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If you plan on buying a new or used car, you obviously want to compare what the market has to offer. It’s quite easy to get caught up with new features and the smell of a new car, but it’s always wise to put the excitement aside and compare what different financiers have to offer. Most people resort to financing when buying a car, so it makes sense to compare quotes to ensure you get the best possible deal. Over the term of the loan, comparing could save you hundreds if not thousands of dollars.
Gone are the days when you had to walk from lender to lender in a bid to compare rates. You can now conveniently get car finance quotes online.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Before you get a quote for your next car, it could be a good idea to know how much you could borrow. Use the calculator below to get an estimate of your borrowing power
Your loan details
Loan amount
$
Term
Repayment type
Interest rate
%
Interest only period
Payment frequency
Extra monthly repayments
$
Overview of your loan
Once the interest only period ends, your estimated repayments will be
Calculator Assumptions: The above calculations are worked out assuming you’re paying off a principal and interest loan where the interest rate remains the same over the life of the loan. The repayment amounts do not take into account any additional fees or charges that may be charged to your loan (e.g. application fees).
Disclaimer: Whilst every effort has been made to ensure the accuracy of this calculator, the results should be used as indication only. They are neither a quote nor a pre-qualification for a loan.
How does an online car finance quote work?
Online car finance quotes help you get the right financing for your car loan. They also give you an upper hand when it comes to negotiating a better rate since you have a basic understanding of what the average interest rates and fees are. You are able to get a clear picture of the financial implications of a car loan, allowing you to make an informed choice.
Online car finance quotes work as follows. The first step is for you to provide lenders with your personal and financial information, along with the details of the car you wish to acquire. Each lender will then provide an overview of the type of loan you’d qualify for. You simply need to look for lenders’ sites and click on the link to obtain an online quote. The site will give you a list of the car loans provided by the lender and you can check out the application fees associated with each option.
How to use a car finance quote to make a decision
The main aim of getting online car finance quotes is to find a lender that is most suitable for your needs. It’s advised that you compare quotes from at least three lenders before you settle on one. The most important considerations to look out for are interest rates, monthly repayments, loan term and the fees applicable with the car loan. You can use a comparison table to help you identify exactly how much the loan will cost you in the long run. You can also weigh up the pros and cons of fixed or variable interest rates to determine which option suits you better.
Online quotes will also help you compare the features that come with these loans. For example, you can find out if a certain lender allows extra payments and redraws. At the end of it all, these quotes will help you get the best car loan product.
Pros and cons of online car finance quotes
Pros
Convenience. You don’t have to move from one financial institution to another looking for quotes. All you have to do is provide the information required and have your quote delivered to your inbox. This is a convenient and less stressful way of getting quotes.
Easy budgeting. Online car finance quotes are beneficial even when you are just thinking of buying a car. They help you to start preparing early since you get an idea of what you would be required to pay for the loan on a monthly basis and in the long run.
Better decision making. By comparing quotes, you are able to make an informed decision on the most suitable car loan provider.
Cons
Poor decision making. There are far too many lenders online and the abundance of quotes may lead you to make a poor decision on a lender. It helps to work with recognised lenders you can trust.
What should I consider while requesting an online quote?
False information. When requesting an online car finance quote, the information you provide must be factual. Providing false information may lead to a lender disqualifying your application.
Overpricing / underpricing. Do not overprice or underprice the cost of the car you intend to buy. Remember that the value you provide will contribute to the quote that you will be given, and you need a quote that you can actually use.
Settling. Do not settle for the first quote you come across. The whole point is to compare what different lenders have to offer to get the best deal.
How to obtain an online car finance quote
The information required when filling out an online car finance quote includes:
The details of the car you wish to buy, such as the make, model, year, condition and where you are buying it.
Your financial details. In this section you will list the loan amount and term that you require, as well as indicate whether you have any assets and liabilities.
Your personal details. You will need to include your full name, address and contact details.
Once you are done filling in these details, simply submit your quote and wait for a response.
Matt Corke is Finder’s head of publishing ventures. Prior to this he was head of publishing for Australia, New Zealand and emerging markets. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time, he has survived the dot-com crash and countless Google algorithm updates.
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