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Car loans generally require you to make repayments over a set period of time. However, some may allow you to make additional repayments or pay off your entire loan early. If you're considering a car loan and want the ability to pay it off early, read our guide to see which loans allow you to do so.
| Brand | Car loan(s) | Can you repay early without penalty? | Fees that apply |
|---|---|---|---|
| Aussie | Aussie Car Loan |  | Fees are determined by the lender. The amount will depend on how much you have left on your loan term and how much you still owe. |
| Bankwest | Bankwest Car Loan |  | An early repayment fee applies if the loan is paid off in the first 24 months. |
| BankSA | BankSA Secured Personal Loan | | $150 if paid off within first 12 months, $100 if paid off after first the first 12 months and before the end of the term. Break costs also apply as determined by BankSA. |
| Bendigo Bank | Bendigo Bank Secured Car Loan | | $20 fee for paying your loan back early. |
| Beyond Bank | Beyond Bank Special Low Rate, Low Rate, Fee Free and Flexi Car Loan | | No fee applies. |
| CommBank | Commonwealth Bank Secured Car Loan | | You will be charged an early repayment adjustment if you repay your loan early. |
| CUA | CUA Fixed Rate Car Loan | | No fee applies. |
| Esanda | Esanda Car Loan | | $50 administration fee plus $680 pro rata for unrecovered costs of providing the loan. Break costs may also apply. |
| Gateway Bank | Gateway Bank New Car Loan, Car up to 5 years and over 5 years | | No fee applies. |
| IMB | IMB New Car Loan, IMB Secured Personal Loan | | No fee applies. |
| loans.com.au | loans.com.au Car Loan | | Early repayment fee applies if the loan is paid off before the last 12 months of the loan term. |
| NRMA | NRMA Car Loan | | $200 or 2% of the outstanding balance (whichever the greater) at the time the final payment is made. Applies for the first 75% of the original loan term only. |
| RACQ | RACQ Car Loan | | 2% or minimum $200 if paid before 75% of the loan term, otherwise $0. |
| RACV | RACV Car Loan | | The fee is $160 or 1.25% of your remaining loan amount, whichever is greater. |
| Westpac | Westpac Car Loan | | $175 fee applies if you choose a term greater than 2 years and pay it out in less than 2 years. This fee is waived if you pay out your personal loan by refinancing to another Westpac personal loan. |
There are a few different types of early repayments:
Your car loan repayments will affect how you deal with your loan, so examine them carefully. Before you send through an application, make sure you have considered:
Making additional repayments on your car loan can be a helpful option that can help you save down the track, but it's not the only feature that lenders have on offer. Remember to compare car loans across all fees, features and rates to find the right one for you.
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Hi I’ve just paid off my car loan three years earlier and now I received final payment paperwork with a admin fees add in to it and it’s over $500.00.my question is; was I supposed to pay that admin fee when I pay my loan off early?
Hi Oliver,
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
That would depend on your lender. As you can see on the table above, different lenders have different policies. You may review your loan policy or contact your lender directly to verify.
I hope this helps.
Cheers,
Danielle