.

New car finance vs. Used car finance

New car finance restricts your purchase to brand-new cars. Depending on the lender, it might also cover cars that are less than a year or two old. Used car finance allows you to purchase second-hand cars, but there’s also a limit placed on the age of the car. Unless the car is classic or vintage, some lenders will not offer finance for car models below a specific year.

Other types of car finance options available in Australia

  • Dealership finance. Some Australian car dealerships offer on-site financing under a buy-here, pay-here arrangement.
  • Chattel mortgage. A specialised finance option for businesses looking to purchase a vehicle for company use. In this arrangement, the purchased vehicle is used as security for the loan.
  • Operating lease. The lender owns the car, and you rent it for an agreed period after which you return it.
  • Commercial hire purchase. The lender buys the car, and you get to use it in exchange for rental payments. When the car is fully paid for, you become the owner.
  • Novated lease. A three-party financing arrangement involving you, your employer and the lender. The car is purchased via your employer who then covers the repayments by making deductions on your salary.
  • Standard car lease. The lender owns the car and hires it out to you. You make monthly rental payments, and at the end of the lease, you can purchase the car, trade it in or return it.

How to compare car finance options when choosing the best loan

Finding a finance solution to drive your dream car requires some due diligence on your part. That means taking advantage of every car loan comparisons tool at your disposal. To begin with, here are a few factors you should consider when shopping around for what’s best for you:

  • Interest rate. Will your car loan interest rate be fixed or variable?
  • Loan fees and charges. Applicable fees can be viewed in our comparison table above, when you click “View fees and additional info.” It’s also a good idea to look at the comparison rate, which is displayed next to the interest rate. The comparison rate is inclusive of the interest rate and all standard loan fees and charges.
  • Repayment flexibility. Typically, a flexible repayment plan allows you to make early or additional repayments without incurring extra fees. It should also allow you to choose weekly, fortnightly, or monthly payments that suit your circumstances.
  • Loan terms and amounts. Find out how much you can responsibly borrow from each lender and the loan term you’re likely to get.
  • Monthly repayments. Our car loan calculator is one of the crucial tools you can use to compare loans. Input your loan amount and term by adjusting the sliders and click calculate to discover your estimated monthly repayments.
  • Unique features. Some loans come with unique features that may be of advantage to you. For instance, you might have a redraw facility that pays back your extra repayments for times you’re strapped for cash. Some lenders also offer pre-approval, which gives you more negotiating power at the car dealership.

Advantages of car loans

  • You enjoy full ownership of the car without having to meet the total, upfront costs of purchasing the car.
  • Car finance typically offers lower interest rates when compared to unsecured personal loans.

Disadvantages of car loans

  • Car finance offers less flexibility than personal loans when it comes to how you’ll use the loan.
  • If your loan option is secured, you may lose the car when you default.

What you need to apply

For general car finance requirements, you’ll need to supply the lender with the following:

  • Proof of identity details – Your ID (you should be at least 18 years old), driver’s licence, and contact details.
  • Financial information – This includes payslips, bank statements, and other documents that contain details about your assets, debts, and other financial commitments.
  • Car details – Relevant documents and any information that facilitates a smooth application process.

How to apply for a car loan

After you have compared the car loan options featured in our comparison table above and made your final decision, go ahead and press the “Go to Site” button. Once you’re through to the lender’s website, the online application process usually involves the following steps:

  • Fill in the online application form.
  • Submit the loan application form together with required documents.
  • Await the lender’s response.
  • If approved, the lender will advise on the next steps.

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