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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Australian Military Bank
5.71%
6.57%
$578.06

Car loan

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Our Car and Personal Loans offer you tailored rates based on your credit history. We offer a range of benefits and features like the ability to make extra repayments or pay off your loan early without penalty and the option to make loan repayments straight from your salary.

Overview

Application / establishment fees$100

Minimum loan amount$1,000

Maximum loan amount$80,000

Minimum term1 years

Maximum term7 years

Advertised rate5.71%

Comparison rate5.86%

Monthly repayments (approx)$578

Total repayments (approx)$34,683

Total interest repayments (approx)$4,683

Rate typeFixed

Secured or unsecuredSecured

GO TO Australian Military 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$30

For used vehiclesYes

SponsoredNo

Telephone1300 13 23 28

Data accurate as of13.09.2017

GO TO Australian Military Bank

Comparison rate warning

Comparison rate based on a $30,000 loan over 5 years. WARNING: This comparison rate applies to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or costs and savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. A monthly repayment frequency and a term of 5 years have been used to calculate our comparison rate.

GO TO Australian Military Bank

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Catalyst Money
6.32%
6.62%
$588.35

New Car Loan (Secured)

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Looking to buy a new car and want to take out a simple loan, so you can get on the road sooner? Look no further.

Overview

Application / establishment fees$200

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term5 years

Advertised rate6.32%

Comparison rate6.60%

Monthly repayments (approx)$588

Total repayments (approx)$35,301

Total interest repayments (approx)$5,301

Rate typeFixed

Secured or unsecuredSecured

GO TO Catalyst Money

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 864 266

Data accurate as of02.04.2017

GO TO Catalyst Money

Comparison rate warning

Comparison rate is calculated on a secured loan amount of $30,000 over a term of 5 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. Eligibility criteria, terms & conditions, fees & charges apply.

GO TO Catalyst Money

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Illawarra Credit Union
6.32%
6.62%
$588.35

New Car Loan (Secured)

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Our secured new car loan is available to any personal borrowers buying a motor vehicle in its first year of registration and who meet the Credit Union’s standard lending criteria.

Overview

Application / establishment fees$200

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term5 years

Advertised rate6.32%

Comparison rate6.60%

Monthly repayments (approx)$588

Total repayments (approx)$35,301

Total interest repayments (approx)$5,301

Rate typeFixed

Secured or unsecuredSecured

GO TO Illawarra 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 22 49

Data accurate as of02.04.2017

GO TO Illawarra Credit Union

Comparison rate warning

Comparison rate is calculated on a secured loan amount of $30,000 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. Eligibility criteria, terms & conditions, fees & charges apply.

GO TO Illawarra Credit Union

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Bank Australia
6.45%
6.66%
$589.21

Car loan

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Our car loan offers a competitive interest rate and we even offset your car's carbon emissions for the life of the loan for new or used vehicle purchases up to seven years of age. The $150 establishment fee is waived for vehicles that meet an ANCAP rating of 5 star and/or a greenhouse rating of 7+.

Overview

Application / establishment fees$150

Minimum loan amount$1,000

Maximum loan amount$150,000

Minimum term6 months

Maximum term7 years

Advertised rate6.45%

Comparison rate6.66%

Monthly repayments (approx)$589

Total repayments (approx)$35,352

Total interest repayments (approx)$5,352

Rate typeFixed

Secured or unsecuredSecured

GO TO Bank Australia

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

Telephone132 888

Data accurate as of13.09.2017

GO TO Bank Australia

Comparison rate warning

Comparison Rate. The Comparison Rate is based on a secured loan of $30,000 for 5 years. Fees and charges may be applicable. 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 Bank Australia

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Select Encompass
6.45%
6.68%
$586.28

New Car Loan < 2 years

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Our new car loan offers fast approval and a great rate that offers the ability to get into your new car sooner.

