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

Expand info ˅

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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Hunter United
6.99%
7.91%
$599.00

Low Rate Car Loan

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Get that new car feeling with our low rate car loan. You deserve it! Comparison rates from 7.91% p.a.

Overview

Application / establishment fees$250

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Advertised rate6.99%

Comparison rate7.35%

Monthly repayments (approx)$599

Total repayments (approx)$35,940

Total interest repayments (approx)$5,940

Rate typeVariable

Secured or unsecuredSecured

GO TO Hunter United

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 10 10 63

Data accurate as of13.09.2017

GO TO Hunter United

Comparison rate warning

The comparison rate is calculated on a secured loan amount 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.

GO TO Hunter United

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P&N Bank
6.99%
7.97%
$598.03

Secured Personal Loan

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Pay off your loan as quickly as possible with this very low variable interest rate personal loan, secured against your motor vehicle.

Overview

Application / establishment fees$199

Minimum loan amount$5,000

Maximum loan amount$500,000

Minimum term2 years

Maximum term5 years

Advertised rate6.99%

Comparison rate7.28%

Monthly repayments (approx)$598

Total repayments (approx)$35,881

Total interest repayments (approx)$5,881

Rate typeVariable

Secured or unsecuredSecured

GO TO P&N 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$25

For used vehiclesYes

SponsoredNo

Telephone13 25 77

Data accurate as of02.04.2017

GO TO P&N Bank

Comparison rate warning

Comparison rate is calculated based on $30,000 over 5 years for secured and unsecured loans. 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 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 P&N Bank

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Coastline Credit Union
7.69%
7.97%
$607.88

$30K+ 2-4 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 rate7.69%

Comparison rate7.97%

Monthly repayments (approx)$607

Total repayments (approx)$36,472

Total interest repayments (approx)$6,472

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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SCU
7.95%
8.09%
$609.60

Fixed Rate Car Loan

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Then the Fixed Rate Car Loan is all you need to make it happen. With a a super low competitive fixed rate with flexible repayment options and quick approval process, your choice is made easy.

Overview

Application / establishment fees$100

Minimum loan amount$10,000

Maximum loan amount$50,000

Minimum term1 year

Maximum term7 years

Advertised rate7.95%

Comparison rate8.09%

Monthly repayments (approx)$609

Total repayments (approx)$36,576

Total interest repayments (approx)$6,576

Rate typeFixed

Secured or unsecuredSecured

GO TO SCU

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 61 91

Data accurate as of02.04.2017

GO TO SCU

Comparison rate warning

Comparison rate based on a $30,000 loan over 5 years secured. 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 SCU

Hide info ˄

ECU Australia
7.95%
8.16%
$607.57

Go Car Loan

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With a great low rate for cars up to 2 years old and no penalty on extra repayments you can say GO to a new car with ECU's Go Car Loan.

Overview

Application / establishment fees$0

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term1 year

Maximum term7 years

Advertised rate7.95%

Comparison rate7.95%

Monthly repayments (approx)$607

Total repayments (approx)$36,454

Total interest repayments (approx)$6,454

Rate typeFixed

Secured or unsecuredSecured

GO TO ECU 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

Telephone1800 383 791

Data accurate as of02.04.2017

GO TO ECU Australia

Comparison rate warning

Comparison rate based on $30,000 over 5 years. These rates are for secured loans. Warning: Comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or cost savings such as fee discounts and waivers, are not included in the comparison rate but may influence the cost of the loan. Rates are subject to change, terms and conditions apply and are available on application. Fees and charges apply.

GO TO ECU Australia

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BOQ
7.39%
8.19%
$603.62

Fixed Motor Vehicle Secured

Expand info ˅

Fixed Rate Car Loans give you the certainty of knowing what your repayments will be over the course of your loan. Your repayment amount is determined at the start of the loan

Overview

Application / establishment fees$195

Minimum loan amount$5,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Advertised rate7.39%

Comparison rate7.67%

Monthly repayments (approx)$603

Total repayments (approx)$36,217

Total interest repayments (approx)$6,217

Rate typeFixed

Secured or unsecuredSecured

GO TO BOQ

Other Fees & Information

Monthly fee$7.5

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$50

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 55 72 72

Data accurate as of02.04.2017

GO TO BOQ

Comparison rate warning

Comparison Rate calculated on a loan amount of $30,000 over a term of 5 years. These rates are for secured loans only. 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. Fees and charges are payable. Normal credit assessment criteria apply. Full terms and conditions are available at any BOQ branch. Interest rates quoted are indicative only, and are subject to change without notice. Fixed interest rates may vary between application and drawdown of the loan.

GO TO BOQ

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Select Encompass
7.99%
8.22%
$608.15

Used Car Loan 2-5 years

Expand info ˅

If you are in the market for a used car between 2-5 years old, look no further then our Used Car Loan. It offers a very competitive interest rate with all the features of our new car loan.

Overview

Application / establishment fees$0

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Advertised rate7.99%

Comparison rate7.99%

Monthly repayments (approx)$608

Total repayments (approx)$36,489

Total interest repayments (approx)$6,489

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

Hide info ˄

Community First Credit Union
7.49%
8.25%
$605.50

Car loan

Expand info ˅

Our secured fixed rate Car Loan is available for brand new cars, brand new registrable motorbikes, or cars that are up to 3 years old.

