Important disclosure

New Car Loans

Need extra cash for your brand-new ride? Compare new car loans and calculate repayments below to find the perfect finance solution for your vehicle upgrade.

Calculate your repayments

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.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)4.69%

Car loan comparison rate6.55%

Monthly repayments (approx)$561

Total repayments (approx)$33,713

Total interest repayments (approx)$3,713

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

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 755 494

Data accurate as of15/06/2020

GO TO Driva

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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$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)4.99%

Car loan comparison rate5.69%

Monthly repayments (approx)$566

Total repayments (approx)$33,960

Total interest repayments (approx)$3,960

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$0

For used vehiclesNo

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

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A quick and easy, 100% online application. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.

Overview

Application / establishment fees$250

Minimum loan amount$2,001

Maximum loan amount$75,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.50%

Car loan comparison rate5.85%

Monthly repayments (approx)$573

Total repayments (approx)$34,381

Total interest repayments (approx)$4,381

Rate typeFixed

Secured or unsecuredSecured

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$27

For used vehiclesYes

SponsoredYes

Telephone1300 990 115

Data accurate as of13/05/2020

GO TO OurMoneyMarket

Hide info -

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

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)6.49%

Car loan comparison rate7.19%

Monthly repayments (approx)$586

Total repayments (approx)$35,210

Total interest repayments (approx)$5,210

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$0

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

Hide info -

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.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)4.47%

Car loan comparison rate5.28%

Monthly repayments (approx)$558

Total repayments (approx)$33,532

Total interest repayments (approx)$3,532

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

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 755 494

Data accurate as of15/06/2020

GO TO Driva

Hide info -

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$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)4.99%

Car loan comparison rate5.69%

Monthly repayments (approx)$566

Total repayments (approx)$33,960

Total interest repayments (approx)$3,960

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$0

For used vehiclesNo

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

Hide info -

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.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)5.45%

Car loan comparison rate7.85%

Monthly repayments (approx)$572

Total repayments (approx)$34,340

Total interest repayments (approx)$4,340

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

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 755 494

Data accurate as of15/06/2020

GO TO Driva

Hide info -

A quick and easy, 100% online application. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.

Overview

Application / establishment fees$250

Minimum loan amount$2,001

Maximum loan amount$75,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.50%

Car loan comparison rate5.85%

Monthly repayments (approx)$573

Total repayments (approx)$34,381

Total interest repayments (approx)$4,381

Rate typeFixed

Secured or unsecuredSecured

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$27

For used vehiclesYes

SponsoredYes

Telephone1300 990 115

Data accurate as of13/05/2020

GO TO OurMoneyMarket

Hide info -

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.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)7.65%

Car loan comparison rate10.24%

Monthly repayments (approx)$603

Total repayments (approx)$36,196

Total interest repayments (approx)$6,196

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

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 755 494

Data accurate as of15/06/2020

GO TO Driva

Hide info -

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.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)7.65%

Car loan comparison rate9.53%

Monthly repayments (approx)$603

Total repayments (approx)$36,196

Total interest repayments (approx)$6,196

Rate typeFixed

Secured or unsecuredUnsecured

GO TO Driva

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 755 494

Data accurate as of15/06/2020

GO TO Driva

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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$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)4.99%

Car loan comparison rate5.69%

Monthly repayments (approx)$566

Total repayments (approx)$33,960

Total interest repayments (approx)$3,960

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$0

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

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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

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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)12.69%

Car loan comparison rate13.56%

Monthly repayments (approx)$677

Total repayments (approx)$40,670

Total interest repayments (approx)$10,670

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

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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)12.74%

Car loan comparison rate13.81%

Monthly repayments (approx)$678

Total repayments (approx)$40,716

Total interest repayments (approx)$10,716

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

Hide info -

We have dropped the rate on our 5 and 6 year loan terms.

Overview

Application / establishment fees$150

Minimum loan amount$4,000

Maximum loan amount$50,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.99%

Car loan comparison rate13.86%

Monthly repayments (approx)$682

Total repayments (approx)$40,946

Total interest repayments (approx)$10,946

Rate typeFixed

Secured or unsecuredUnsecured

GO TO Commonwealth Bank

Other Fees & Information

Monthly fee$10.0

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

Telephone13 14 31

Data accurate as of02.04.2017

GO TO Commonwealth Bank

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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.

