Compare Car Loans

Give as much attention to choosing your car loan as you did when you chose your car. Compare your options to find the best loan.

Not all car loans are created equal, which makes it all-the-more important to start your road to finance with comparing your options. But what should you be looking for, and where should you start? In the guide below we'll show you how to compare car loans to ensure you find the right car loan for your needs and situation.

New Car Loan Offer

IMB New Car Loan

from

5.99 % p.a.

fixed rate

from

6.34 % p.a.

comparison rate

  • No monthly fees
  • No early repayment fees
  • Borrow up to $75,000
Security Logo

100% confidential application

New Car Loan Offer

Apply for IMB New Car Loan and enjoy a great low fixed interest rate with no ongoing fees.

  • Interest rate from: 5.99% p.a.
  • Comparison rate: 6.34% p.a.
  • Interest rate type: Fixed
  • Application fee: $250
  • Minimum loan amount: $2,000
  • Maximum loan amount: $75,000
Go to site

Compare your car loan options below

Rates last updated December 19th, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
RACV New Car Loans
From 6.49% (fixed)
7.03%
$15,000
1 to 7 years
$0
$380
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
Stratton Finance New Car Loan
From 5.49% (fixed)
6.62%
$18,000
1 to 7 years
$7
$499
Benefit from a car broker with over 25 years experience
Beyond Bank Low Rate Car Loan
From 5.69% (fixed)
5.97%
$25,000
1 to 7 years
$0
$175
A great rate for cars under 2 years old.
IMB New Car Loan
From 5.99% (fixed)
6.34%
$2,000
1 to 7 years
$0
$250
Borrow up to $75,000 for a new car up to two years old. Competitive 5.99% p.a. rate available to all approved applicants.
Bank Australia Car Loan
6.45% (fixed)
6.66%
$1,000
1 to 7 years
$0
$150
A competitive rate and the ability to offset your car’s carbon emissions for the loan term.
bcu Car Loan
From 5.9% (variable)
6.82%
$5,000
1 to 5 years
$8
$250
Borrow up to $65,000 for a car up to 5 years old. The New Car Loan from bcu allows you to make extra repayments and access a redraw feature
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
Freedom Finance Car Loan
From 5.1% (fixed)
5.94%
$35,000
1 to 5 years
$0
$380
If you meet all the requirements you could get access to a range of lenders to finance a new or used car up to 4 years.
NRMA New Car Loan
From 5.99% (fixed)
6.53%
$15,000
1 to 7 years
$0
$380
Purchase a new car with an NRMA Car Loan with a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
AutoCarLoans
From 5.16% (fixed)
6.64%
$15,000
1 to 7 years
$5
$381.80
AutoCarLoans can match you with a lender from its panel with rates starting from 5.16% p.a. Suitable for vehicles up to 2 years old.
IMB Secured Personal Loan
From 7.39% (fixed)
7.74%
$2,000
1 to 5 years
$0
$250
All approved applicants can access this competitive rate and use the loan to finance a range of purposes. Loan amounts up to $60,000 available.
RACV Personal Loan
From 7.49% (fixed)
8.04%
$5,000
1 to 7 years
$0
$380
You could use this personal loan offer from RACV to help finance a renovation, holiday or project.
bcu Secured Freedom Loan
From 9.08% (variable)
9.99%
$4,000
1 to 5 years
$8
$250
A competitive, secured personal loan that you can use for a variety of purposes.
St.George Secured Personal Loan - Fixed Rate
8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
Get behind the wheel of your perfect car with a competitive interest rate from St.George. Get an application response within 60 seconds.
Bank of Melbourne Secured Personal Loan
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
A low rate personal loan from Bank of Melbourne with your choice of a fixed or variable rate.
Latitude Car Loan
From 6.99% (fixed)
8.1%
$5,000
1 to 7 years
$10
$295
A secured loan with a competitive rate that can help you finance new or used vehicles.
Westpac Car Loan
From 8.49% (fixed)
9.67%
$10,000
1 to 7 years
$12
$0 (On new loan applications before 31st January 2018.)
Apply for a Westpac car loan and enjoy a great interest rate when you purchase a new or used vehicle.

