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We've helped tens of thousands of Australians find a car loan by keeping things simple and free of complicated jargon.
Our side-by-side car loan comparison makes it easy to find a car loan that is a good fit.
The majority of new car loan products are secured loans, meaning the lender has the right to repossess the vehicle if you default on your loan. While this is a steep price to pay, it also means you get a lower interest rate. Getting a new car loan doesn't mean you have to buy a car from a dealership – the majority of lenders will accept a vehicle up to two years old from a second-hand car dealer or a private sale.
When you apply, you and your car will need to pass the eligibility criteria. Depending on how strict the lender is, you may need to use the entire loan amount on the car, although some lenders may allow you to borrow some extra money to cover the costs that come with buying a new car. You will need to repay the loan over the pre-agreed loan term.
A variable rate means the interest rate will fluctuate (according to the Reserve Bank of Australia's cash rate), while a fixed rate remains the same for the length of the loan's term. The variable rate might be cheaper now, but it can and will fluctuate with the market interest rates. This means your repayments might increase if the rates go up. Your payments may also come down if the rates start to fall.
By comparison, a fixed rate loan might initially be a bit higher than the variable rate, but you know that your repayments won't change throughout the loan term. If the rates increase over the next few years, it is possible that the fixed rate may end up being lower than the resulting variable rate.
Finder not only helps you find and compare new car loans, but we also have vehicle comparisons. If you still aren't sure about which car you are going to purchase, read our car reviews and compare models against each other.
Finder's Consumer Sentiment Tracker shows that on average Australians are carrying approximately $11,987 through their car loan in 2023.
Meanwhile, ABS figures from October 2023, show that new vehicle lending is currently at $1.4 billion, as of October 2023, increasing from $1.1 billion in October 2022.
| Response | WA | VIC | SA | QLD | NSW |
|---|---|---|---|---|---|
| No | 56.78% | 67.58% | 54.67% | 53.68% | 60.4% |
| Yes | 43.22% | 32.42% | 45.33% | 46.32% | 39.6% |
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