Best Car Loans Australia

To help more Australians find the best car loan our money experts analyse 30+ loans every month using a data-driven methodology. This takes into account both car loan fees and interest rates: the lower the better.

To ensure our picks are useful for more borrowers we've created 4 categories:

• Best new car loan: OurMoneyMarket New Car Loan
• Best fast application car loan: loans.com.au - New - Variable Rate Special
• Best used car loan: OurMoneyMarket Used Car Loan - No Vehicle Age Limit
• Best electric vehicle loan: RACV Green Car Loan

All our car loan picks come from lenders which have a commercial partnership with Finder. While these are some of the market's most competitive rates there may be more suitable loans on the market for you.

Best car loan for new cars

OurMoneyMarket New Car Loan

Best fast application car loan

loans.com.au - New - Variable Rate Special

Best car loan for used cars

OurMoneyMarket Used Car Loan - No Vehicle Age Limit

Best car loan for electric vehicles

RACV Green Car Loan

Need more options? Compare more of the best car loan rates

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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
OurMoneyMarket Car Loan - Excellent Credit ExclusiveFixed1 - 7 Years $2,001 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 6.57% to 21.78%	Application Fee $0	Monthly Fee $0	Monthly Repayment $613.62	Go to siteMore Info Compare	Finder Exclusive: Apply by December 15th 2023 and if approved, OurMoneyMarket will waive the establishment fee for Excellent Credit Customers.
OurMoneyMarket New Car Loan Fixed1 - 7 Years $2,001 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $250 min.	Monthly Fee $0	Monthly Repayment $622.82	Go to siteMore Info Compare
loans.com.au - New - Variable Rate Special Variable3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 6.24%	Comp. Rate (p.a.) 7.36%	Application Fee $400	Monthly Fee $8	Monthly Repayment $630.83	Go to siteMore Info Compare
NRMA New Car Loan Fixed1 - 7 Years $5,000 - $130,000	Interest Rate (p.a.) 7.29% to 16.99%	Comp. Rate (p.a.) 8% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $635.67	Go to siteMore Info Compare	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 5.49% p.a. and comparison rates from 6.19% p.a.)
CarMoney New Car Loan ExclusiveFixed18 Months - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 6.89% to 15.09%	Comp. Rate (p.a.) 8% to 16.16%	Application Fee $400	Monthly Fee $8	Monthly Repayment $636.87	Go to siteMore Info Compare	Finder Exclusive: Apply for and settle a car loan and get a $200 cashback. Limited time offer. Terms and conditions apply.
Stratton Finance New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.27	Go to siteMore Info Compare	You'll receive a fixed rate from 6.52% p.a. depending on the lender you are approved with. Apply for up to $300,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
RACV New Car Loans Fixed1 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.29% to 16.99%	Comp. Rate (p.a.) 8% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $635.67	Go to siteMore Info Compare	You'll receive a fixed rate from 7.29% 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.
loans.com.au - New - Fixed Rate Special Fixed3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.09%	Comp. Rate (p.a.) 8.21%	Application Fee $400	Monthly Fee $8	Monthly Repayment $638.73	Go to siteMore Info Compare	You'll receive a fixed rate of 7.09% 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.
OurMoneyMarket Used Car Loan - No Vehicle Age Limit Fixed1 - 7 Years $2,001 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $250 min.	Monthly Fee $0	Monthly Repayment $622.82	Go to siteMore Info Compare
NRMA Used Car Loan Fixed1 - 7 Years $5,000 - $130,000	Interest Rate (p.a.) 8.49% to 16.99%	Comp. Rate (p.a.) 9.21% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $647.01	Go to siteMore Info Compare	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.
CarMoney Used Car Loan Fixed18 Months - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 6.2% to 15.75%	Comp. Rate (p.a.) 6.71% to 16.18%	Application Fee $399	Monthly Fee $0	Monthly Repayment $622.43	Go to siteMore Info Compare
Stratton Finance Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.27	Go to siteMore Info Compare	You'll receive a fixed rate loan from 6.52% p.a. with a comparison rate of 6.95% p.a. A used car loan of up to $300,000 with quick approval times and balloon payment options.
RACV Used Car Loans Fixed1 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 8.49% to 16.99%	Comp. Rate (p.a.) 9.21% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $647.01	Go to siteMore Info Compare	You'll receive a fixed rate from 8.49% p.a. Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.
loans.com.au - Variable Rate Used Car < 3 years Variable3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.74%	Comp. Rate (p.a.) 8.85%	Application Fee $400	Monthly Fee $8	Monthly Repayment $644.82	Go to siteMore Info Compare
loans.com.au - Variable Rate Used Car < 5 years Variable3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.74%	Comp. Rate (p.a.) 8.85%	Application Fee $400	Monthly Fee $8	Monthly Repayment $644.82	Go to siteMore Info Compare
loans.com.au - Fixed Rate Used Car < 3 years Fixed3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 8.09%	Comp. Rate (p.a.) 9.2%	Application Fee $400	Monthly Fee $8	Monthly Repayment $648.11	Go to siteMore Info Compare
loans.com.au - Fixed Rate Used Car < 5 years Fixed3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 8.29%	Comp. Rate (p.a.) 9.4%	Application Fee $400	Monthly Fee $8	Monthly Repayment $649.99	Go to siteMore Info Compare
loans.com.au - Fixed Rate Used Car Loan (6 to 7 years) Fixed3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 9.09%	Comp. Rate (p.a.) 10.2%	Application Fee $400	Monthly Fee $8	Monthly Repayment $657.57	Go to siteMore Info Compare
loans.com.au - Fixed Rate Used Car Loan (8+ years) Fixed3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 12.79%	Comp. Rate (p.a.) 13.9%	Application Fee $400	Monthly Fee $8	Monthly Repayment $693.3	Go to siteMore Info Compare

