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

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Car loan amount

Term of car loan

Features

Type of vehicle loan

Car finance provider

Car Loans Comparison

for $30,000 over 5 years
ANZ
7.30%
8.15%
$605.37

ANZ Secured Car Loan

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Special online only rate: 7.30% p.a. online fixed rate for an ANZ Secured Car Loan (8.15% p.a. comparison rate)

Overview

Application / establishment fees$350

Minimum loan amount$7,500

Maximum loan amount$500,000

Minimum term1 years

Maximum term7 years

Advertised rate7.30%

Comparison rate7.80%

Monthly repayments (approx)$605

Total repayments (approx)$36,322

Total interest repayments (approx)$6,322

Rate typeFixed

Secured or unsecuredSecured

GO TO ANZ

Other Fees & Information

Monthly fee$5.0

Other fees$0

Missed payment fee$20

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee$50+

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 365 652

Data accurate as of13.09.2017

GO TO ANZ

Comparison rate warning

This comparison is for an ANZ Secured Car Loan with an amount financed of $30,000 and a term of 5 years. 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 ANZ

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RateSetter
8.60%
9.70%
$618.65

Personal Loan

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Quick and easy car finance. Fast online application and friendly customer service. Secured and unsecured car loan terms from 6 months to 5 years.

Overview

Application / establishment fees$75

Minimum loan amount$2,001

Maximum loan amount$45,000

Minimum term0.5 years

Maximum term5 years

Advertised rate8.60%

Comparison rate8.72%

Monthly repayments (approx)$618

Total repayments (approx)$37,119

Total interest repayments (approx)$7,119

Rate typeFixed

Secured or unsecuredUnsecured

GO TO RateSetter

Other Fees & Information

Monthly fee$8.0

Other fees$0

Missed payment fee$0

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 768 710

Data accurate as of17.09.2017

GO TO RateSetter

Comparison rate warning

RateSetter personal loan repayment terms range from 6 months to 5 years. Interest rates range from 3.7% (comparison rate 10.01%) to 9.6% (comparison rate 11.45%), subject to change depending on the rates offered by lenders in our Lending Markets. 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 RateSetter

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NAB
14.99%
15.85%
$717.35

Fixed Rate Personal Loan

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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

Advertised rate14.99%

Comparison rate15.23%

Monthly repayments (approx)$717

Total repayments (approx)$43,041

Total interest repayments (approx)$13,041

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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SocietyOne
15.11%
17.35%
$751.20

Car Loan - 5 years - Tier 4

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If you're in the market for a new car, our personal loans can get you in the driver's seat sooner.

Overview

Application / establishment fees5.00%

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term5 Years

Maximum term5 Years

Advertised rate15.11%

Comparison rate17.35%

Monthly repayments (approx)$751

Total repayments (approx)$45,072

Total interest repayments (approx)$15,072

Rate typeFixed

Secured or unsecuredUnsecured

GO TO SocietyOne

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$35

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone-

Data accurate as of18/01/2018

GO TO SocietyOne

Comparison rate warning

*Comparison based on a SocietyOne Tier 4 unsecured personal loan of $30,000 over 5 years. WARNING: The comparison rates are true only for the examples provided and may not include all fees and charges. Different loan grades, terms, fees or loan amounts might result in a different comparison rate.

GO TO SocietyOne

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Holiday Coast Credit Union
5.49%
5.49%
$576.72

New Car Variable Loan

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Holiday Coast makes it easy to finance a new or used vehicle with a low variable interest rate and no on-going fees or early payment penalties.

Overview

Application / establishment fees$200

Minimum loan amount$5,000

Maximum loan amount$70,000

Minimum term1 year

Maximum term5 years

Advertised rate5.49%

Comparison rate5.77%

Monthly repayments (approx)$576

Total repayments (approx)$34,603

Total interest repayments (approx)$4,603

Rate typeVariable

Secured or unsecuredSecured

GO TO Holiday Coast 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 365 724

Data accurate as of18.01.2018

GO TO Holiday Coast Credit Union

Comparison rate warning

Comparison rates are calculated on a loan amount of $30,000 over a term of 5 years based on 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 Holiday Coast Credit Union

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MOVE- People Driven Banking
5.39%
5.66%
$575.23

New Car Loan

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MOVE’s new fixed rate car loan lets you secure a spectacular low rate with no ongoing fees. With flexible features including redraw and penalty-free extra repayments, you can be confident you’re getting a great deal.

