Car loan statistics 2024
Finder research found that 2.5 million Australians have a car loan.
A car loan is a type of personal loan used for buying a vehicle such as a car, ute or motorbike. This can be a handy way to cover the upfront cost of a vehicle if you don't have the full amount saved. You can then repay the cost of the vehicle with interest over a set period of time.
So how many Australians take out car loans to finance their new ride, and how much do they owe? We used data from Finder's Consumer Sentiment Tracker along with external data to take a closer look at the state of car loans in Australia.
How many Australians have a car loan?
According to Finder's Consumer Sentiment Tracker, a live survey of over 11,000 respondents, around 12% of Australians currently have a car loan in July 2024. That's equivalent to 2.5 million people.
How much are Australians borrowing on average?
Finder's Consumer Sentiment Tracker shows that on average Australians are carrying approximately $12,346 through their car loan as of July 2024. Gen X are the most indebted owing on average $13,915.
Meanwhile, ABS figures from October 2023, show that new vehicle lending is currently at $1.5 billion, as of July 2024, increasing from $1.3 billion in July 2023.
Car loans by age group
Gen Z are the most likely to have a car loan, with over a quarter of people in this age group (26%) currently paying off their vehicle in instalments. This is followed by 23% of millennials. Baby Boomers were least likely to have a car loan.
Car loans by location
Motor finance customers are the most likely to live in Western Australia, where 19% of residents have a car loan. This is followed by 17% of New South Wales, and 14% of Tasmanians.
South Australians are the least likely to rely on finance to purchase a vehicle, with just 9% currently having a car loan.
How many cars are registered on Australian roads?
According to the Bureau of Infrastructure and Transport Research Economics (BITRE), 15,699,852 vehicles are currently registered. That is a 2.4% increase compared to 2023 and 4.8% increase from 2022.
How many new cars were sold in Australia in 2023?
Federal Chamber of Automotive Industries (FCAI)'s research shows that 1,118,236 new cars were sold from January to November 2023. Sports utility vehicles (SUVs) claimed the largest share with 56% of the market during 2023, with 627,187 new vehicles sold.
Light commercial vehicles continue to remain popular in Australia, with a 22% market share in 2023 (248,546 vehicles sold). Passenger vehicles also accounted for 17% of the market in 2023 (195,116 vehicles sold).
What brands are the most popular in Australia?
In November 2023, the brand with the most sales was Toyota, which sold 21,002 vehicles in total. This was followed by Mazda, with 8707 vehicles sold, and Ford (8165 vehicles sold).
Compare car loans
A cheap car loan doesn't necessarily mean you're getting the best deal. Comparing your options can save you hundreds, if not thousands of dollars over the life of your loan. You can compare car loans by interest rate, fee and repayments, and lendrs with Finder.
For all media enquiries, please contact:
Media relations lead and personal finance specialist, Taylor Blackburn
E: taylor.blackburn@finder.com
More resources on Finder
Ask a question
More guides on Finder
-
BYD novated leases
Explore the benefits of a BYD novated lease in Australia. From tax savings to EV incentives, our guide breaks down everything you need to know to drive electric and save.
-
Compare car loans for classic cars
Want to buy a classic car but don't have the ready money? There are still financing options available for classic vehicles. Find out what loans you have to choose one and which one will work best for you.
-
Car loans vs personal loans
Both car loans and personal loans can help you finance a vehicle purchase, but one will suit your needs better. Here's what you need to know about both when you're comparing your loan options.
-
Tesla Superchargers Map: Where you can charge in Australia
Find out the extent of Australia's Tesla Supercharger network with our complete map of every charging station.
-
Westpac Car Loans
Purchase a new car or refinance your current used vehicle for a competitive rate with Westpac. There's a range of flexible features on offer, so find out if you're eligible to apply for one of its competitive offerings.
-
Bad credit car loans Australia
Have bad credit but still need a car? There are a range of lenders that will consider you for a loan. Find out how to apply and how you can get approved in this guide.
-
NAB Car Loan
This NAB secured car loan offers loans of up to $100,000 for new and used vehicles less than 12 years. It has a fixed interest rate with loans of 1 - 7 years, but no penalty if you repay the loan early.
-
Compare variable rate car loans
A variable rate car loan can give you a way to finance your new car purchase while letting you take advantage of any favourable interest rates should they become available. Compare your options today and see what's available.
-
Low interest car loans
Don't pay an outrageous interest rate on your next car loan – compare loans before you buy.
-
How to buy a car
Take the stress out of buying your next new or used vehicle. Here are all the important tips, tricks and checklist for those who are buying a car.