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A variable rate car loan has a variable rate of interest, so your repayments may fluctuate if the market interest rates change.
This means your interest rate may increase or decrease.
However, your loan also comes with increased repayment flexibility when compared to fixed rate loan.
When it comes to car loans with variable rates, there are two main loan types:
Considering the following factors can help you compare your variable rate loan options and find the right one for you:
Where can I conduct a comparison of Australian car loans?
You can start your comparison of variable rate car loans on this page. You can also see our car loan comparison, we’ve also included a guide as to how to compare them. Remember to compare loans side by side to see how each one stacks up.
Can you refinance car loans?
Yes. To learn more about this process, have a read of our refinancing car loans guide. You can also refinance a balloon payment if your finance has this option. Keep in mind that this can mean you end up paying more in interest over the extended period of time.
Do you have a car loan calculator I can use?
Yes. You can use a personal loan calculator that can help you estimate the amount your loan will cost.
Can I switch from a variable rate loan to a fixed rate?
You'll need to refinance your existing loan to be able to switch the type of interest.
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