Overview

Application / establishment fees$195

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 years

Maximum term7 years

Advertised rate5.39%

Comparison rate5.66%

Monthly repayments (approx)$575

Total repayments (approx)$34,513

Total interest repayments (approx)$4,513

Rate typeFixed

Secured or unsecuredSecured

GO TO MOVE- People Driven Banking

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$15

Repayment scheduleWeekly, fortnightly, monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehicles$0

SponsoredNo

Telephone

Data accurate as of5/02/2018

GO TO MOVE- People Driven Banking

Comparison rate warning

*Comparison rate is based on a secured 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

GO TO MOVE- People Driven Banking

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My Credit Union
5.49%
5.70%
$575.76

My New Car Loan

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Our Fixed Rate New Car Loan allows you to lock in your interest rate for the term of your loan, so you'll have confidence knowing exactly how much you need to repay each month.

Overview

Application / establishment fees$150

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Advertised rate5.49%

Comparison rate5.70%

Monthly repayments (approx)$575

Total repayments (approx)$34,545

Total interest repayments (approx)$4,545

Rate typeFixed

Secured or unsecuredSecured

GO TO My 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 655 116

Data accurate as of02.04.2017

GO TO My Credit Union

Comparison rate warning

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

GO TO My Credit Union

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Victoria Teachers Mutual Bank
5.79%
5.91%
$578.79

New car loan

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When you credit your whole salary to your Victoria Teachers Mutual Bank account you’ll receive a great discounted rate across our entire Car Loan range.

Overview

Application / establishment fees$90

Minimum loan amount$10,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Advertised rate5.79%

Comparison rate5.91%

Monthly repayments (approx)$578

Total repayments (approx)$34,727

Total interest repayments (approx)$4,727

Rate typeVariable

Secured or unsecuredSecured

GO TO Victoria Teachers Mutual 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 vehiclesNo

SponsoredNo

Telephone1300 654 822

Data accurate as of02.04.2017

GO TO Victoria Teachers Mutual Bank

Comparison rate warning

Comparison rate calculated on a secured loan amount of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees and other loan amounts might result in a different comparison rate. Fees and charges apply. Terms and Conditions available upon request.

GO TO Victoria Teachers Mutual Bank

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Beyond Bank
5.69%
5.97%
$579.03

Low Rate Car Loan Special Offer

Expand info ˅

Beyond Bank's Low Rate Car Loan Special Offer has been awarded Money Magazine's Best of the Best award for 2017!

Overview

Application / establishment fees$175

Minimum loan amount$25,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Advertised rate5.69%

Comparison rate5.93%

Monthly repayments (approx)$579

Total repayments (approx)$34,741

Total interest repayments (approx)$4,741

Rate typeFixed

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$20

Encumberance/REVVS check fee$25

For used vehiclesNo

SponsoredNo

Telephone1300 236 344

Data accurate as of13.03.2017

GO TO Beyond Bank

Comparison rate warning

Our Low Interest Rate Car Loan Special Offer is only available for new or used cars manufactured no earlier than the start of the previous calendar year when the minimum new borrowing amount is $25,000 and the Loan Value Ratio does not exceed 100% on selected eligible car loan products. No package or other discounts will apply to the advertised rate. *The comparison rate are calculated for a secured loan of $25,000 with monthly repayments over a term of five years. 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.

GO TO Beyond Bank

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Loans.com.au
5.44%
5.99%
$579.83

Personal Car loan

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Find and secure your car loan with low fixed rates from loans.com.au. We can help you with a loan for a car bought privately, through a dealership or an auction. Balloon options – reduce monthly repayments

Overview

Application / establishment fees$400

Minimum loan amount$5,000

Maximum loan amount$100,000

Minimum term3 years

Maximum term5 years

Advertised rate5.44%

Comparison rate5.99%

Monthly repayments (approx)$579

Total repayments (approx)$34,789

Total interest repayments (approx)$4,789

Rate typeFixed

Secured or unsecuredSecured

GO TO Loans.com.au

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

Telephone13 10 90

Data accurate as of17.09.2017

GO TO Loans.com.au

Comparison rate warning

The interest rate is determined with reference to the age of the vehicle, private or dealer sale, and the credit assessment. Interest rate loading may be applied. The comparison rate is based on a $30,000 loan over 5 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Lending criteria, fees and conditions apply.

GO TO Loans.com.au

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People's Choice Credit Union
5.64%
5.99%
$579.77

Discounted Personal Loan (New Cars)

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Our Discounted Personal Loan (New Cars) could let you drive away with a better deal, with lower interest rates starting on loans from $20,000, no monthly fees and a fixed rate for the first five years.

Overview

Application / establishment fees$250

Minimum loan amount$20,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term10 years

Advertised rate5.64%

Comparison rate5.98%

Monthly repayments (approx)$579

Total repayments (approx)$34,786

Total interest repayments (approx)$4,786

Rate typeFixed

Secured or unsecuredSecured

GO TO People's Choice 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

Telephone13 11 82

Data accurate as of17.09.2017

GO TO People's Choice Credit Union

Comparison rate warning

Comparison rates are based on a secured loan of $30,000 with monthly repayments over 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.

