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Compare Car Loans for Students

As a student, you’ll likely need to buy a decent car so you can avoid sticky transport situations. No funds? Compare car loans for students and calculate repayments below. Find an option that allows you to move around efficiently, whether it’s to your classes, part-time job, or to family and friends.

Calculate your repayments

Pay ZERO fees^ on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$100,000. What’s more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan.

Overview

Application / establishment fees$0

Minimum loan amount$15,000

Maximum loan amount$100,000

Minimum term1.5 years

Maximum term7 Years

Car loan interest rates (base)4.45%

Car loan comparison rate4.45%

Monthly repayments (approx)$558

Total repayments (approx)$33,516

Total interest repayments (approx)$3,516

Rate typeFixed

Secured or unsecuredYes

GO TO Now Finance

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Exit / early repayment feeYes

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 275 669

Data accurate as of21/02/2021

GO TO Now Finance

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There's nothing quite like the thrill of buying a car, but one of the biggest challenges is finance. Ideally you'll want a car loan that offers flexibility and a low competitive rate, and is easy to apply for.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)4.99%

Car loan comparison rate5.69%

Monthly repayments (approx)$566

Total repayments (approx)$33,960

Total interest repayments (approx)$3,960

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesNo

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

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

Overview

Application / establishment fees$250

Minimum loan amount$2,001

Maximum loan amount$75,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.50%

Car loan comparison rate5.85%

Monthly repayments (approx)$573

Total repayments (approx)$34,381

Total interest repayments (approx)$4,381

Rate typeFixed

Secured or unsecuredSecured

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$27

For used vehiclesYes

SponsoredYes

Telephone1300 990 115

Data accurate as of13/05/2020

GO TO OurMoneyMarket

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

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)6.49%

Car loan comparison rate7.19%

Monthly repayments (approx)$586

Total repayments (approx)$35,210

Total interest repayments (approx)$5,210

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

Hide info -

Pay ZERO fees^ on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$100,000. What’s more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan.

Overview

Application / establishment fees$0

Minimum loan amount$15,000

Maximum loan amount$100,000

Minimum term1.5 years

Maximum term7 Years

Car loan interest rates (base)4.45%

Car loan comparison rate4.45%

Monthly repayments (approx)$558

Total repayments (approx)$33,516

Total interest repayments (approx)$3,516

Rate typeFixed

Secured or unsecuredYes

GO TO Now Finance

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Exit / early repayment feeYes

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 275 669

Data accurate as of21/02/2021

GO TO Now Finance

Hide info -

There's nothing quite like the thrill of buying a car, but one of the biggest challenges is finance. Ideally you'll want a car loan that offers flexibility and a low competitive rate, and is easy to apply for.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)4.99%

Car loan comparison rate5.69%

Monthly repayments (approx)$566

Total repayments (approx)$33,960

Total interest repayments (approx)$3,960

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesNo

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

Hide info -

Pay ZERO fees^ on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What’s more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan. Comparison rate can vary from 5.95% to 17.95%

Overview

Application / establishment fees$0

Minimum loan amount$8,000

Maximum loan amount$50,000

Minimum term1.5 years

Maximum term7 Years

Car loan interest rates (base)5.95%

Car loan comparison rate5.95%

Monthly repayments (approx)$579

Total repayments (approx)$34,757

Total interest repayments (approx)$4,757

Rate typeFixed

Secured or unsecuredUnsecured

GO TO Now Finance

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Exit / early repayment feeYes

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 275 669

Data accurate as of21/02/2021

GO TO Now Finance

Hide info -

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

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)6.49%

Car loan comparison rate7.19%

Monthly repayments (approx)$586

Total repayments (approx)$35,210

Total interest repayments (approx)$5,210

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

Hide info -

Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.69%

Car loan comparison rate13.56%

Monthly repayments (approx)$677

Total repayments (approx)$40,670

Total interest repayments (approx)$10,670

Rate typeVariable

Secured or unsecuredUnsecured

GO TO NAB

Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 13 12

Data accurate as of17.09.2017

GO TO NAB

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Buy the type of car or vehicle you want with interest rates from 12.99% p.a. (comparison rate 14.06% p.a.)