Overview

Application / establishment fees$195

Minimum loan amount$10,000

Maximum loan amount$60,000

Minimum term1 year

Maximum term7 years

Advertised rate7.49%

Comparison rate7.81%

Monthly repayments (approx)$605

Total repayments (approx)$36,330

Total interest repayments (approx)$6,330

Rate typeFixed

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 vehiclesYes

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

Hide info ˄

FCCS Credit Union
7.95%
8.26%
$611.52

Reward Car Loan

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Want to own your new car sooner? This loan is perfect if you are looking to buy a new car or a car that is still under the manufacturers warranty. Interest rate discounts are available when you purchase certain Loan Protection Insurance products.

Overview

Application / establishment fees$195

Minimum loan amount$5,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Advertised rate7.95%

Comparison rate8.22%

Monthly repayments (approx)$611

Total repayments (approx)$36,691

Total interest repayments (approx)$6,691

Rate typeVariable

Secured or unsecuredSecured

GO TO FCCS 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 361 555

Data accurate as of02.04.2017

GO TO FCCS Credit Union

Comparison rate warning

Comparison rates are based on a secured loan amount of $30,000 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 FCCS Credit Union

Hide info ˄

Credit Union SA
7.99%
8.26%
$612.10

Fixed rate car loan

Expand info ˅

The fixed rate personal loan is available when secured by a vehicle between 2 and 7 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 rate7.99%

Comparison rate8.26%

Monthly repayments (approx)$612

Total repayments (approx)$36,726

Total interest repayments (approx)$6,726

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

Hide info ˄

The Capricornian
7.95%
8.31%
$612.64

Protected Car Loan < 3 years

Expand info ˅

With flexible options and competitive interest rates you could be driving your dream car sooner than you think.

Overview

Application / establishment fees$250

Minimum loan amount$5,000

Maximum loan amount$75,000

Minimum term1 year

Maximum term5 years

Advertised rate7.95%

Comparison rate8.30%

Monthly repayments (approx)$612

Total repayments (approx)$36,758

Total interest repayments (approx)$6,758

Rate typeFixed

Secured or unsecuredSecured

GO TO The Capricornian

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 314 900

Data accurate as of02.04.2017

GO TO The Capricornian

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 Capricornian

Hide info ˄

SERVICE ONE Alliance Bank
7.79%
8.38%
$608.41

Secured Fixed Rate Personal Loan

Expand info ˅

The SERVICE ONE Alliance Bank Fixed Rate Personal Loan allows you to budget with confidence as you lock in your repayment amount with a fixed rate for the life of the loan. A summary of this product's features is offered below

Overview

Application / establishment fees$150

Minimum loan amount$1,000

Maximum loan amount$75,000

Minimum term1 year

Maximum term7 years

Advertised rate7.79%

Comparison rate8.01%

Monthly repayments (approx)$608

Total repayments (approx)$36,504

Total interest repayments (approx)$6,504

Rate typeFixed

Secured or unsecuredSecured

GO TO SERVICE ONE Alliance Bank

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$25

For used vehiclesYes

SponsoredNo

Telephone1300 361 761

Data accurate as of02.04.2017

GO TO SERVICE ONE Alliance Bank

Comparison rate warning

Comparison rate calculated on a secured 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 SERVICE ONE Alliance Bank

Hide info ˄

RACV
7.99%
8.53%
$611.19

RACV New Car Loan

Expand info ˅

Your loan application will take 10 minutes – online, over the phone or in store.

Overview

Application / establishment fees$150

Minimum loan amount$1,000

Maximum loan amount$250,000

Minimum term1 year

Maximum term7 years

Advertised rate7.99%

Comparison rate8.20%

Monthly repayments (approx)$611

Total repayments (approx)$36,671

Total interest repayments (approx)$6,671

Rate typeFixed

Secured or unsecuredSecured

GO TO RACV

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

Telephone13 19 03

Data accurate as of02.04.2017

GO TO RACV

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 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 RACV

Hide info ˄

Beyond Bank
7.99%
8.62%
$611.80

Low Rate Car Loan

Expand info ˅

With a super-low interest rate, minimal fees and flexible repayment options, our Low Rate Car Loan makes it easier to purchase your new car.

Overview

Application / establishment fees$175

Minimum loan amount$5,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Advertised rate7.99%

Comparison rate8.24%

Monthly repayments (approx)$611

Total repayments (approx)$36,708

Total interest repayments (approx)$6,708

Rate typeFixed

Secured or unsecuredSecured

GO TO Beyond Bank

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$25

For used vehiclesYes

SponsoredNo

Telephone1300 236 344

Data accurate as of02.04.2017

GO TO Beyond Bank

Comparison rate warning

The comparison rates are calculated for a secured loan of $30,000 with monthly repayments over a term of five years. 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 Beyond Bank

Hide info ˄

Heritage Bank
7.99%
8.62%
$612.30

Car Loans

Expand info ˅

Whether you need a bigger family car, have your eye on your dream new car or just need a more reliable second hand vehicle to get you from A to B, our fixed rate car loan can get you moving.

Overview

Application / establishment fees$200

Minimum loan amount$5,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Advertised rate7.99%

Comparison rate8.28%

Monthly repayments (approx)$612

Total repayments (approx)$36,738

Total interest repayments (approx)$6,738

Rate typeFixed

Secured or unsecuredSecured

GO TO Heritage Bank

Other Fees & Information

Monthly fee$5.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment feeYes

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 14 22

Data accurate as of02.04.2017

GO TO Heritage Bank

Comparison rate warning

Car loan comparison rate calculated on a loan amount of $30,000 over a term of 5 years based on monthly repayments, for secured loans only. All other personal loan comparison rates calculated on a loan amount of $10,000 over a term of 3 years based on monthly repayments. 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 Heritage Bank

Hide info ˄

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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.