Overview

Application / establishment fees$175

Minimum loan amount$5,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)13.45%

Car loan comparison rate13.71%

Monthly repayments (approx)$689

Total repayments (approx)$41,371

Total interest repayments (approx)$11,371

Rate typeVariable

Secured or unsecuredSecured

GO TO Beyond 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

SponsoredNo

Telephone1300 236 344

Data accurate as of02.04.2017

GO TO Beyond Bank

Hide info -

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)13.49%

Car loan comparison rate14.36%

Monthly repayments (approx)$690

Total repayments (approx)$41,408

Total interest repayments (approx)$11,408

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

Hide info -

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

Hide info -

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

Hide info -

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

Hide info -

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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.

What type of car loan are you looking for?

hand holding car keys

New car loans in Australia – Upgrade and drive in style

Sometimes, financing a brand-new set of wheels is well worth it so that you can drive only the best. It may cost more, but you’ll likely get a shinier, smoother ride with the latest technology and all the fittings that make you proud to slide behind the wheel. However, finding finance may seem simple, but there are a few essentials to consider.

Here’s a guide that will gear you up to find the best new car loans for your budget and needs.

How do new car loans work?

You can use a new car loan to buy a mint, factory vehicle complete with the distinct brand-new smell. Or, it could be a slightly used version that’s already garnered a few kilometres on the dashboard. However, lenders generally prefer to finance vehicles under 3 or 2 years if you’re buying from a used car dealer or a private sale.

Here’s more to add to your understanding of how new car loans work in Australia:

Loan amounts. This type of finance deal typically involves loan amounts of up to $100,000. Your borrowing capacity generally depends on the lending criteria and your ability to repay.

Loan terms. You’ll have to repay the funds in full and then some more to cover interest and fees, usually over a period between 1 year and 10 years.

New car loans vs used car loans

You can also finance a second-hand vehicle with 3 or more years on the road. However, you’ll have to sign up for a used car loan. But, between the depreciated value and the likelihood of breakdowns and write-offs, pre-owned vehicles often have steep financing charges.

New vehicles, on the other hand, are less risky, which makes them suitable as collateral. That means the lender can relieve you of ownership rights if you fail to repay. By selling the vehicle, they’ll still recover some or all losses. Although the risk of loss transfers to you, a secured car loan costs less in terms of interest and fees than an unsecured car loan or personal loan.

Types of new car loans in Australia

  • Fixed-rate. A fixed-rate loan has a no-surprises interest rate that toes the same line until all repayments are through. Because you’re locked in from market changes, your budget stays consistent when an increase happens. However, you also can’t count on any savings when rate cuts start to trend.
  • Variable-rate. A variable rate loan has a pliable interest rate that can be changed to match market rates. Your budget will also need the same flexibility because your car loan repayments can change with little notice. It’s worth it when rates take a nosedive since you pay less, but you might be hard-pressed once they start to climb.
  • Bad credit. If your credit doesn’t stack up well, you can still buy a car with a bad credit car loan. However, the catch is you’ll typically need to secure the loan and agree to a higher rate so the lender can get over the risk factor.

How to find a new car loan that’s right for you

There are two main factors you need to keep front and centre when comparing new car loans: the cost of the loan and flexible terms. That’s because while paying less is undoubtedly great, you also want to tailor the debt to your situation.

Here’s a breakdown of what to do if you want to tick both boxes:

  • Look at the comparison rate. Besides just getting a lower interest rate, you should also aim for a favourable comparison rate. This percentage represents a greater portion of borrowing costs, including the interest rate, establishment fees, ongoing fees, and late payment fees. As a side note, it’s also important to make sure the lender informs you of other fees and charges usually not bundled into the comparison rate.
  • Use the new car loan calculator. BestFind’s easy-to-use tool comes in handy if you want to keep your monthly repayments and budget on the same page.
  • Consider the maximum amounts. If you can afford it, being able to borrow more means you won’t have to settle for anything less than your dream ride. Also, check if the lender will play along if you ask for extra funds to cover related expenses like registration and stamp duty.
  • Extra features with benefits. Additional repayments with zero penalties is a feature that should always get your nod of approval. You might also consider a redraw facility that allows you to pull back any extra repayments when you need them. Keep in mind this extra benefit may also have additional fees.

Pros of financing a new vehicle

  • You don’t have to wait on your savings since you can borrow up to 100% of the car’s value
  • The cost is split into affordable instalments paid over long loan terms
  • New car loan rates are typically affordable
  • Easier financing process

Cons of financing a new vehicle

  • You’ll likely have to borrow more even though the vehicle’s value starts to depreciate as soon as you take the first drive.

How to apply

Once you find a workable finance solution, it’s now a matter of clicking the ‘Go to Site’ button in the comparison table above. You can then jump straight into the application process on the lender’s website.

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