Compare car loan
Whether you’re buying a new or used car, we have a variety of car loan options available to suit every scenario.
Our car loans
| Car Loan | Interest Rate | Comparison Rate | Weekly Repayment | Product Features | Details |
|---|---|---|---|---|---|
Green / Electric Car LoanVariable • Discounted rate on qualifying electric cars • Redraw up to $5k/dayMost Popular
|
6.09% p.a. | 7.22% p.a. | $165 |
|
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New / DemoVariable • Demo vehicles acceptable up to 5000 kms^ • Redraw up to $5k/day |
6.24% p.a. | 7.37% p.a. | $166 |
|
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Common car loan questions
How do you compare car loans?
There are a few key factors to analyse when comparing car loans. First you want to ensure you choose the right type of loan.
Applying for car loans
Refinancing a car loan
Your car loan may only run for a few years but that doesn’t mean you should miss the chance to put some more money in your pocket over that period.
Types of car loans
Used car loans |
We’re here to help finance your next car, even if it has clocked a few kilometres over the years. If you’re looking to purchase a used car, we can assist with the purchase of vehicles that are up to 12 years of age at the beginning of the loan term. |
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New car loans |
Are you looking to buy a new vehicle? We can assist with car loans for dealer new and used cars up to 5 years old for a low rate. |
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Secured vs unsecured |
When choosing a car loan, you also have the option to choose a secured or unsecured loan. A secured loan is usually cheaper and safer, because the lender can repossess the car if the repayments are not met. Unsecured loans have higher interest rates and are the riskier option, because if you default on the loan you’re still responsible for the debt. |
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Green car loans |
We care about the environment and encourage you to care too. That’s why we offer a discount on our car loans if you choose to buy a more environmentally friendly car like a qualifying electric vehicle. |
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Why choose loans.com.au?
Low Interest rates
Being an online lender with fewer overheads means we’re able to pass on the savings to our customers.
Australian based
Get help when you need it from our friendly team of Australian based, lending specialists.
Flexible options
Looking to save with an offset, or make extra repayments with a redraw? We have a full range of loan features to suit your situation
Award winning
We keep on winning awards for our products, innovations and customer service, year after year!
How do car loans work?
A car loan is a sum of money lent to an individual or couple to use as finance to purchase a car. The amount borrowed depends on a few factors, including income, credit history and personal savings. The lender and borrower will agree on a term, in which the loan will need to be paid back weekly, fortnightly or monthly, including accrued interest.
1. Fixed vs variable rate
Fixed rate loans means the interest rate remains the same over the fixed rate term of the loan. During this period, your repayments will be the same until it changes to a variable rate.
A variable rate loan is a loan with an interest rate that can change at any time at the lenders discretion, which means your repayments can vary throughout the life of your loan.
2. Interest rates
Interest rates are always charged on a loan and impact your repayments and the overall amount you pay back on your car loan. Your monthly interest is calculated using the formula:Interest = (loan amount x interest rate) / 12 (months)
3. Deposit
In Australia, borrowers don’t always need a deposit when applying for a car loan. However, there are many benefits that make it worthwhile to save for a deposit if you have the option. Some benefits include less interest paid throughout the term potentially saving you hundreds, and increasing the chance of being approved for a loan.
4. Repayments
When you repay your car loan, you can choose to repay it weekly, fortnightly or monthly. Monthly is the most common repayment frequency, however it’s recommended you choose the frequency most suitable for your financial situation. The repayment amount is dependant on your interest rate. If you opted for a fixed rate loan, your repayments will be the same during the fixed rate term of your loan, whereas variable rate loan repayments will vary based on the current rate set by your lender.
Which is better: A car loan or paying cash?
Read on to find out the benefits and drawbacks of financing a car purchase compared to paying cash upfront.
Selling a car under finance: What you need to know
A car loan is a great way to buy a car affordably, but it's a bit tricky to sell if you haven’t fully paid off the loan. If you decide to sell your car, you need to know what happens if it is still under finance.
Tips to get approved for your first car loan
While applying for a car loan can be tricky, it’s still possible to get your first car loan approved with these six valuable tips.
Selling a car under finance: What you need to know
Looking for a new car?
Source your new Car through OnlineAuto, finance it with loans.com.au and get rewarded!
What other customers are saying
Got a question? We can help
Apply online today. Or, one of our friendly lending specialists can do the hard work for you and manage your paperwork over the phone. Either way, we can settle your loan quickly so you can start saving thousands sooner.
