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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First Option Credit Union
2.99%
7.21%
$538.93

Smart Start Car Loan

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Dreaming of your first car? First Option can help you get into your first car sooner with a discounted car loan for members aged 18 – 24 years.

Overview

Application / establishment fees$0

Minimum loan amount$2,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term5 years

Advertised rate2.99%

Comparison rate2.99%

Monthly repayments (approx)$538

Total repayments (approx)$32,335

Total interest repayments (approx)$2,335

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

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QBANK
6.99%
7.24%
$596.86

New car Loan (up to 2 years old)

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Purchase of a motor vehicle. QBANK will also consider refinancing an existing debt where that debt was for the purpose of purchasing a vehicle which is used to secure the loan.

Overview

Application / establishment fees$150

Minimum loan amount$1,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Advertised rate6.99%

Comparison rate7.20%

Monthly repayments (approx)$596

Total repayments (approx)$35,811

Total interest repayments (approx)$5,811

Rate typeVariable

Secured or unsecuredSecured

GO TO QBANK

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 77 28

Data accurate as of17.09.2017

GO TO QBANK

Comparison rate warning

The comparison rate displayed is calculated based on a loan amount of $30,000 over a 5 year term. WARNING: This comparison rate applies only to the example above. 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. The comparison rate displayed is calculated based on a loan amount of $25,000 over a 5 year term. Terms and conditions are available on request. Fees and charges are payable. Normal lending criteria applies.

GO TO QBANK

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Gateway Credit Union
7.04%
7.25%
$597.56

New Car Loan

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Save money – take out our Car Loan and bundle with CGU Car Insurance to receive a 10% discount off your premium.

Overview

Application / establishment fees$149

Minimum loan amount$3,000

Maximum loan amount$75,000

Minimum term1 year

Maximum term7 years

Advertised rate7.04%

Comparison rate7.25%

Monthly repayments (approx)$597

Total repayments (approx)$35,853

Total interest repayments (approx)$5,853

Rate typeVariable

Secured or unsecuredSecured

GO TO Gateway 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 302 474

Data accurate as of13.09.2017

GO TO Gateway Credit Union

Comparison rate warning

Comparison Rates are based on a loan amount of $30,000 over 5 years for secured loans. 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 Gateway Credit Union

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Qudos Bank
7.09%
7.30%
$598.29

Car Loan

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Searching for a new car, caravan, boat or motorcycle? If your new purchase is less than 5 years old, this could be the loan for you. Take the road to freedom with our low interest car loan.

Overview

Application / establishment fees$150

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Advertised rate7.09%

Comparison rate7.30%

Monthly repayments (approx)$598

Total repayments (approx)$35,897

Total interest repayments (approx)$5,897

Rate typeVariable

Secured or unsecuredSecured

GO TO Qudos 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 747 747

Data accurate as of02.04.2017

GO TO Qudos Bank

Comparison rate warning

Comparison based on a secured loan of $30,000 with a term of 5 years WARNING: Comparison rates apply to the example or the 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 Qudos Bank

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Police Bank
7.19%
7.33%
$598.82

Fixed Car Loan

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Whether you’re looking for a brand new or used car, or an environmentally friendly vehicle – a Police Bank Car Loan fits the bill.

Overview

Application / establishment fees$98

Minimum loan amount$5,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term5 years

Advertised rate7.19%

Comparison rate7.34%

Monthly repayments (approx)$598

Total repayments (approx)$35,929

Total interest repayments (approx)$5,929

Rate typeFixed

Secured or unsecuredSecured

GO TO Police Bank

Other Fees & Information

Monthly fee$7.0

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

SponsoredNo

Telephone131 728

Data accurate as of02.04.2017

GO TO Police Bank

Comparison rate warning

The comparison rate is based on a loan of $30,000 over a 5 year term. 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 Police Bank

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Victoria Teachers Mutual Bank
6.79%
7.40%
$592.84

Used car loan

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Our flexible Used Car Loan, for used cars older than current & prior calendar year models, is straightforward with no hidden costs.

Overview

Application / establishment fees$90

Minimum loan amount$5,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Advertised rate6.79%

Comparison rate6.92%

Monthly repayments (approx)$592

Total repayments (approx)$35,570

Total interest repayments (approx)$5,570

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 vehiclesYes

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 $10,000 for a term of 3 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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Horizon Credit Union
7.29%
7.50%
$601.14

Special Used Car loan

Expand info ˅

If you're looking to buy a car, Horizon can get you behind the wheel even sooner with a quick and easy car loan!

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term10 years

Advertised rate7.29%

Comparison rate7.50%

Monthly repayments (approx)$601

Total repayments (approx)$36,068

Total interest repayments (approx)$6,068

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 ˄

NRMA
6.99%
7.52%
$601.42

NRMA Car Loans

Expand info ˅

Whether it's a flashy brand new model with all the bells and whistles, or a pre-loved run-around to get you from A to B, NRMA understands that unique feeling when you get behind the wheel of your car for the first time.