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How to find the best car loan in 5 quick steps

If the car loans we've picked aren't what you're looking for, you can find a better car loan yourself with these simple steps.

1. Find a car loan with a low interest rate. The best car loan for the majority of borrowers is one with a lower interest rate.
2. Look for a car loan with low fees. Most lenders charge an application fee plus a monthly service fee. Factor in these fees when finding the best car loan.
3. Compare the right loan type for your car. If you're buying an electric vehicle you can probably get a better deal with a green car loan. If you're buying an older used car you can't get a new car loan.
4. Choose your loan term carefully. You can choose loan terms between 1 and 7 years. Shorter terms mean you can pay the loan off faster, but your monthly repayments are bigger. Longer loan terms are cheaper month to month, but you pay more interest over the long run.
5. Watch out for hidden surprises. If your car loan has a fixed rate then there will be a break fee if you try to pay it off early. Some car loans look good upfront but have a balloon payment at the end that can be very expensive.

What does a good car loan rate look like right now?

While interest rates have risen for home loans, credit cards and savings accounts in the last 2 years, car loans remain remarkably competitive. A borrower with excellent credit who does their research can get a rate below 7%. But if you don't shop around and your credit score is below average, you could end up with a car loan rate above 20%.

Market update by Graham Cooke – Money expert

Want to get the best car loan rate? Improve your credit score

The car loan rate you'll actually get depends on your individual credit score and financial circumstances.

This means the best car loans go to borrowers with high credit scores and minimal debts. Before applying for a car loan it's a good idea to check your credit score.

You can get a better car loan rate by improving your credit score before you apply.

How do I find the best car loan for me?

Find a better car loan in 5 simple steps.

1. Compare loans and find a low interest rate

Car loan interest rates vary quite a lot. You could get a loan with an 8.00% interest rate or one with a 4.00% rate. It depends on both the loan and your own circumstances. That lower rate makes a huge difference in your repayments, saving you hundreds of dollars a month and thousands over the life of the loan.

Example: Breaking down car loan costs

Over 4 years, Loan A would save you almost $2,000 in interest charges and fees.

2. Find the best car loan for your vehicle type

The lowest rate won't help you if you can't use the loan to buy the car you want. Secured car loans use your car as the loan's security. This means you can get a lower interest rate.

These are ideal for new cars. Lenders won't take an older car as security because it won't hold its value.

If you are buying an older car the best car loan for you is probably an unsecured car loan. You'll have a higher rate, but the loan will be more flexible and let you buy a used car more easily.

3. Look for a loan that allows flexible repayments

The longer it takes to pay off a car loan the more interest you pay. A flexible loan that lets you make extra repayments means you can get out of debt faster. If you can afford it, you could even pay off the loan in one go.

But not every car loan lets you do this. And some charge fees for making extra repayments.

4. Avoid getting hit with lots of ongoing fees

The fees that come with your loan can make a big difference to how much you end up paying. Car loans can have several fees, including monthly service fees and one-off application fees.

Fees don't have to be a deal-breaker, but be sure to factor them in when comparing costs.

5. Choose the right loan term

Car loan terms are often flexible and can last for 1 to 7 years. A shorter loan term means larger monthly repayments. But you pay less interest because you get out of debt faster.

A longer loan term means lower monthly repayments but more interest in the long term. So finding the best car loan term is about striking a balance between affordable monthly repayments and a reasonable repayment term that doesn't cost you too much in interest.

Who offers the best car loans in Australia?

The best car loan can look different for every borrower. And lenders change their rates and fees all the time. That's why we review our best car loan picks every month.

Different types of lenders have different benefits and drawbacks too.

Banks

Online lenders

Car finance brokers

Dealership finance

Which bank has the best car loan rate?

Westpac and the Commonwealth Bank currently have the best car loan rates among the Big Four banks.