Car Loans Australia

A car loan offers same-day approval for up to $100,000 at an affordable low-interest rate starting from 4.95% and a convenient repayment term up to 10 years – drive the car you want!

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Flexible car loans & budget-friendly rates

Buying a car is expensive and requires a loan tailored to your specific needs.

Take your pick among Australia's leading car loans and lenders to find the most suitable option.

Frequently Asked Questions

How does Financing a Car work?

There are a variety of different lenders offering car finance products to suit your needs and your budget.

Vehicle financing can be charged at a fixed interest rate or at a variable interest rate. Some lenders will allow you to set up a repayment plan that is flexible and offers a low-interest rate. Some offer balloon payment arrangements that allow you to make smaller monthly repayments with a large balloon payment when the loan comes to the end of its term.

Some lenders allow you flexible payment options so that you can make payments whenever you can and you are able to make more than the minimum monthly repayment.

Car loans work in the same way that personal loans do with the difference that the vehicle that you are purchasing becomes the collateral to secure the loan. Some offer an unsecured car loan so that you don’t have a risk of losing your vehicle, however, this type of loan come with a much higher interest rate. A car loan can range between $1,000 up to $100,000 with repayment terms of up to 10 years. The type of loan that you are offered will depend on your affordability as well as the condition of the vehicle and if you are making a down payment on the vehicle.

Car Finance Rates

When you are deciding on a car loan it is important to compare the different deals that lenders have to offer. Keep in mind how much the car loan will cost you, look at the interest rate that you will be charged. When comparing lenders make sure to compare loans at the comparison rate. The comparison rate refers to the interest fee plus the interest rate you will be charged and must be disclosed by the lender whether you're getting a small payday loan or a vehicle loan. Ask the lender if the repayment terms are fixed or if they are flexible.

Flexible terms will allow you to make additional repayments without having to pay any penalty fees. Different lenders will require different criteria that the vehicle that you would like to purchase will need to meet you will need to make sure that the car you have found is eligible for financing.

Make sure that you understand the loan terms and how you will be entered into a contract to pay back the loan. Some car loans allow you up to 10 years to pay back the loan.

Decide how much you need to borrow, lenders will decide how much you will be offered depending on your affordability, credit history and current financial situation. Car loans can range between $1,000 and up to $100,000 that can be used for a new or used car and if you have poor credit you may still be able to qualify for a bad credit loan.

Benefits of Car finance

When you are looking for car financing there are many different lenders to choose from in Australia. Lenders offer car loans for those that have good as well as a bad credit score, some lenders will let you apply using your Centrelink payments as your listed source of income. Lenders charge set fees and easy repayment terms that will help you budget sufficiently.

Some disadvantages to look out for are a restriction on what the loan can be used for or loans that offer a variable interest rate that might affect your monthly repayments and cause difficulty budgeting.

Do I qualify for Car finance?

To apply for a loan you will need to provide the following supporting documents:

  • 2 forms of photographic identification this can include your driver’s license and passport or photo ID
  • proof of your finances such as a 90-day bank statement as well as list your credit, debit and assets
  • proof of your income
  • details of the car that you would like to purchase including the make, model, year and dealership.

If this is a secured loan you will also have to provide details of the vehicle including the vehicle identification number and the dealership. If you’re applying for a bad credit loan you will generally have to put up some form of collateral – be this the car itself or home equity.

Loan repayment terms

You will need to decide how much you would like to borrow and for how long you need to borrow the money for. A longer loan will mean lower monthly payments over a longer period of time while a short term loan will require higher payments over a shorter period. It is advisable to pay back the loan s quickly as you can to avoid additional charges.

What is a secured Car loan?

There are two main types of loans these include secured or unsecured loans. A secured loan leaves you at risk of losing your collateral while an unsecured loan has a much higher interest rate.

If you're looking for a car loan for your business, there are many lenders that work with companies, both large and small, and can offer vehicle finance or a general business loan to be used to buy a vehicle.

Making repayments on your loan

No matter which loan you decide to take it is very important that you make sure that you will be able to afford to make your monthly car payments. If you miss a payment this can lead to additional fees being charged and in the case of a secured loan you may end up losing your vehicle.

Additional extras

Lenders will offer add-ons when you are applying for a car loan these can include:

  • Loan protection insurance – This insurance is sold as an add-on offers to cover the car payments should you be unable to work due to injury, sickness or ill-health. This type of insurance usually isn’t very good value for money and you should shop around before agreeing to add this to your contract.
  • Gap cover or shortfall insurance – This will cover your vehicle in the event that it is stolen or written off due to an accident. This type of loan is designed to cover the gap between the amount needed to pay the remainder of the loan and the market value of the vehicle.
  • Extended warranty – this insurance will cover unexpected mechanical problems that may arise this type of warranty usually comes with terms and conditions and other restrictions.

You do not need to add any add-ons to your loan agreement if you don’t want to, so don’t be conned into agreeing to options that you don’t need.

Car loan calculator

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The interest rate of a loan will vary based on your credit score and risk profile.
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List of direct lenders offering Car loans

  1. Stratton Finance Car loan

    Stratton Financ...

