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Affordable Car Loan – Tips and Tricks

Car loan tips to make paying off your ride easier

Buying a new car can be a big step and a big investment for most people. Having a reliable vehicle is important to most, as this is the mode of transport that they use for everything from ferrying the kids around to getting to work. Although there are some people who can enjoy the luxury of paying in full for a new car from their savings, most of us have to rely on finance to buy a new, reliable vehicle. There are a number of options available when it comes to getting finance to purchase a car, including finding a competitive car loan.

Latitude New and Used Car Loan

Latitude New and Used Car Loan

From

6.99 % p.a.

fixed rate

From

8.10 % p.a.

comparison rate

  • Competitive low rate
  • Up to 7 years to repay
  • New or used vehicles accepted
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100% confidential application

Latitude New and Used Car Loan

A competitive fixed rate loan available for new and used vehicles.

  • Interest rate from: 6.99% p.a.
  • Comparison rate: 8.10% p.a.
  • Interest rate type: Fixed
  • Application fee: $295
  • Minimum loan amount: $5,000
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Comparison of low interest rate car loans for refinancing

Rates last updated April 22nd, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Product Description Monthly Repayment
Latitude New and Used Car Loan
From 6.99% (fixed)
8.1%
$5,000
1 to 7 years
$295
$10
You'll receive a fixed rate between 6.99% p.a. and 14.99% p.a. based on your risk profile
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.
IMB New Car Loan
5.89% (fixed)
6.24%
$2,000
1 to 7 years
$250
$0
You'll receive a fixed rate of 5.89% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.
Beyond Bank Low Rate Car Loan
From 5.69% (fixed)
5.97%
$25,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 5.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
Loans.com.au - New Car Loan
5.44% (fixed)
5.99%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate of 5.44% p.a.
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment.
Stratton Finance New Car Loan
From 5.34% (fixed)
6.6%
$7,500
1 to 7 years
$459.20 (for private seller vehicles this fee is $608)
$8.90
You'll receive a fixed or variable rate depending on the lender you are approved with
Apply for up to $150,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
RACV New Car Loans
From 5.99% (fixed)
6.55%
$15,000
1 to 7 years
$399
$0
You'll receive a fixed rate of 5.99% p.a.
A larger loan of $15,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees. Note: Product only available to residents of Victoria.
Credit Concierge Car Loan
From 4.99% (fixed)
6.23%
$10,000
1 to 7 years
$350
$5
You'll receive a interest rate from 4.99% p.a. with a comparison rate from 6.23% p.a.
Get access to over 20 providers to fund a new or used car.
Westpac Car Loan
From 8.49% (fixed)
9.67%
$10,000
1 to 7 years
$250
$12
You'll receive a fixed rate of 8.49% p.a.
Finance a new or used car and benefit from convenient features for car buyers including a car search tool and the option to borrow extra for on-road costs.
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$195
$12
You'll receive a fixed rate from 8.49% p.a. based on the value of your car
Get a competitive rate and apply for a larger loan up to $80,000 when you attach a new or used car as security to the loan.
IMB Secured Personal Loan
6.89% (fixed)
7.24%
$2,000
1 to 5 years
$250
$0
You'll receive a fixed rate of 6.89% p.a.
Benefit from this competitive rate by securing the loan with a vehicle up to 6 years old. Use this flexible loan for any purpose.

Compare up to 4 providers

You will find a number of providers and lenders that are able to offer competitive rates on car loans, so if you have decent credit you should not have any real problem when it comes to getting a loan. However, it is important to ensure that you make the right choices when you are taking out a car loan, as you need to bear in mind that for most people this will be a relatively long term financial commitment.

There are a number of things that you need to consider when you are looking at taking out a car loan, from the amount that you should look at borrowing to knowing when to make your application for car finance. You also need to consider the terms of any car loan that you take out based on your preferences and financial situation, as this way you can target the right loan for your needs.

Some tips to help when getting a car loan

There are a number of tips that can help you when it comes to getting a personal loan, which is why you should make sure that you take time to look at your options rather than rushing into taking out a loan. Some tips that can help those looking to take out a car loan include:

  • Work out how much you can afford to borrow: Before you start looking for a loan or searching around for the dream car, you need to work out how much you can afford to borrow. This is based on your income and outgoings, as you need to ensure that you can comfortably afford the repayments on your car loan otherwise you could risk losing your car. Go through your finances thoroughly and check the maximum amount that you can afford by way of monthly repayments. You can then use one of a number of car loan calculators to work out how much you can afford to borrow
  • Work out what terms you want from the car loan: You should also consider how long you want to repay the loan over before you start searching around for a lender or car. Obviously, the longer the repayment term the lower the repayment but the more time you will be saddled with an additional debt
  • Find a competitive loan: You should start looking for a competitive car loan based on the amount that you want to borrow before you start looking for a car. Spending time searching for a car could end up being a waste of time if you then find you cannot get a loan. Therefore you should first find and secure a car loan so that you know exactly how much you have to spend and you know that you definitely have the finance that you need
  • Extra costs: You also need to think about additional costs associated with buying a new car and then determine whether this is something that you want to work into the car loan or whether you want to pay for this separately. This includes the cost of insurance, which can be quite high particularly for younger drivers with less experience

Comparing car loans

It is very important for anyone who is thinking of taking out a car loan to ensure that they compare car loans from a range of providers, as this will help to ensure that you are able to get a good deal on your borrowing. When you compare car loans from different providers there are a number of things that you need to look at, which includes:

  • The rate of interest being charged on the loan so that you can determine whether you are getting value for money
  • The repayment periods available with the loan
  • The maximum borrowing levels that you can get
  • The monthly repayment that comes with the loan, so that you can ensure it fits in with your budget
  • Any extra fees and charges that may be applied with the loan

You can compare these features with speed and ease when you compare car loans and provider online, so you should find it quick and convenient to compare car loans in order to find the most suitable and competitive one for your needs.

now about your next car loan

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Car Loan Offers

Important Information*
IMB New Car Loan

You'll receive a fixed rate of 5.89% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Latitude New and Used Car Loan

You'll receive a fixed rate between 6.99% p.a. and 14.99% p.a. based on your risk profile
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.

Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 5.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Loans.com.au - New Car Loan

You'll receive a fixed rate of 5.44% p.a.
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment.

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