Finty

Compare car loans

Set your amount and term to see the repayment and total cost of 227 car loans side by side, so you know what you'd pay before you apply.

Car loans from banks, credit unions and carmakers' own finance companies.

Written byYvonne TaylorReviewed byDavid Boyd

What will it cost you?

Enter how much you want to borrow and for how long, and we'll show your monthly repayment and total cost on every loan below, at each one's lowest published rate.

186 loans

Showing 20 of 186

Repayments use each loan's lowest published rate and include any monthly fee. The total adds the establishment fee. The rate you are offered depends on your circumstances. Comparison rates are for the lender's own example loan, usually $30,000 over 5 years.

WARNING: A comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Car loans at a glance

Worked out from the 227 loans from 102 lenders we compare on this page.

Typical comparison rate

8.33%

Half the loans start between 6.84% and 10.07%.

Typical setup fee

$280

27 of 203 loans charge no setup fee.

No monthly fee

34 of 109

loans that state a monthly fee set it at $0.

Fixed or variable

152 fixed64 variable
How starting comparison rates are spreadNumber of loans in each band. The most common is 9–11%.

New or used

Lenders usually offer their lowest rates on new cars, and carmakers' own finance companies sometimes advertise very low rates on particular models. Check the car's price and any fees too, as a cheap rate can come with a higher drive-away price.

For used cars, many lenders set an age limit, often that the car must be under about 12 years old by the end of the loan. A used car loses value more slowly, which matters if you plan to sell before the loan ends.

Secured or unsecured

Most car loans are secured against the car, which keeps the rate down. An unsecured personal loan can also buy a car, usually at a higher rate, and suits an older car a lender won't take as security.

Other ways to pay for a car

A car loan isn't the only option, particularly if the car is for work.

  • Novated lease: your employer pays the lease from your pre-tax salary. Electric cars can be exempt from fringe benefits tax, which can make this much cheaper.
  • Chattel mortgage: a business car loan where you own the car from day one and the lender holds security over it.
  • Hire purchase and finance leases: the lender owns the car while you pay, mostly used by businesses.

Watch out for balloon payments

A balloon, or residual, is a lump sum left to pay at the end of the loan. It lowers your regular repayments but means you pay more interest overall and need the money, or to refinance, when the loan ends.

Look at the comparison rate as well as the interest rate. The comparison rate adds the lender's standard fees to the interest rate for an example loan, so it shows the cost of two loans on the same footing.

What you'll need to apply

Most lenders ask for the same things, and having them ready speeds up approval.

  • Proof of identity, such as a driver's licence, passport or Medicare card.
  • Proof of income, usually your last two payslips, or tax returns and financial statements if you're self-employed.
  • Details of what you spend each month and what you already owe, including credit card limits.
  • Your address history and, for a secured loan, details of the asset you're offering as security.

Questions people ask

Can I get pre-approval before I choose a car?

Many lenders offer pre-approval, which tells you how much you can borrow so you can shop with a budget. It isn't a final approval, and the lender will still check the car you choose.

Is dealer finance cheaper than a bank car loan?

Sometimes, especially on carmakers' promotional rates for new models. Compare the comparison rate and the car's full price both ways before you decide.