Overview

Application / establishment fees$195

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.74%

Car loan comparison rate13.81%

Monthly repayments (approx)$678

Total repayments (approx)$40,716

Total interest repayments (approx)$10,716

Rate typeVariable

Secured or unsecuredUnsecured

GO TO Bank of Melbourne

Other Fees & Information

Monthly fee$12.0

Other fees$0

Missed payment fee$9

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$100

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 100 266

Data accurate as of13.09.2017

GO TO Bank of Melbourne

Hide info -

Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)13.49%

Car loan comparison rate14.36%

Monthly repayments (approx)$690

Total repayments (approx)$41,408

Total interest repayments (approx)$11,408

Rate typeVariable

Secured or unsecuredUnsecured

GO TO NAB

Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 13 12

Data accurate as of17.09.2017

GO TO NAB

Hide info -

The variable rate personal loan is unsecured.

Overview

Application / establishment fees$195

Minimum loan amount$5,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)13.60%

Car loan comparison rate13.89%

Monthly repayments (approx)$691

Total repayments (approx)$41,510

Total interest repayments (approx)$11,510

Rate typeVariable

Secured or unsecuredUnsecured

GO TO Credit Union SA

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$10

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check feeAt cost

For used vehiclesYes

SponsoredNo

Telephone08 8202 7777

Data accurate as of17.07.2017

GO TO Credit Union SA

Hide info -

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BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 19.07% p.a. Total interest repayments vary between $4,290 and $14,531 over the life of the loan. *Comparison rate is based on an unsecured loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

What type of car loan are you looking for?

young woman in yellow top driving car

Car loans for students – Get around easily in between classes

There’s often a universal overlap between being a student and existing on a shoestring budget. If this financial pickle is affecting your ability to buy a new set of wheels, read our guide to find out about car loans for students in Australia and how you can benefit.

How do student car loans work?

When you receive a car loan, you get extra cash at your fingertips, which you can then splash on a new or used vehicle. Before you enter into this arrangement with a lender, you should know what’s involved in the mix.

  • How much do you borrow? – The lender can typically sort you out for any amount as long as you’re able to pay it back. They’ll usually look at your income or credit report to determine if you qualify for a specific loan amount.
  • On what terms do you pay back the money? – Car loans are paid back in instalments over a set period. On average, crossing out your debt will take anywhere from one year to five or seven years.
  • What’s the cost of student finance? – Keep in mind that along with buying a vehicle comes the cost of borrowing. Interest that gets added to your repayments plus other fees means you’ll end up paying more than the showroom price.

Can you use a student loan to buy a car?

Money from a student personal loan is used specifically to bankroll costs associated with higher education, such as tuition and accommodation. While nothing stops you from splurging the funds on a vehicle purchase, your studies should always pull rank over other secondary expenses, even one as convenient as a new ride.

Therefore, a student car loan is something you should only opt for if you’re sure you can afford it. BestFind’s student car loan calculator can help you work out your monthly repayments so you can make the best financial decision for yourself.

Where can you get car loans for students?

In Australia, your choice of lenders usually tallies up to the following:

  • Banks and credit unions. Some banks and credit unions offer credit products that are custom-built for students. For instance, they might have fee waivers or more flexible loan terms. Although, you’ll likely need to open a student bank account or submit an official document as proof of your student status. However, most car loans are the garden variety type offered to any qualifying borrower, including non-students and permanent workers.
  • Online lenders. Some lenders offer easy access to credit through online loan applications. This can be handy if you’re also on a strict time budget.
  • Peer to peer companies. With P2P lending, you’ll be borrowing funds from private individuals, not banks or financial institutions. Many platforms offer these marketplace deals, and lending criteria and car loan features tend to vary slightly.
  • Car dealerships. If you’re scouting for a cheap buy at a car dealership, you might be able to kill two birds with one stone. Dealer finance may require a deposit, but overall, you’ll hit the road much more quickly.