    • Loans up to $100,000
    • Term up to 84 months
    • Interest from 5.5%
  2. ANZ Car loan

    ANZ

    • Loans up to $50,000
    • Term up to 7 years
    • Interest from 12.45%
  3. Macquarie Car loan

    Macquarie

    • Loans up to $250,000
    • Term up to 7 years
    • Interest up to 7.6%
  4. Aussie Car Loans Car loan

    Aussie Car Loan...

    • Starting from $5,000
    • Term up to 84 months
    • Interest up to 6.95%
  5. BMW Finance Car loan

    BMW Finance

    • Find quality cars
    • Term up to 5 years
    • Get quick finance
  6. Capital Finance Car loan

    Capital Finance

    • Starting from $5,000
    • Term up to 5 years
    • Asset finance
  7. NRMA Car Loans Car loan

    NRMA Car Loans

    • Pay and renew
    • Make a claim
    • Fast insurance quotes
  8. Drive Car loan

    Drive

    • Choose a car
    • Term up to 7 years
    • Get the finance
  9. NAB Car Loan Car loan

    NAB Car Loan

    • Loans up to $55,000
    • Term up to 7 years
    • Interest from 12.69%
  10. Westpac Car loan

    Westpac

    • Loans up to $100,000
    • Term up to 7 years
    • Interest from 8.49%
  11. RAC Car Loans Car loan

    RAC Car Loans

    • Loans up to $100,000
    • Term up to 7 years
    • Interest from 6.2%
  12. Fox Symes Car loan

    Fox Symes

    • Loans up to $50,000
    • Term up to 7 years
    • Interest up to 6.68%
  13. MFW Car loan

    MFW

    • Loans up to $30,000
    • Term up to 4 years
    • Reliable car finance
  14. Rate City Car loan

    Rate City

    • Loans up to $150,000
    • Term up to 7 years
    • Interest from 4.79%
  15. Bankwest Car loan

    Bankwest

    • Loans up to $100,000
    • Term up to 7 years
    • Interest up to 7.99%
  16. Commonwealth Bank Car loan

    Commonwealth Ba...

    • Starting from $10,000
    • Term up to 7 years
    • Interest up to 8.49%
  17. Esanda Car loan

    Esanda

    • Quick car finance
    • Affordable repayments
    • Low interest rates
  18. Compare Car Loans Car loan

    Compare Car Loa...

    • Loans up to $100,000
    • Term up to 7 years
    • Interest from 4.44%
  19. IMB Car loan

    IMB

    • Loans up to $75,000
    • Term up to 7 years
    • Interest from 5.64%
  20. RACV Finance Car loan

    RACV Finance

    • Loans up to $100,000
    • Term up to 5 years
    • Interest from 4.99%
  21. Savvy Car loan

    Savvy

    • Loans up to $120,000
    • Term up to 7 years
    • Interest from 5.99%
  22. 360 Finance Car loan

    360 Finance

    • Loans up to $150,000
    • Term up to 7 years
    • Interest from 4.19%
  23. Canstar Car loan

    Canstar

    • Loans up to $80,000
    • Term up to 10 years
    • Interest from 5.44%
  24. Rapid Loans Car loan

    Rapid Loans

    • Loans up to $25,000
    • Term up to 40 months
    • Interest up to 18.75%
  25. 1800 Approved Car loan

    1800 Approved

    • Starting from $8,000
    • Term up to 5 years
    • Interest from 4.6%
  26. Liberty Car Loan Car loan

    Liberty Car Loa...

    • Loans up to $100,000
    • Term up to 7 years
    • Interest up to 6.99%
  27. Car Connect Car loan

    Car Connect

    • Starting from $2,000
    • Term up to 7 years
    • Interest from 1.5%
  28. Heritage Bank Car loan

    Heritage Bank

    • Loans up to $100,000
    • Term up to 7 years
    • Interest up to 8.99%
  29. People's Choice Car loan

    People's Choice

    • Starting from $2,000
    • Term up to 7 years
    • Interest from 5.64%
  30. Beyond Bank Car loan

    Beyond Bank

    • Loans up to $80,000
    • Term up to 7 years
    • Interest from 5.69%
  31. Loans Car loan

    Loans

    • Loans up to $100,000
    • Term up to 5 years
    • Interest up to 5.44%
  32. First Rate Car Loans Car loan

    First Rate Car ...

    • Find the best deal
    • Low interest rates
    • Affordable car loans
  33. KRW Finance Car loan

    KRW Finance

    • Balloon payments
    • Term up to 60 months
    • Affordable loan deals
  34. Car Loan World Car loan

    Car Loan World

    • Loans up to $50,000
    • Term up to 7 years
    • Interest from 5.49%
  35. Loans on the Go Car loan

    Loans on the Go

    • Loans up to $100,000
    • Term up to 7 years
    • Interest from 5.5%
  36. HSBC Car loan

    HSBC

    • Loans up to $50,000
    • Term up to 5 years
    • Interest from 8.5%