Refinance car loan - Save more with lower rates | Finder

Car loan refinancing

Learn about car loan refinancing options in Australia and how to switch!


We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

NRMA New Car Loan

NRMA New Car Loan


4.99 %p.a.

fixed rate


5.69 %p.a.

comparison rate

  • Low fixed interest rate
  • No ongoing fees
  • Borrow from $5,000
Security Logo

100% confidential application

NRMA New Car Loan

You could get a new car with an NRMA Car Loan featuring a fixed rate of interest and no monthly fees.

  • Interest rate from: 4.99% p.a.
  • Comparison rate: 5.69% p.a.
  • Interest rate type: Fixed
  • Application fee: $499
  • Minimum loan amount: $5,000
  • Maximum loan amount: $130,000
Go to site

Refinance car loan options

If you feel like you're paying too much for your car loan, refinancing can help save you money by giving you a lower rate, fewer fees and more flexibility. Read on to find out if it's right for you, how to refinance your car loan and compare your options now.

Data updated regularly
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
NRMA New Car Loan
From 4.99% (fixed)
1 to 7 years
You'll receive a fixed rate from 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
IMB New Car Loan
4.99% (fixed)
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPS registration fee)
You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old. - New and Dealer Used Car Loan
From 4.67% (fixed)
3 to 5 years
You'll receive a fixed rate from 4.67% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
OurMoneyMarket Car Loan
From 5.35% (fixed)
1 to 7 years
You'll receive a fixed interest rate from 5.35% p.a. to 14.99% p.a. based on your risk profile.
Borrow between $2,001 and $75,000 to finance a new or used car up to 10 years.

Compare up to 4 providers

Popular car loan refinancing options

  • Beyond Bank Low Rate Car Loan "Special Offer": 5.01% p.a. comparison rate. A limited time offer – get a car loan with a 4.69% p.a. variable rate.
  • RACQ Bank Car Loan Special: 6.16% p.a. comparison rate. A car loan suitable for new vehicle purchases with no monthly administration fees.
  • IMB New Car Loan: 5.34% p.a. comparison rate. A new car loan with no monthly service fees and no early repayment.
  • bcu Car Loan: 6% p.a. comparison rate. A flexible car loan with redraw facility and fee-free early payout.

Why should I refinance my car loan?

There are a number of reasons to refinance your car loan, but basically it's about getting a better deal than your existing loan.This could mean reducing your repayments by getting a lower interest rate or giving yourself longer to pay off the loan, getting a loan with better features or going with a different lender.

If you've improved your credit score since you received your car loan, or interest rates have dropped, it's worth looking at car loan refinancing as a way to lower your interest rate. Many car loans offer interest rates from 5% to 8%, so if you're currently paying more, it may be worth refinancing.

How does car loan refinancing work

To refinance your car loan, you simply need to get approved for a new loan that covers the amount you still owe on your existing loan. You use the funds from the new loan to pay off your existing car loan, then make repayments on the new loan.You want to get a loan with a lower interest rate or better terms, so you can save on interest or make your repayments more manageable.

Car loan refinancing example

You received a car loan for $20,000 with an interest rate of 12%. You have already paid $5,000 off the loan, leaving you with $15,000 left to pay.

You choose to refinance your loan with another lender offering an interest rate of 8%. You apply for a $15,000 loan with the new lender and use the funds to pay off the remaining amount on your original loan.

You then continue to make repayments on the new loan, but are now paying 8% interest, instead of 12%, saving money in the process.

5 steps to refinance your car loan:

  1. Compare your options. Make sure you meet the eligibility criteria and are aware of all fees and charges on the new loan. Once you've found the right loan for you, click "Go to site" to apply and select refinancing as the loan purpose.
  2. Submit the relevant documents and information. This will usually include information about the lender you're with and details about your car.
  3. Pay off your previous loan. Once approved, your new lender may do this for you or you may be required to organise this yourself.
  4. Close your previous loan. Once you have paid off the old loan, you should ensure the loan account is closed.
  5. Repay your new loan. You then continue to make payments on this loan.