Types of car loans available for students

  • Secured loans. Secured loans are typically the norm when it comes to car finance. With this arrangement, the vehicle’s ownership can easily slide to the lender if you start slacking on your repayments. However, they’re usually an excellent option for students with a far from solid credit rating. That’s because you’re also more likely to be approved aside from getting a lower interest rate.
  • Unsecured loans. You can also go for an unsecured car loan where your vehicle won’t be exposed to repossession by the lender. But, without collateral, the lender’s risk goes up – a cost that ends up inflating your interest bill.
  • Fixed rate. If your car loan has a fixed interest rate, your repayments are set to stay the same. This generally protects you from the upward fluctuations of market rates while also blocking you off from the interest savings associated with downward fluctuations.
  • Variable rate. A variable interest rate is one that can stray up or down throughout the repayment period. Your repayments and budget will also follow the same behaviour. This can be welcome if the rate goes down because the loan gets cheaper. But if the rate goes up, it means your budget just got tighter.
  • Guarantor or joint application loans. Getting a guarantor or co-borrower can lend some serious weight to your application, especially if you have a shallow credit score. The guarantor or co-applicant, usually a guardian or close relative, uses their strong credit rating to vouch for you. This backup usually bags you a lower rate, but the guarantor has to spring for the repayments if you default. So you’ll have to do your best not to put them on the spot.

What’s the best way to compare car loans for students?

Bookmark the following factors and use them to streamline any future car loan comparisons:

  • Interest rate. The fastest and quickest way to flatten borrowing costs is by hunting for the lowest rate available.
  • Comparison rate. This percentage factors in interest plus standard charges. Always give it a look to avoid falling for lenders that advertise low rates while shifting the bulk of their charges to extra fees.
  • Fees and charges. Also, get a breakdown of the exact charges and fees attached to the debt. You might find some “hidden” ones that haven’t been bundled into the comparison rate.
  • Repayment flexibility. You can measure how flexible a loan is by whether you’ll be able to pay off the debt early without also paying an early repayment fee. You should also be able to pick your repayment schedule from the pool of weekly, fortnightly, or monthly choices.
  • Other unique features. Besides just looking for cheap car loans for students, broaden your search to include additional features that improve your borrowing experience. These can be anything from redraw facilities (where you repocket extra repayments) and discounts to pre-approval and cheap, built-in insurance.

How to get a car loan as a student – Requirements

When applying for their financial products, most Australian lenders will generally require a clean credit history and a healthy credit score. You’ll also need to be at least 18 years old with a suitable source of income. Typically, Centrelink payments are accepted as a source of income, although the same may not apply for Austudy, Abstudy, Youth Allowance, and Newstart payments. It’s best to cross-check the credit provider’s requirements before applying to ensure you fit into their particular lending criteria.

Do you qualify for a student car loan as an international or exchange student?

You’ll find Australian citizenship or permanent residence listed as one of the top requirements for a car loan application. That means you might not qualify if you’re on a study visa or some other visa. However, always shop around for options and don’t hesitate to approach the lender directly and ask them to clear things for you.

Student car loans FAQ

How do I apply for a student car loan?

Compare student car loans using our product tables above, then click “Go to Site” once you decide to apply for the offer that best suits your needs. Next, submit your online application on the provider’s website.

How do I improve my credit score and my chances of approval?

Strengthening your credit score is mainly a matter of paying bills on time and avoiding too many applications.

What other costs should I consider when buying a car?

You might need to cover a deposit payment or factor in on-road costs such as stamp duty, registration fees, and insurance.

Are there any restrictions on the type of car I should buy?

If you’re buying a used car, the vehicle should generally not be older than 6 or 7 years old.

Are there any car loans for students with bad credit?

Some lenders offer small car loans for students, although these might have higher interest rates.

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