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We work for you to get your best car loan deal from 40+ lenders, including these guys
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Types of car loans you can apply for
Secured car loan
A secured car loan is when the vehicle you’re purchasing is used as security for the loan. If you fail to repay the loan, the lender can take back the car. This type of car loan generally offers lower interest rates due to the lender’s reduced risk, but it also means if you default on the loan, you could lose your car.
Unsecured car loan
An unsecured car loan does not require the vehicle to be used as security. The lender offers the loan based on your overall financial situation (including existing assets you own like your home) and your ability to repay the loan. Unsecured car loans typically come with higher interest rates than secured loans, as the lender takes on more risk.
Low doc car loan
A low doc car loan is aimed at self-employed individuals or business owners who don’t have traditional sources of income. Lenders usually require less paperwork, often as little as a declaration of income from an accountant, your ABN or ACN if relevant, and other details about your business. Not all lenders offer low doc car loans and in most cases, rates will be higher.
Used car loan
A used car loan is an option for those purchasing a second-hand vehicle, and it can be either secured or unsecured. Interest rates are typically higher than for new car loans and lenders may impose age restrictions on the vehicle (i.e. no older than 7 years).
Green car loan
A green car loan is specifically designed for purchasing eco-friendly vehicles, such as EVs or hybrid cars. They often come with lower interest rates and special incentives (like small discounts) to encourage consumer adoption of this technology.
Bad credit car loan
A bad credit car loan is aimed at borrowers who have a poor credit history, such as those with defaults or missed payments. These loans give individuals with bad credit an opportunity to secure finance. The trade-off is that they usually come with higher interest rates and stricter terms to offset the lender’s risk.
Chattel mortgage
A chattel mortgage is a type of secured car loan for vehicles that are used for business purposes at least 51% of the time. With a chattel mortgage, the business owns the vehicle, but the lender holds a mortgage over it.
Am I eligible to get a car loan?
To qualify for a car loan in Australia, you'll typically need to meet these eligibility criteria:
- Be over 18 years of age
- Be an Australian citizen or permanent resident
- Have a regular source of income (6+ months' steady income)
- No major issues in your credit history
- Be buying an eligible vehicle (age limits may apply)
How it works
Who are Money.com.au?
Money.com.au is a proudly consumer-first financial comparison platform, matching engine and expert guidance resource for Australians. We give consumers and businesses a better, simpler, fairer way to compare car loans and a range of other financial products from trusted lenders and providers.
We do this through our team of industry-leading experts, and our free and easy-to-use comparison tables, calculators and tools.
What lenders do you work with?
We give our customers access to more than 40 car finance providers in Australia, ranging from major banks and online-only lenders, to specialist lenders.
Our range of partner lenders means we can offer our customers multiple competitive deals to choose from, and find high-quality finance solutions in virtually all scenarios.
How quickly will my car finance be approved?
We can get your car finance application submitted and approved the same business day if we have all the information the lender needs. It's often possible to have the finance settled and the funds in your or the car dealer's bank account within 24 hours.
Can you help me get car finance for a private sale?
Yes, most of the lenders we partner with will finance a new or used vehicle, whether you're buying direct from a manufacturer's showroom, through a dealer or via private sale.
The exact process might differ slightly depending on where you're buying the vehicle, but getting finance should be possible either way.
Does comparing car loans with you hurt my credit score?
No it doesn't. We'll help you compare a range of tailored car finance offers, with no impact on your credit score. We do this by doing what's known as a soft credit check. This lets us determine which lenders may be suitable and what rates you may be able to access, but it does not damage your credit score.
If you end up applying for a car loan, the application will be recorded on your credit report. This is the same as what would happen if you applied with a lender directly.
What credit score do I need for a car loan?
Generally speaking, there's no minimum credit score that's required to get a car loan in Australia. Some mainstream lenders may have a minimum, but even if you have bad credit, there are other specialist lenders who are open to lending to bad-credit borrowers. These lenders base their approval decisions on a more holistic assessment of your financial position and credit history, not just your credit score.
Can you help self-employed borrowers find a car loan?
Yes, we can. We have a number of 'low-doc' lenders on our panel who offer car loans to borrowers who can't provide the standard documentation that banks usually require.
So, if you're self-employed and can't provide pay slips as proof of income, these lenders will consider other ways for you to demonstrate that you can service the loan, such as tax returns or a self-declaration of income.
Working with a car loan broker, like Money.com.au, can be particularly valuable for self-employed borrowers.
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Loan Amount
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Important Disclosures
General information only
The information on this page is general in nature and has been prepared without considering your objectives, financial situation or needs. You should consider whether the information provided and the nature of any car loan product is suitable for you and seek independent financial advice if necessary.
We are not providing you with a recommendation or suggestion about a particular car loan. You should read the relevant disclosure statements or other offer documents before deciding whether to apply for or continue to use a particular product.
Our Lending Partners
For offers from Money.com.au lending partners, we will match you with lenders and rates based on the information you provide us. This won't affect your credit score. We do not compare all car loan providers in the market and can't guarantee rates from a specific lender.
If you get a car loan from one of our lending partners as a result of visiting this page, we may earn a commission.