Family Car Loan

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.

Latitude Motor Vehicle Loan

Latitude Motor Vehicle Loan

From

6.99 % p.a.

fixed rate

From

8.10 % p.a.

comparison rate

  • Competitive low rate
  • Up to 7 years to repay
  • New or used vehicles accepted
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Latitude Motor Vehicle Loan

A competitive fixed rate loan available for new and used vehicles.

  • Interest rate from: 6.99% p.a.
  • Comparison rate: 8.10% p.a.
  • Interest rate type: Fixed
  • Application fee: $295
  • Minimum loan amount: $5,000
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Compare car loans for your family car below

Rates last updated October 18th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
Latitude Motor Vehicle Loan
From 6.99% (fixed)
8.1%
$5,000
1 to 7 years
$10
$295
You'll receive a fixed rate between 6.99% p.a. and 14.99% p.a. based on your risk profile
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.
Loans.com.au - New Car Loan
5.44% (fixed)
5.99%
$5,000
3 to 5 years
$0
$400
You'll receive a fixed rate of 5.44% p.a.
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment.
IMB New Car Loan
5.89% (fixed)
6.24%
$2,000
1 to 7 years
$0
$250
You'll receive a fixed rate of 5.89% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.
Stratton Finance New Car Loan
From 5.29% (fixed)
6.56%
$18,000
1 to 7 years
$8.90
$459.20
You'll receive a fixed or variable rate depending on the lender you are approved with
Apply for up to $100,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
Beyond Bank Low Rate Car Loan
From 5.69% (fixed)
5.97%
$25,000
1 to 7 years
$0
$175
You'll recive a fixed rate of 5.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
You'll receive a fixed rate from 8.49% p.a. based on the value of your car
Get a competitive rate and apply for a larger loan up to $80,000 when you attach a new or used car as security to the loan.
Westpac Car Loan
From 8.49% (fixed)
9.67%
$10,000
1 to 7 years
$12
$250
You'll receive a fixed rate of 8.49% p.a.
Finance a new or used car and benefit from convenient features for car buyers including a car search tool and the option to borrow extra for on-road costs.
RACV New Car Loans
From 5.99% (fixed)
6.55%
$15,000
1 to 7 years
$0
$399
You'll receive a fixed rate of 5.99% p.a.
A larger loan of $15,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
Australian Military Bank Car Loan
From 5.71% (fixed)
6.57%
$1,000
1 to 7 years
$10
from $100 to $500
You'll receive a fixed rate between 5.71% p.a. and 8.66% p.a. based on your personal credit history
A flexible loan to help you finance a car, motorbike or boat up to five years old.
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
You'll receive a fixed rate between 12.99% p.a. and 28.99% p.a. based on your risk profile
Lock in a competitive variable rate when you offer security. Loan can be used for any purpose and repayments are flexible.
IMB Secured Personal Loan
6.89% (fixed)
7.24%
$2,000
1 to 5 years
$0
$250
You'll receive a fixed rate of 6.89% p.a.
Benefit from this competitive rate by securing the loan with a vehicle up to 6 years old. Use this flexible loan for any purpose.
Community First Credit Union New Car Loan - Variable
From 5.34% (variable)
6.1%
$10,000
1 to 7 years
$5
$195
You'll receive a variable rate of 5.34% p.a..
Finance a brand new car, demonstrator vehicle, boat, caravan or motorbike and benefit from a competitive variable rate. Loans from $10,000

Compare up to 4 providers

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 finder.com.au 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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Car Loan Offers

Important Information*
IMB New Car Loan

You'll receive a fixed rate of 5.89% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Loans.com.au - New Car Loan

You'll receive a fixed rate of 5.44% p.a.
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment.

Latitude Motor Vehicle Loan

You'll receive a fixed rate between 6.99% p.a. and 14.99% p.a. based on your risk profile
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.

Stratton Finance New Car Loan

You'll receive a fixed or variable rate depending on the lender you are approved with
Apply for up to $100,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.

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