Family Car Loan

Information verified correct on December 8th, 2016

Choosing the right loan is as important as choosing the right car for you and your family.

If you’ve decided to get a family car, whether it be your first one, an upgrade or a downgrade, it’s important that you finance it right. A car loan could be with you for a few years, so doing your homework now will benefit you later on.

IMB New Car Loan

Car Loan Offer

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

  • Interest Rate From: 6.34% p.a.
  • Comparison Rate: 6.62% p.a.
  • Interest Rate Type: Fixed
  • Application Fee: $199
  • Minimum Loan Term: 1 year
  • Maximum Loan Term: 7 year
  • Minimum Loan Amount: $2,000
  • Maximum Loan Amount: $75,000

Compare car loans for your family car below

Rates last updated December 8th, 2016
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
CUA Fixed Rate Car Loan
A competitive car loan that offers flexible repayment options and no account keeping fees.
From 6.79% (fixed) 6.92% $15,000 1 to 7 years $0 Go to site More
IMB New Car Loan
This fixed rate new car loans up to 2 years old features no early repayment penalties
From 6.34% (fixed) 6.62% $2,000 1 to 7 years $199 Go to site More
RACV Car Loans
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
From 6.2% (fixed) 6.73% $15,000 1 to 7 years $378 Go to site More
NRMA Car Loan
Purchase a new car with an NRMA Car Loan with a fixed rate term and no monthly fees.
From 6.2% (fixed) 6.73% $15,000 1 to 7 years $378 Go to site More
RACQ New Car Loan
Apply online and receive a response within 5 business hours.
From 6.2% (fixed) 6.73% $15,000 1 to 7 years $378 Go to site 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
Matchacar Financing
Get a tailored financing solution for buying your next car.
From 5.35% (fixed) 6.04% 1 to 7 years $350 Go to site More
IMB Secured Personal Loan
A secured loan from IMB with flexible repayment features
From 7.39% (fixed) 7.67% $2,000 1 to 5 years $199 Go to site 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.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
Bank of Melbourne Secured Car Loan
A low rate personal loan from Bank of Melbourne with variable or fixed option.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
BankSA Fixed Rate Car Loan
Apply for a fixed rate car loan from multi-award winning BankSA.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More

Types of car loans you can consider

  • Secured car loan. You can apply for a car loan from a bank, credit union or standalone lender. As the car you're buying is used to guarantee the loan you can lock in a more competitive rate. You can get a secured car loan for new or used cars but your car will need to meet eligibility criteria.
  • Unsecured personal loans. Unsecured personal loans can also be used to finance a car purchase, and these loans do not require a guarantee. You can expect a higher interest rate than a secured loan as its more of a risk to the lender. However, these loans are generally more flexible in how you are able to use the loan amount.
  • Dealership finance. If you're purchasing your car from a dealership you may see some dealership financing on offer. These are notoriously low interest deals that last for up to five years. While repayments remain low during your loan term, there will be a balloon payment, in upwards of a few thousand dollars, to pay at the end of your term. Read more about dealership finance vs car loans on this page.

How you can compare family car loans

With all car loans there are some common features that you can use to compare them in order to find the best deal. Here are some things to look at when you are weighing up your options:

  • What fees will you be charged? You need to look at all fees that the lender may charge with the loan, whether you think they apply to you or not. You should look for upfront fees that cover the costs of establishing the loan, ongoing fees such as monthly account-keeping fees, and any additional fees that may be charged for extra repayments or paying back the loan early.
  • What is the interest rate? The rate charged on the loan should also inform your decision as to which option to go with. As explained above, you may opt for a variable or fixed rate loan depending on your needs and situation.
  • How restrictive is the loan?. Certain loans may impose restrictions on the way you are able to use the loan amount or what features you have access to. For instance, most secured loans only let you use the loan amount to finance the car and do not let you use the money for anything else.
  • Are the repayments flexible? Some car loans are more flexible than others. If you want to be able to take advantage of being able to make additional repayments, you should check that you will be able to do so.
  • What are the loan terms? The amount of time you are able to borrow the money for will differ between lenders, so make sure the loan you want to apply for offers the terms you are looking for.
  • How much can you borrow? Car loan amounts vary from between $1,000 to $100,000. Depending on the type of car you want and your financial situation, you may only be able to borrow a certain amount. Check with the lender that you will be able to access the loan amount you need.

What you should consider before applying

When you’re buying a family car it’s important that you opt for a loan you can afford so as not to get your family into any financial difficulty. You need to consider your family’s needs when deciding whether to choose a fixed or variable rate loan, how much you should borrow and also how long to borrow for. If you have young children, consider that they may be starting school soon and your expenses may increase. You also need to check the restrictions on the loan before you apply, as you may find that you cannot use the loan in the way you want.

Ready to apply?

You can use the comparison tables to find a car loan that is right for you and your family. Once you have chosen a loan you can follow the link through to the lender’s website to fill out an online application form. You will generally need to be over the age of 18 and be a permanent Australian resident to apply for a loan, though lenders will differ on their credit rating requirements. You will need to have the following information handy when applying:

  • Personal information including your name and proof of ID
  • Financial information including your income, assets, debts and open credit accounts
  • Your employer’s name and contact information
  • Information about the car including make, model and condition

Car loan comparisons

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IMB New Car Loan

This fixed rate new car loans up to 2 years old features no early repayment penalties

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

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