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Fixed Rate Car Loans

Lock in a competitive rate and be able to budget for your loan term with a fixed rate car loan.

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By

Matt Corke

Updated

Fact checked

OurMoneyMarket Car Loan - Excellent Credit logo image

From

6.57 % p.a.

fixed rate

From

6.57 % p.a.

comparison rate

Rate dependent on risk profile

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1 - 17 of 17
Updated regularly
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
Finder Exclusive: Apply by November 30th 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
loans.com.au - New - Fixed Rate Special
Fixed3 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
6.79%
Comp. Rate (p.a.)
7.91%
Application Fee
$400
Monthly Fee
$8
Monthly Repayment
$635.94
Go to siteMore Info
You'll receive a fixed rate of 6.79% 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.

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
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
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.)
6.29%
to 18%
Comp. Rate (p.a.)
6.72%
to 23%
Application Fee
$395
Monthly Fee
$0
Monthly Repayment
$623.14
Go to siteMore Info
You'll receive a fixed rate from 6.29% 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.
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
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
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.
Great Southern Bank Fixed Rate Car Loan
Fixed1 - 7 Years $5,000 - $100,000
Interest Rate (p.a.)
6.49%
to 15.04%
Comp. Rate (p.a.)
6.86%
to 15.44%
Application Fee
$265
Monthly Fee
$0
Monthly Repayment
$621.01
Go to siteMore Info
You'll receive a fixed rate of 6.49% p.a.
A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.
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
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
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.
Stratton Finance Used Car Loan
Fixed1 - 7 Years $10,000 - $300,000
Interest Rate (p.a.)
7.05%
to 18%
Comp. Rate (p.a.)
8.36%
to 23%
Application Fee
$482
Monthly Fee
$8.90
Monthly Repayment
$641.79
Go to siteMore Info
You'll receive a fixed rate loan from 7.05% p.a. with a comparison rate of 8.36% 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
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 - Fixed Rate Used Car < 3 years
Fixed3 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
7.79%
Comp. Rate (p.a.)
8.9%
Application Fee
$400
Monthly Fee
$8
Monthly Repayment
$645.29
Go to siteMore Info
loans.com.au - Fixed Rate Used Car < 5 years
Fixed3 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
7.99%
Comp. Rate (p.a.)
9.1%
Application Fee
$400
Monthly Fee
$8
Monthly Repayment
$647.17
Go to siteMore Info
loans.com.au - Fixed Rate Used Car Loan (6 to 7 years)
Fixed3 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
8.79%
Comp. Rate (p.a.)
9.9%
Application Fee
$400
Monthly Fee
$8
Monthly Repayment
$654.72
Go to siteMore Info
loans.com.au - Fixed Rate Used Car Loan (8+ years)
Fixed3 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
12.49%
Comp. Rate (p.a.)
13.6%
Application Fee
$400
Monthly Fee
$8
Monthly Repayment
$690.36
Go to siteMore Info
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How do fixed rate car loans work?

Fixed rate car loans come with an interest rate that will apply for the duration of the loan term. As this protects you from rate fluctuations, these loans come with more restrictions. You generally won't be able to make extra repayments or repay your loan early, or you'll have to pay a fee to do so.

Lenders normally require you to use your entire loan amount on the car purchase, although some allow you to borrow extra to cover additional vehicle costs, such as insurance. Once you're approved for the loan you make ongoing repayments throughout the loan term, which can be anywhere between one and seven years, until the loan is repaid in full.

What are the types of fixed rate car loans?

There are two types of fixed rate car loans, a secured fixed rate car loan and an unsecured fixed rate car loan.

  • Fixed Rate Secured Loan.
    In secured fixed rate car loans, the lender will use your vehicle as a guarantee for the loan. These loans generally come with lower rates as they are a lower risk for the lender to take on.
  • Fixed Rate Unsecured Loan.
    An unsecured fixed rate car loan means you do not have to use your vehicle to secure the loan. As the loan is more of a risk the rates are generally higher, but you have more freedom with how you use your loan amount.

How you can compare fixed rate car loans

When you plan to take a fixed rate car loan, it is important to compare the fee structure, interest rate and other features offered by different lenders in the market.

  • Compare interest rates.
    Fixed interest rates differ from one lender to another and determine what your repayments will be. You are also given an option to reduce your interest payments by providing your asset as a security against the loan.
  • Compare comparison rates.
    The comparison rate is basically a tool that helps you identify the actual cost of a loan. This rate is determined by taking into account the interest rate, other charges and fees related to a loan. However, it does not include government charges and contingent fees (for example, redraws fee or fees for early repayment). Comparison rates are calculated on the basis of a loan term, loan amount, repayment frequency (whether fortnightly, monthly or weekly), interest rate and other charges and fees.
  • Compare lenders.
    Choosing the right lender is very critical when you plan to take a fixed rate car loan. Different brands offer different features, such as extended loan terms, minimum loan amount, insurance covers, flexible repayment schedule, early repayment options, lower interest and comparison rate in order to attract borrowers. If you're loyal to a particular lender, be mindful that they may not have the best deal for you particular situation.
  • Compare the fees.
    There are different fees and charges such as early termination fees, monthly administration fees and establishment fees. Fees generally vary from lender to lender and it is only wise if you choose the one who offers minimal fees in order to reduce your overall cost of the fixed rate car loan.

Benefits and drawbacks of a fixed car loans

Pros

  • Fixed repayments can help you budget throughout your loan term
  • Car loans generally come with lower rates, so you can lock in a competitive option

Cons

  • A fixed rate loan does not offer flexibility if your repayments change
  • If market rates change your interest rate will not drop

Things to avoid about fixed rate car loans

Although, fixed rate car loans offer a great deal of benefits and attractive features yet there are certain issues that you need to consider when you apply for a fixed rate car loan.

  • Always read the fine print.

The most important thing to avoid is not understanding what you're getting into. Make sure you're aware of all fees, charges, terms and conditions before applying.

  • Early repayment fees.

There may be early termination fees or early payoff penalties with fixed rate car loans if you want to finalise your loan payment earlier than the agreed term.

  • Car eligibility.

Check the car you're planning to purchase is eligible under the terms of the loan. Most lenders will set maximum age limits on cars but it may also have to be of a certain condition.

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