Overview

Application / establishment fees$0

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Advertised rate6.45%

Comparison rate6.45%

Monthly repayments (approx)$586

Total repayments (approx)$35,176

Total interest repayments (approx)$5,176

Rate typeFixed

Secured or unsecuredSecured

GO TO Select Encompass

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 13 14 20

Data accurate as of02.04.2017

GO TO Select Encompass

Comparison rate warning

Comparison rates are calculated on a loan amount of $30,000 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 Select Encompass

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Coastline Credit Union
6.49%
6.77%
$590.76

$10K+ < 2 years Secured Variable

Expand info ˅

We offer competitive loans for new and used motor vehicle purchases. If the car you are buying is less than three years old, you benefit from an even lower interest rate.

Overview

Application / establishment fees$200

Minimum loan amount$1,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Advertised rate6.49%

Comparison rate6.77%

Monthly repayments (approx)$590

Total repayments (approx)$35,445

Total interest repayments (approx)$5,445

Rate typeVariable

Secured or unsecuredSecured

GO TO Coastline 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$25

For used vehiclesYes

SponsoredNo

Telephone1300 36 1066

Data accurate as of02.04.2017

GO TO Coastline Credit Union

Comparison rate warning

The comparison rate is based on a loan of $30,000 and 5 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 Coastline Credit Union

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bcu
5.90%
6.82%
$583.57

New Car Loan Special

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Enjoy your adventures with a new car loan special, rcomparison rates from 6.82%, redraw facility and fast approval times.

Overview

Application / establishment fees$250

Minimum loan amount$4,000

Maximum loan amount$60,000

Minimum term1 year

Maximum term5 years

Advertised rate5.90%

Comparison rate6.26%

Monthly repayments (approx)$583

Total repayments (approx)$35,014

Total interest repayments (approx)$5,014

Rate typeVariable

Secured or unsecuredSecured

GO TO bcu

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 vehiclesNo

SponsoredNo

Telephone1300 228 228

Data accurate as of13.09.2017

GO TO bcu

Comparison rate warning

Comparison rate based on secured loan of $30,000 over 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 bcu

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Southern Cross Credit Union
6.49%
6.84%
$589.78

Secured Personal Loan

Expand info ˅

Our Secured Personal Loans offer you competitive interest rates.

Overview

Application / establishment fees$150

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term5 years

Advertised rate6.49%

Comparison rate6.70%

Monthly repayments (approx)$589

Total repayments (approx)$35,386

Total interest repayments (approx)$5,386

Rate typeFixed

Secured or unsecuredSecured

GO TO Southern Cross 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

Telephone1300 360 744

Data accurate as of02.04.2017

GO TO Southern Cross Credit Union

Comparison rate warning

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. The comparison rate is based on a $30,000 loan repayable over 5 years.

GO TO Southern Cross Credit Union

Hide info ˄

CUA
6.79%
6.92%
$591.07

Secured Fixed Car Loan

Expand info ˅

For new and used vehicles up to 7 years old you can enjoy the freedom of a new car with comparison rates from a low 6.92% per annum

Overview

Application / establishment fees$0

Minimum loan amount$5,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Advertised rate6.79%

Comparison rate6.79%

Monthly repayments (approx)$591

Total repayments (approx)$35,464

Total interest repayments (approx)$5,464

Rate typeFixed

Secured or unsecuredSecured

GO TO CUA

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$90

For used vehiclesNo

SponsoredNo

Telephone133 282

Data accurate as of13.09.2017

GO TO CUA

Comparison rate warning

Comparison rate calculated on a loan amount of $30,000 over a term of 5 years based on monthly repayments. These rates are for secured loans only. 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 CUA

Hide info ˄

First Option Credit Union
6.99%
6.99%
$593.89

New Car Loan

Expand info ˅

For a limited time First Option has a special offer. Enjoy a low fixed rate for 5 years and we'll even waive the normal application fee.