5 things to keep in mind with car loan refinancing

  • The amount you pay over the life of the loan will be less. This is very important to check. Less interest does not always mean lower weekly repayments, but the overall amount should be lower over the life of the loan. Remember to take into account up-front and ongoing fees as well as the loan term you're asking for and use a car loan repayment calculator to determine the cheaper option.
  • You won't pay more interest over the loan term. If you extend your loan term, you may end up paying more in interest over the course of the loan. While the size of your repayments will be lower, you will have to make more repayments, meaning you'll pay more interest.
  • The loan has the features that you want. If you want to be able to make extra repayments, repay the loan early, use a redraw facility or an insurance product bundle, make sure the new lender offers this.
  • The lender is legitimate. A number of lenders operate in the car finance space and it is your responsibility to choose one that is reputable. See how transparent the lender is with rates and fees and how easy they are to contact before deciding on a new loan.
  • Check if you'll be charged a fee for paying off your loan early. If so, factor in the cost of the fee when working out if you'll save money by refinancing.

More guides on Finder

    Logo for IMB New Car Loan
    IMB New Car Loan

    You'll receive a fixed rate of 4.99% 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.

    Logo for Beyond Bank Low Rate Car Loan "Special Offer"
    Beyond Bank Low Rate Car Loan "Special Offer"

    You'll receive a fixed rate of 4.69% p.a.
    Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

    Logo for RACV New Car Loans
    RACV New Car Loans

    You'll receive a fixed rate from 4.99% p.a.
    A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

    Logo for NRMA New Car Loan
    NRMA New Car Loan

    You'll receive a fixed rate of 4.99% p.a.
    Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

    Ask an Expert

    You are about to post a question on

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

    34 Responses

      Default Gravatar
      sonyNovember 7, 2018

      I want to refinance my car.

        Avatarfinder Customer Care
        JhezNovember 9, 2018Staff

        Hello Sony,

        Thank you for your comment.

        Since you’re looking for refinancing options for your car, the guide above will give you ideas and tips on how to go about getting one. You may compare the car loan refinancing products above and click the Go to Site button of your preferred loan product.

        Please make sure to meet all the criteria and the requirements before submitting the application. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you. We also recommend that you get in touch with the lender.

        Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.


      Default Gravatar
      SavvasAugust 31, 2017

      I have a car loan and I would like to refinance it somewhere else with a better interest rate

        Default Gravatar
        JonathanAugust 31, 2017

        Hello Savvas,

        Thank you for your question.

        You are on the right page! :)

        You may put your loan amount and the desired term on the calculator at the top of the comparison table. This will help you get the figures down for the loan you’re likely to be comfortable with in terms of repayments.

        It is worth mentioning that you need to review the qualifications and the loan terms prior application.

        Hope this helps.


      Default Gravatar
      AJDecember 5, 2016

      Good Afternoon,

      I am looking to refinance my Harley Davidson motorcycle. The interest rate is extremely high.

      The only default I have is from over 5 years ago – no current credit cards, no credit issues.

      Is there another option I have to re-finance? Payout figure is approximately $28K

        Avatarfinder Customer Care
        MayDecember 6, 2016Staff

        Hi AJ,

        Thanks for your question.

        You may try contacting a motorcycle loan lender for your motorcycle refinancing options. Please note that your approval will be on a case-by-case basis so make sure to read the criteria and requirements before you apply.

        Hope this helps.


      Default Gravatar
      bobMay 25, 2016

      I have an existing car loan and im wanting to borrow an extra $20000. Adding it to my loan. Is that possible? Is that refinancing?

        Avatarfinder Customer Care
        ElizabethMay 25, 2016Staff

        Hi Bob,

        Refinancing involves you taking out a new loan to pay out your existing loan, so borrowing an additional $20,000 on your existing loan is just “topping up” your loan. You’ll need to get in touch with your lender to find out if this is possible and what the process is to apply.

        Hope this helps,


      Default Gravatar
      RoyMay 11, 2016

      Hi, I want to refinance my loan. looking for right advice.