Compare up to 4 providers

Rates last updated December 19th, 2017
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
RACV New Car Loans
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
From 6.49% (fixed) 7.03% $15,000 1 to 7 years $380 Go to site More
Stratton Finance New Car Loan
Benefit from a car broker with over 25 years experience
From 5.49% (fixed) 6.62% $18,000 1 to 7 years $499 Go to site More
Beyond Bank Low Rate Car Loan
A great rate for cars under 2 years old.
From 5.69% (fixed) 5.97% $25,000 1 to 7 years $175 Go to site More
IMB New Car Loan
Borrow up to $75,000 for a new car up to two years old. Competitive 5.99% p.a. rate available to all approved applicants.
From 5.99% (fixed) 6.34% $2,000 1 to 7 years $250 Go to site More
Bank Australia Car Loan
A competitive rate and the ability to offset your car’s carbon emissions for the loan term.
6.45% (fixed) 6.66% $1,000 1 to 7 years $150 Go to site More
bcu Car Loan
Borrow up to $65,000 for a car up to 5 years old. The New Car Loan from bcu allows you to make extra repayments and access a redraw feature
From 5.9% (variable) 6.82% $5,000 1 to 5 years $250 More
Latitude Personal Loan (Secured)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
From 12.99% (fixed) 14.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
Freedom Finance Car Loan
If you meet all the requirements you could get access to a range of lenders to finance a new or used car up to 4 years.
From 5.1% (fixed) 5.94% $35,000 1 to 5 years $380 Enquire now More
NRMA New Car Loan
Purchase a new car with an NRMA Car Loan with a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
From 5.99% (fixed) 6.53% $15,000 1 to 7 years $380 Go to site More
AutoCarLoans
AutoCarLoans can match you with a lender from its panel with rates starting from 5.16% p.a. Suitable for vehicles up to 2 years old.
From 5.16% (fixed) 6.64% $15,000 1 to 7 years $381.80 Enquire now More
IMB Secured Personal Loan
All approved applicants can access this competitive rate and use the loan to finance a range of purposes. Loan amounts up to $60,000 available.
From 7.39% (fixed) 7.74% $2,000 1 to 5 years $250 Go to site More
RACV Personal Loan
You could use this personal loan offer from RACV to help finance a renovation, holiday or project.
From 7.49% (fixed) 8.04% $5,000 1 to 7 years $380 Go to site More
bcu Secured Freedom Loan
A competitive, secured personal loan that you can use for a variety of purposes.
From 9.08% (variable) 9.99% $4,000 1 to 5 years $250 More
St.George Secured Personal Loan - Fixed Rate
Get behind the wheel of your perfect car with a competitive interest rate from St.George. Get an application response within 60 seconds.
8.49% (fixed) 9.6% $3,000 1 to 5 years $195 Go to site More
Bank of Melbourne Secured Personal Loan
A low rate personal loan from Bank of Melbourne with your choice of a fixed or variable rate.
From 8.49% (fixed) 9.6% $3,000 1 to 5 years $195 Go to site More
Latitude Car Loan
A secured loan with a competitive rate that can help you finance new or used vehicles.
From 6.99% (fixed) 8.1% $5,000 1 to 7 years $295 Go to site More
Westpac Car Loan
Apply for a Westpac car loan and enjoy a great interest rate when you purchase a new or used vehicle.
From 8.49% (fixed) 9.67% $10,000 1 to 7 years $0 (On new loan applications before 31st January 2018.) Go to site More

How do car loans work?

A car loan is a personal loan that is specifically designed to finance a vehicle purchase. These loans require you to attach your newly-purchased car as security which the lender can sell in case you default on the loan. As this means the loan is less of a risk to the lender, these loans usually come with a lower interest rate or lower fees.

Lenders who offer car loans usually place some restrictions on the car you are able to purchase. This is because the lender has to ensure the car is in a good enough condition that they will be able to sell it and recoup their losses should you default on the loan. Most lenders will only allow you to purchase a new or used car that’s less than seven years old.

Your car loan comparison guide

Car loans come with a range of features that you can use as a basis for your comparison. Here’s what to look out for when comparing your car loan options:

  • The cost of the loan

There are two considerations here – interest rate and fees. When comparing interest rates, decide whether fixed or variable rates will work better for you. While fixed rates can help with budgeting and allow you to lock in a competitive rate, variable rate loans allow you increased repayment flexibility.

With any loan, remember to take fees into account. This includes upfront fees such as establishment fees as well as ongoing fees such as monthly and annual fees. The comparison table above will give you an idea of your monthly repayments when you enter your loan amount and expected terms into the calculator at the top, and this includes all upfront and ongoing fees.

  • The restrictions that apply

Car loans tend to come with restrictions, so check the terms of the loan before submitting your application. The first thing to check is whether your car is eligible. If it's a new car loan your car will need to be brand new or usually less than two years old. If it's a used car loan the age limit differs, but it can be anywhere from five to ten years.

You should also check the restrictions that apply in terms of the way you can use your loan amount. For instance, can you only use it to purchase the vehicle or can you also use it to pay for additional costs? If you want to use the loan for separate purposes, such as to consolidate debt, you may need to consider an unsecured personal loan.

  • Repayment flexibility

Most lenders will allow you to set your repayments as weekly, fortnightly or monthly so you can line them up to when you get paid. You may also have the option of making additional repayments that can help you reduce the cost of your loan and also pay your loan back early. Keep in mind that if you have a fixed rate loan you may be charged fees to be able to do this.

  • Loan terms

This is the length of time that the lender sets for you to pay back your loan. The loan term will usually be between one and five years for a fixed rate loan and one and seven years for a variable rate loan. The less time you take to pay back the loan, the less you’ll pay in interest, but the higher your repayments will be. You have to find a balance of saving yourself money in interest but also being able to manage your repayments. If you're planning to pay back your loan early, check if you'll be able to without being charged a fee.

  • Loan amount

How much you're able to borrow will usually be linked to the price of the car. Lenders will usually request details of the car when you're applying to verify the loan amount. If you haven't found your vehicle yet, you can consider applying for pre-approval so you know how much you have to work with.

How you can apply

If you have a good idea of how to find the right loan for you, you can compare your options using the table above. Once you’ve found a loan you’re interested in, click "Go to Site" to be directed to the lender’s website. Then you can fill out an online application form.

The eligibility criteria will differ between lenders, but generally you will need to be over the age of 18 and be in some form of employment. Most lenders will also require you to have a good credit rating, although some, including some in the table above, may lend to you with bad credit.

Was this content helpful to you? No  Yes

Related Posts

IMB New Car Loan

Borrow up to $75,000 for a new car up to two years old. Competitive 5.99% p.a. rate available to all approved applicants.

Beyond Bank Low Rate Car Loan "Special Offer"

A great rate for cars under 2 years old.

RACV New Car Loans

Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au 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, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question