Car loan comparison

Buying a car? The table below features car loans with some of the lowest interest rates on the market.

Lender

FixedNew1 year
More details

New Car Loan - Special (Fixed)

    FixedNew99 years
    More details

    New Car Loan Fixed

      FixedNew3 years
      More details

      New Car Loan Fixed

        FixedNo maxN/A
        More details

        Secured Personal Loan (Excellent Credit)

          FixedNew, Used7 years
          More details

          Car Loan - Fixed

            FixedNew2 years
            More details

            Secured Fixed Personal Loan (New Asset)

              FixedNew99 years
              More details

              New Car Loan (NSW, ACT & QLD only)

                FixedNew, Used7 years
                More details

                Secured Car Loan

                  FixedNew1 year
                  More details

                  Green Car Loan Fixed

                    FixedNew, Used3 years
                    More details

                    Car Loan Fixed

                      FixedNew5 years
                      More details

                      Fixed Car Loan (New)

                        FixedNew, Used7 years
                        More details

                        Secured Car Loan Fixed

                          FixedNew, Used99 years
                          More details

                          Car Loan

                            FixedNew, Used99 years
                            More details

                            New or Used Car Loan Special

                              FixedUsed5 years
                              More details

                              Used Car Loan (up to 5 years) (Fixed)

                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

                                The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. 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. Comparison rates are not calculated for revolving credit products.

                                Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of July 25, 2024. View disclaimer.

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                                How to Compare Car Loans?

                                Comparing various car loan options is important because aside from a mortgage, a car loan is one of the biggest financial transactions you’ll make. So, it makes sense to do your research first before you apply for one.

                                Here are several things you should look out for when comparing car loans:

                                Interest Rate

                                This is probably the most significant factor to consider since the interest rate is the biggest cost of a loan. Other than looking at the advertised rates, you should also compare comparison rates because the comparison rate provides you with an indication of the overall cost of a loan, including any fees and charges.

                                There’s also two kinds of car loan interest rates to take into consideration. These are:

                                • Fixed car loan rates: This means your rate will remain the same during its agreed term with your lender. This lets you enjoy the security of keeping the same repayment amount for the life of your loan. The downside of this is that when your lender cuts their rate you won't be able to take advantage of this lower rate and potentially lower repayments.

                                • Variable car loan rates: This means that your rate is susceptible to changes. It can increase or decrease depending on the market changes and your lender. This can be a good thing and a bad thing because your monthly repayments can increase or decrease.

                                Loan Repayments

                                This feature will depend on the lender and if they offer fortnightly, weekly, or monthly repayments. Your repayment frequency can have an impact on the overall amount you end up paying back on your loan because the more frequent you pay, the sooner you might pay off the balance. This can also mean you can save money on interest.

                                You can also do loan repayments comparison by using our car loan repayments calculator. You can easily see if the car loan repayment will suit your budget.

                                Fees and charges

                                Lenders may charge you certain fees. These can be:

                                • Application fees: You are charged for applying for a loan.

                                • Monthly ongoing fees: This is the cost for maintaining your car loan.

                                • Discharge fees: This is charged at the end of the loan term for closing the account.

                                • Late repayment: If you’re unable to make the repayments on time you will be charged a late repayment fee.

                                Features

                                Check if the car loan provider will be able to offer features that will be useful for you. This can be:

                                • Balloon payment: This is a feature that allows you to have lower repayments because there will be a lump sum payment that needs to be paid at the end of the term. Usually, it’s between 30-50% of the borrowed amount. It’s very helpful if you can't repay the full amount borrowed over the loan term, giving you the flexibility to save up for the balloon payment.

                                • Redraw facility: When making extra car loan repayments, if you have a redraw facility you are able to redraw the extra money you paid towards the loan when you need it.

                                *Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of 1 July 2024.

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                                Car Loan Comparison FAQs

                                Car loan comparison rates can help you in determining the best car loan deal. This is because the comparison rate shows the overall actual cost of the loan, including any upfront or ongoing fees.

                                You can improve your credit score to get a lower interest rate. You may also refinance your car loan to a lower rate reducing your car loan interest rate and repayments.

                                An average car loan interest rate in Australia varies between 4% to 6%. To secure a good interest rate, make sure that you have a good credit history before applying.