Overview

Application / establishment fees$0

Minimum loan amount$2,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term5 years

Advertised rate6.99%

Comparison rate6.99%

Monthly repayments (approx)$593

Total repayments (approx)$35,633

Total interest repayments (approx)$5,633

Rate typeFixed

Secured or unsecuredSecured

GO TO First Option 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 855 675

Data accurate as of02.04.2017

GO TO First Option Credit Union

Comparison rate warning

Comparison rates are calculated on a loan amount of $30,000 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 First Option Credit Union

Hide info ˄

First Option Credit Union
6.99%
6.99%
$593.89

Used Car Loan

Expand info ˅

For a limited time First Option has a special offer. Enjoy a low fixed rate for 5 years and we'll even waive the normal application fee.

Overview

Application / establishment fees$0

Minimum loan amount$2,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term5 years

Advertised rate6.99%

Comparison rate6.99%

Monthly repayments (approx)$593

Total repayments (approx)$35,633

Total interest repayments (approx)$5,633

Rate typeFixed

Secured or unsecuredSecured

GO TO First Option 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

Telephone1300 855 675

Data accurate as of02.04.2017

GO TO First Option Credit Union

Comparison rate warning

Comparison rates are calculated on a loan amount of $30,000 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 First Option Credit Union

Hide info ˄

Northern Inland CU
6.79%
7.07%
$595.01

Smart Personal Loan (0-5 year)

Expand info ˅

Northern Inland's Smart Personal Loan was awarded by Canstar for 'outstanding value' for 2017. Being secured by vehicle less than five years old or a term deposit, it is our lowest personal loan rate.

Overview

Application / establishment fees$200

Minimum loan amount$5,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term5 years

Advertised rate6.79%

Comparison rate7.07%

Monthly repayments (approx)$595

Total repayments (approx)$35,700

Total interest repayments (approx)$5,700

Rate typeFixed

Secured or unsecuredSecured

GO TO Northern Inland CU

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 65 65 81

Data accurate as of02.04.2017

GO TO Northern Inland CU

Comparison rate warning

This rate applies to loans with 5 year terms for $30,000. 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 Northern Inland CU

Hide info ˄

Summerland Credit Union
6.49%
7.10%
$590.37

Car Loans Protected

Expand info ˅

With the option of pre-approval, no early repayment fee, and flexible repayment options, this loan will put you behind the wheel of your new car sooner!

Overview

Application / establishment fees$175

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term5 years

Advertised rate6.49%

Comparison rate6.74%

Monthly repayments (approx)$590

Total repayments (approx)$35,422

Total interest repayments (approx)$5,422

Rate typeFixed

Secured or unsecuredSecured

GO TO Summerland 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$0

For used vehiclesYes

SponsoredNo

Telephone1300 802 222

Data accurate as of02.04.2017

GO TO Summerland Credit Union

Comparison rate warning

The comparison rate is based on a secured loan of $30,000 over 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 Summerland Credit Union

Hide info ˄

BankVic
6.99%
7.12%
$595.68

Fixed secured car loan

Expand info ˅

Buy the type of car or vehicle you want with interest rates from 6.99% p.a. (comparison rate 7.12% p.a.)

Overview

Application / establishment fees$90

Minimum loan amount$10,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Advertised rate6.99%

Comparison rate7.12%

Monthly repayments (approx)$595

Total repayments (approx)$35,740

Total interest repayments (approx)$5,740

Rate typeFixed

Secured or unsecuredSecured

GO TO BankVic

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 100 266

Data accurate as of13.03.2017

GO TO BankVic

Comparison rate 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. Comparison rate has been calculated for a secured new or used car loan for an amount of $30,000 over a term of 5 years. All BankVic car loans are secured by a goods security agreement.

GO TO BankVic

Hide info ˄

Hume Bank
6.95%
7.13%
$595.80

Secured Car Loan < 5 years

Expand info ˅

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

Advertised rate6.95%

Comparison rate7.12%

Monthly repayments (approx)$595

Total repayments (approx)$35,748

Total interest repayments (approx)$5,748

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

SponsoredNo

Telephone1300 004 863

Data accurate as of02.04.2017

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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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.