Finty

Compare fixed rate car loans

Set your amount and term to see the repayment and total cost of 152 fixed rate car loans side by side, so you know what you'd pay before you apply.

Your rate and repayments stay the same for the whole loan. Paying it off early can cost a break fee, so check that before you sign.

Written 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.

115 loans

Showing 20 of 115

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.

Fixed rate car loans at a glance

Worked out from the 152 loans from 72 lenders we compare on this page.

Typical comparison rate

8.43%

Half the loans start between 6.54% and 9.89%.

Typical setup fee

$499

25 of 142 loans charge no setup fee.

No monthly fee

32 of 77

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

Fixed or variable

152 fixed8 variable

Some loans offer both.

How starting comparison rates are spreadNumber of loans in each band. The most common is 5–7%.

The short version

  • A fixed rate keeps your repayments the same for the whole loan.
  • Most car loans are fixed, so this is the usual choice.
  • Check for early repayment fees if you might sell the car early.

Why choose a fixed rate

Your rate and repayment stay the same for the whole loan, so you know exactly what the car will cost. Most car loans are fixed.

Fixed loans can limit extra repayments or charge a break fee if you pay off early, so check the rules if you might sell the car before the loan ends.

Pros

  • Repayments you can plan for, every month.
  • Protected if rates rise.
  • The total cost is known on the day you sign.

Cons

  • No benefit if rates fall.
  • Early repayment fees on some loans.
  • Extra repayments may be capped.

Alternatives

  • A variable rate car loan, which usually lets you repay early without a fee.
  • Dealer or carmaker finance. Carmakers sometimes offer very low rates on particular models, so compare the drive away price and the comparison rate.
  • An unsecured personal loan. Nothing is secured against the car, so you can buy any car, at any age, though the rate is usually higher.

How to apply

You can apply for a fixed rate car loan before you've chosen the car. Pre-approval tells you your budget and lets you bargain like a cash buyer.

  • Get pre-approval. Many lenders approve you for an amount first, so you know what you can spend before you shop.
  • Check your rate. Some lenders give a quote with a soft check, which doesn't show as a credit enquiry.
  • Have the car's details ready. Lenders need the make, model, year, VIN and the seller's details before they pay out.
  • Compare the drive away price, not just the rate. A low rate can come with a higher price on the car.
  • Insure the car. Lenders usually need comprehensive insurance on a car that secures the loan.

What to check on a car loan

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.

  • Whether there's a balloon payment, a lump sum left to pay at the end that lowers your regular repayments.
  • Any limit on the car's age, either when you buy it or when the loan ends.
  • Whether you can make extra repayments or pay the loan off early, and what that costs.
  • Whether the lender pays the dealer or private seller directly.

Questions people ask

What is car loan pre-approval?

It's a lender's conditional OK for an amount before you've chosen the car. It isn't final until the lender has the car's details, and it usually lasts for a few months.

Should I take a balloon payment?

A balloon lowers each repayment by leaving a lump sum to pay at the end, but you pay more interest overall and need the money, or to refinance, when it falls due. It suits people who plan to sell or trade in the car then.

Can I pay off a car loan early?

Usually. Variable rate loans rarely charge for it, while fixed rate loans may charge an early repayment fee. Check the contract if you might sell the car or pay it off sooner.