GO TO People's Choice Credit Union

Hide info ˄

Community First Credit Union
5.34%
6.10%
$575.10

New car loan

Expand info ˅

Our New Car Loan is a great secured variable rate loan available for brand new cars or brand new registrable motorbikes.

Overview

Application / establishment fees$195

Minimum loan amount$10,000

Maximum loan amount$60,000

Minimum term1 year

Maximum term7 years

Advertised rate5.34%

Comparison rate5.65%

Monthly repayments (approx)$575

Total repayments (approx)$34,506

Total interest repayments (approx)$4,506

Rate typeVariable

Secured or unsecuredSecured

GO TO Community First Credit Union

Other Fees & Information

Monthly fee$5.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$100

For used vehiclesNo

SponsoredNo

Telephone1300 13 22 77

Data accurate as of02.04.2017

GO TO Community First Credit Union

Comparison rate warning

Credit eligibility criteria, terms & conditions, fees & charges apply. The comparison rate is based on a secured loan amount of $30,000 over a loan term of 5 years. 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 Community First Credit Union

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Credit Union SA
5.99%
6.26%
$583.61

Special fixed rate car loan

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The special fixed rate personal loan is available when secured by a new or used vehicle less than 2 years of age.

Overview

Application / establishment fees$195

Minimum loan amount$5,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Advertised rate5.99%

Comparison rate6.26%

Monthly repayments (approx)$583

Total repayments (approx)$35,016

Total interest repayments (approx)$5,016

Rate typeFixed

Secured or unsecuredSecured

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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The Mac
5.99%
6.28%
$584.00

New Car Loan

Expand info ˅

With no ongoing fees, fast loan turnaround and pre-approval available, you’ll be cruising along an open stretch of road in no time.

Overview

Application / establishment fees$215

Minimum loan amount$10,000

Maximum loan amount$50,000

Minimum term1 year

Maximum term7 years

Advertised rate5.99%

Comparison rate6.29%

Monthly repayments (approx)$584

Total repayments (approx)$35,040

Total interest repayments (approx)$5,040

Rate typeVariable

Secured or unsecuredSecured

GO TO The Mac

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 622 278

Data accurate as of02.04.2017

GO TO The Mac

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 Mac

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IMB
5.99%
6.34%
$584.68

New Car Loan

Expand info ˅

With great rates and no penalty for early payout, the IMB New Car Loan could have you cruising in the car of your dreams sooner than you thought.

Overview

Application / establishment fees$250

Minimum loan amount$2,000

Maximum loan amount$75,000

Minimum term1 year

Maximum term7 years

Advertised rate5.99%

Comparison rate6.34%

Monthly repayments (approx)$584

Total repayments (approx)$35,080

Total interest repayments (approx)$5,080

Rate typeFixed

Secured or unsecuredSecured

GO TO IMB

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

Telephone133 462

Data accurate as of4.08.2017

GO TO IMB

Comparison rate warning

Comparison rate is based on a $30,000 secured loan over 5 years. WARNING: This comparison rate applies only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts may result in different comparison rates. Normal IMB lending criteria, terms and conditions, fees and charges apply.

GO TO IMB

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Horizon Credit Union
6.29%
6.50%
$586.96

New Car Loan

Expand info ˅

A great fixed interest rate perfect for new motor vehicles. You'll be driving away in no time!

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term5 years

Advertised rate6.29%

Comparison rate6.50%

Monthly repayments (approx)$586

Total repayments (approx)$35,217

Total interest repayments (approx)$5,217

Rate typeFixed

Secured or unsecuredSecured

GO TO Horizon 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 366 565

Data accurate as of02.04.2017

GO TO Horizon Credit Union

Comparison rate warning

The comparison rate is calculated on a loan amount of $30,000 over a term of 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 might result in a different comparison rate.

GO TO Horizon Credit Union

Hide info ˄

Transport Mutual Credit Union
6.54%
6.54%
$587.55

New Car Loan

Expand info ˅

With a Transport Mutual Car Loan you can be driving away in no time.

Overview

Application / establishment fees$0

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term1 year

Maximum term7 years

Advertised rate6.54%

Comparison rate6.54%

Monthly repayments (approx)$587

Total repayments (approx)$35,253

Total interest repayments (approx)$5,253

Rate typeVariable

Secured or unsecuredSecured

GO TO Transport Mutual 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 vehiclesYes

SponsoredNo

Telephone(02) 8202 8555

Data accurate as of02.04.2017

GO TO Transport Mutual Credit Union

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 Transport Mutual Credit Union

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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.