Overview

Application / establishment fees$380

Minimum loan amount$15,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Advertised rate6.99%

Comparison rate7.52%

Monthly repayments (approx)$601

Total repayments (approx)$36,085

Total interest repayments (approx)$6,085

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$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 732 398

Data accurate as of17.09.2017

GO TO NRMA

Comparison rate warning

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

GO TO NRMA

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RACQ
6.99%
7.52%
$596.86

New Car Loans

Expand info ˅

Rates from 6.99%*p.a Comparison Rate 7.52%^p.a

Overview

Application / establishment fees$150

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Advertised rate6.99%

Comparison rate7.20%

Monthly repayments (approx)$596

Total repayments (approx)$35,811

Total interest repayments (approx)$5,811

Rate typeFixed

Secured or unsecuredSecured

GO TO RACQ

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesNo

SponsoredNo

Telephone1300 361 316

Data accurate as of02.04.2017

GO TO RACQ

Comparison rate warning

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

GO TO RACQ

Hide info ˄

Auswide Bank
6.99%
7.58%
$597.46

Used Car loan

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With competitive interest rates, an Auswide Bank Car Loan can help to turn your dream into a reality!

Overview

Application / establishment fees$175

Minimum loan amount$5,000

Maximum loan amount$75,000

Minimum term0 years

Maximum term7 years

Advertised rate6.99%

Comparison rate7.24%

Monthly repayments (approx)$597

Total repayments (approx)$35,847

Total interest repayments (approx)$5,847

Rate typeFixed

Secured or unsecuredSecured

GO TO Auswide Bank

Other Fees & Information

Monthly fee$5.0

Other fees$0

Missed payment fee$0

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesNo

SponsoredNo

Telephone1300 138 831

Data accurate as of13.03.2017

GO TO Auswide 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 Auswide Bank

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Defence Bank
6.59%
7.58%
$591.19

Your Low Rate Car Loan

Expand info ˅

Multi-award winning car loan

Overview

Application / establishment fees$150

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Advertised rate6.59%

Comparison rate6.80%

Monthly repayments (approx)$591

Total repayments (approx)$35,471

Total interest repayments (approx)$5,471

Rate typeVariable

Secured or unsecuredSecured

GO TO Defence 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$50

For used vehiclesYes

SponsoredNo

Telephone1800 033 139

Data accurate as of02.04.2017

GO TO Defence Bank

Comparison rate warning

Comparison rate is based on a $30,000 secured loan over a 5 year term. 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. Fees and Charges are payable. Terms and Conditions available on request.

GO TO Defence Bank

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Suncorp Bank
6.99%
7.59%
$597.46

Secured Fixed Car Loan

Expand info ˅

We offer you a low interest rate in return for using your car as security for the loan. Plus, plan your budget with fixed repayment amounts and enjoy the flexibility to make extra payments when you choose.

Overview

Application / establishment fees$175

Minimum loan amount$5,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Advertised rate6.99%

Comparison rate7.24%

Monthly repayments (approx)$597

Total repayments (approx)$35,847

Total interest repayments (approx)$5,847

Rate typeFixed

Secured or unsecuredSecured

GO TO Suncorp Bank

Other Fees & Information

Monthly fee$5.0

Other fees$0

Missed payment fee$20

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$300

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 11 75

Data accurate as of02.04.2017

GO TO Suncorp Bank

Comparison rate warning

The comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as 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. Comparison rate is based on a $30,000 loan over 5 years.

GO TO Suncorp Bank

Hide info ˄

Catalyst Money
7.49%
7.77%
$605.00

Used Car Loan (Secured)

Expand info ˅

Enjoy the perks of a secured new car loan, flexible repayment term, no monthly account keeping fee and pay out loan early without penalty

Overview

Application / establishment fees$200

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term5 years

Advertised rate7.49%

Comparison rate7.77%

Monthly repayments (approx)$605

Total repayments (approx)$36,300

Total interest repayments (approx)$6,300

Rate typeVariable

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

Hide info ˄

Illawarra Credit Union
7.49%
7.77%
$605.00

Used Car Loan (Secured)

Expand info ˅

Our secured used car loan is available to any personal borrowers buying a motor vehicle that’s no more than five years old (as at the date of application), 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 rate7.49%

Comparison rate7.77%

Monthly repayments (approx)$605

Total repayments (approx)$36,300

Total interest repayments (approx)$6,300

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

Hide info ˄

Regional Australia Bank
7.49%
7.86%
$604.90

Accelerator Car Loan

Expand info ˅

Get into your new wheels faster and easier- with a great interest rate and no hidden costs!

Overview

Application / establishment fees$195

Minimum loan amount$10,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term5 years

Advertised rate7.49%

Comparison rate7.76%

Monthly repayments (approx)$604

Total repayments (approx)$36,294

Total interest repayments (approx)$6,294

Rate typeVariable

Secured or unsecuredSecured

GO TO Regional Australia 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$26

For used vehiclesYes

SponsoredNo

Telephone132 067

Data accurate as of02.04.2017

GO TO Regional Australia Bank

Comparison rate warning

This comparison rate is for a secured variable rate “Accelerator Car Loan” based on $25,000 over 5 years. It refers to the examples 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 Regional Australia 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.