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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.

loans.com.au - New - Variable Rate Special

loans.com.au - New - Variable Rate Special

6.24 % p.a.

variable rate

7.36 % p.a.

comparison rate

  • Early payout available
  • Borrow up to $150,000
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loans.com.au - New - Variable Rate Special

A competitive variable rate to purchase a car up to four years old. Option to add on-road costs into loan amount.

  • Interest rate: 6.24% p.a.
  • Comparison rate: 7.36% p.a.
  • Interest rate type: Variable
  • Application fee: $400
  • Minimum loan amount: $5,000
  • Maximum loan amount: $150,000
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Comparison of low interest rate car loans for refinancing

Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Rate Type Application Fee Monthly Fee Monthly Repayment
loans.com.au - New - Variable Rate Special
Variable, 3 - 7 Years, $5,000 - $150,000
loans.com.au - New - Variable Rate Special
6.24% to 7.74%
7.36% to 8.85%
Variable
$400
$8
Monthly Repayment
OurMoneyMarket New Car Loan
Fixed, 1 - 7 Years, $2,001 - $75,000
OurMoneyMarket New Car Loan
6.57% to 18.99%
7.19% to 21.78%
Fixed
1.5% - 6%
min.
$0
Monthly Repayment
Verified Lending Used Car Loan
Fixed, 1 - 7 Years, $10,000 - $200,000
Verified Lending Used Car Loan
7.1% to 18.99%
8.06% to 22.99%
Fixed
$395
$0
Monthly Repayment
NRMA New Car Loan
Fixed, 1 - 7 Years, $5,000 - $130,000
NRMA New Car Loan
7.29% to 16.99%
8% to 17.77%
Fixed
$499
$0
Monthly Repayment
Note: Take out a loan for an eligible electric vehicle and receive a 1.5% discount on your personalised interest rate (interest rates start from 5.79% p.a. and comparison rates from 6.49% p.a.)
OurMoneyMarket Used Car Loan - No Vehicle Age Limit
Fixed, 1 - 7 Years, $2,001 - $75,000
OurMoneyMarket Used Car Loan - No Vehicle Age Limit
6.57% to 18.99%
7.19% to 21.78%
Fixed
1.5% - 6%
min.
$0
Monthly Repayment
NRMA Used Car Loan
Fixed, 1 - 7 Years, $5,000 - $130,000
NRMA Used Car Loan
8.49% to 16.99%
9.21% to 17.77%
Fixed
$499
$0
Monthly Repayment
You'll receive a fixed rate from 8.49% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
loans.com.au - Variable Rate Used Car < 5 years
Variable, 3 - 7 Years, $5,000 - $150,000
loans.com.au - Variable Rate Used Car < 5 years
7.74% to 7.74%
8.85% to 8.99%
Variable
$400
$8
Monthly Repayment
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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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