        Avatarfinder Customer Care
        ElizabethMay 12, 2016Staff

        Hi Roy,

        As a financial comparison service we can’t offer you personal advice, but any of the lenders on the page above can help you with car loan refinancing. You can use the table above to compare them. You can also click the “Speak to a broker” tab if you’d like some advice from a car loan broker.

        Hope this helps,


      Default Gravatar
      Anna72February 28, 2016

      I have come to the end of my car loan and have a balloon left on it I have advertised the car privately to sell but not getting any interest as the balloon payment is quite high $35000 I don’t want to get in a situation where I need to buy another expensive car to get a trade price to cover the balloon as my goal is to reduce the monthly car payments as it is having an impact on my finances I’m wondering if my best option is to refinance the car for a 3 to 4 year term the car is a Holden HSV gts and in reasonably good conditions with low kms

        Avatarfinder Customer Care
        ElizabethFebruary 29, 2016Staff

        Hi Anna72,

        I can’t offer you any personal advice as the right option for you will depend on your own situation. However, sitting down and crunching the numbers may be a good place to start.

        You can use a car loan comparison calculator to see where you might stand if you choose to refinance, and can also compare some of the available rates and fees using the comparison table on this page.

        If you aren’t getting much interest in your car, you could post it on a few different sites – take a look at some of our car selling tips. You can also consider refinancing the balloon payment with your current lender.

        I hope this information has been of use.



      Default Gravatar
      mark88December 21, 2015

      Hi there I recently purchased a near new GT falcon for $56,000 at 13% paying around $1100 a month. It’s not the biggest rate or the smallest but because of all the hidden fees and what not the payout figure is roughly around $59000. Would there be any lenders out there that would take over this loan from my current lender. I’m sure i can get a better rate than 13%. Thanks

        Avatarfinder Customer Care
        ElizabethDecember 21, 2015Staff

        Hi Mark88,

        Thanks for your question.

        Before looking for a lender to refinance your car, you may use a car loan repayment calculator to determine the cheaper option.

        You may also want to consider a car loan broker. You can find out if you are eligible by using the broker forms from Prolease and 1800 Approved Car Loans.

        Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

        I hope this will help.


      Default Gravatar
      GraemeDecember 3, 2015

      If I own my car outright bought fir cash are there lenders who will refinance my car which is about 1 year old

        Avatarfinder Customer Care
        ElizabethDecember 4, 2015Staff

        Hi Graeme,

        Thanks for your question.

        Car loan refinancing refers to the process of moving a loan you have with one lender to another lender, as you own your car outright this is not an option for you. If you want to take out a loan and use your car as security, some lenders will let you attach it to the loan as a guarantee.

        You can find out more about secured loans and how you can use your car as a security for your loan. Enter the loan amount and loan term and then select calculate to show your loan options. Select ‘Go to site’ to head over to their website to apply.

        Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered upon application.

        I hope this has helped.



      Default Gravatar
      NazMarch 17, 2015


      Is there anyway on refinancing my car?

      I currently got a car about 9months ago. Because it was my first, i jumped at the pre-approved loan, not reading the term or anything signed the paper. I have a 27.99% interest on that car loan (spending way too much money) my car was roughly $15,000.00 my repayment is $148.00 a week.

      So please if i can refinance my car for lower rate, i would muchly appreciate it.

      Kind Regards,


        Avatarfinder Customer Care
        ShirleyMarch 18, 2015Staff

        Hi Naz,

        Thanks for your question.

        Please note that is an online comparison and information service and is not a product issuer. If you would like to discuss your eligibility or options, please get in touch with a lender on this page.

        You’ll need to check with your existing lender and enquire about what fees will be charged if you exit the loan. You may find that the fees will outweigh the potential savings you get by going with a lower interest rate. In this case it may not make financial sense to refinance.


      Default Gravatar
      KhelMarch 13, 2015

      is there any way regarding refinancing my car without extra cost?

        Avatarfinder Customer Care
        ShirleyMarch 16, 2015Staff

        Hi Khel,

        Thanks for your question.

        Typically when you refinance you calculate the fees that are payable against the savings that you make. If your savings outweigh the fees then this could be a good indication that refinancing your car is possible without incurring extra costs.


    Go to site