Australia's Money Matchmaker™

Compare car loan rates in 60 seconds

  • Comparison rates from 3.83% p.a*
  • No credit score impact
  • Offers across 60 Australian lenders
Australia's Money Matchmaker matching you with your best loans across multiple lenders
My matching process checks multiple lender rates at once, making it super fast to shop around.

Why Money Matchmaker™

Money Matchmaker puts you in control of your loan choices
You're in Control

No obligations, just the facts, make an informed choice

Money Matchmaker saves you time looking for your loan
Save Time

Get matched with real loan offers from up 60 lenders

Money Matchmaker shows you personal loan rates unique to you
It's Personal

The rates are based on who you are and where you are at in life

“Super quick, I got lots of offers. All I had to do was choose which one! I went with Wisr because they were the cheapest. Thanks” - Angela

Car loans Australia

Written by

Shaun McGowan

With a car loan, the loan is secured against the value of the car that is being financed, which means;

  • Lower, fixed rates
  • Flexible terms and repayment options
  • No deposit required
  • Simple and quick approvals

Car loans are best for people who simply want to buy a car, as car loans generally offer much lower interest rates than personal loans.

Australia's Money Matchmaker matching you with your best loans across multiple lenders
Did you know? 90% of all car sales are financed in Australia. That’s almost $3 billion dollars a month in car financing!

Shop around before you buy

Just like you shop around for your perfect ride, do the same with car loans, to give yourself the best opportunity of getting the cheapest, lowest rate car loan. Plus, you can literally save thousands of dollars in interest and fees.

You’ll also have a better chance of negotiating if you know:

  • Exactly how much you can spend
  • The best interest rate you can get
  • How much your repayments will be

Finance at a car dealership might seem quick and easy but be aware of unnecessary extras that may increase the total loan amount and your repayments.

Avoid Rate Shock

According to Society One, the most common reason for not continuing to get a loan is due to price shock. Price shock is when you expect to get the advertised rate, but instead due to your credit profile, you get a bigger rate. Money Matchmaker™ doesn't show you advertised rates, only the best real rates you qualify for. So you never get a rate shock.

Find the best deal on car loans

Best Car Loans with Money Matchmaker

What lenders are looking for

Car loan companies love boring, or should we say, consistency!

They love it if you've had the same job forever and have been at the same house since you first left home.

Here's an example of how your employment history and stability can influence your approval.

employment history applicant

How lenders view credit history

A stronger credit history over a longer period of time is favoured.

credit history applicant

The type of car lenders prefer to finance

The lender would prefer to finance new cars over older cars for a couple of reasons, but ultimately are often backed by warranties in case of any mechanical issues. The older the car being financed, the more issues it may have.

age of car being purchased

Car Loan Rate Comparison

Car loan amount5% interest7.5% interest10% interest





































Comparison car loan repayment examples are calculated using monthly repayments with a fixed interest rate on a 5-year term. They do not include any fees that may be charged by a lender in addition to interest.

Best Car Loan Rates

What rate will I pay?

Everyone wants to get the best car loan rates, here is what that will depend on:

  • The type of car you are buying
  • Your personal situation
  • What your credit rating is
  • Your ability to repay the loan

Generally the newer the car, the cheaper it will be. See more about what lenders are looking for below.

Currently, a good interest rate for a car loan is below 7% for new and late model cars. The average car loan rates for people with good credit scores ranges between 5-10%, usually depending on whether it's a new or used car you are purchasing

Where can you get a car loan?

You can apply for a car loan with banks, car dealerships, car finance brokers or online lenders.

They all have different products and rates so it can be hard to find the right one for you.

We recommend using our Money Matchmaker™ to do the leg work for you. It's like applying direct with 11 lenders all at once.

How much can you borrow?

How much you can borrow depends on you and the value of the car, but you could borrow up to $100,000, the average being $30,000.

How long can you get a car loan for?

Usually car loans offered are between two to seven years. The most common is five years. And... most people pay out their loan early so be sure to get a car loan with no fees for early repayment.

Generally, the shortest amount of time you take the car loan for, the lowest amount of interest you will pay.

How long does it take to get approved?

Most car loan lenders can approve your car loan on the same day you apply. You'll need to be able to supply your ID and proof of your income, eg payslips.

You could expect to be driving your car in 2-3 business days.

Do I need to have a deposit?

The short answer is no. In most cases as long as you can afford to meet the repayments, you can borrow 100% of the cost of the vehicle.

Can I finance any car?

You can finance most cars with a secured car loan. They will generally need to be less than 12 years old at the end of the loan term to qualify.

Buying older cars is still possible with a personal loan.

Where can you get a car loan?

You can apply for a car loan with banks, car dealerships, car finance brokers or online lenders.

They all have different products and rates so it can be hard to find the right one for you.

We recommend using our Money Matchmaker™ to do the leg work for you. It's like applying direct with 11 lenders all at once.

5 Steps To Compare Car Loans

A good thing to do, is to write each car loan offer down to do a side-by-side comparison. Always start by asking each lender who has quoted you for the total amount to repay.

This is a really quick way to see what car loan is the lowest cost overall.

Here are 5 things you need to compare when assessing which car loan option is best for you.

  • The interest rate on your loan

Interest is charged by your lender for borrowing the money. It’s essentially how much extra you’ll need to pay back on top of the amount you borrow.

It’s very standard that your repayments will have a fixed interest rate. Variable rates don’t really exist anymore.

  • How long you take out the loan for

This is also called the ‘term’ of your loan. Car loans are usually between two and seven years but most commonly 5 years.

The shorter the term, the less overall interest you will pay.

  • The establishment fee for your loan

This is a one-time fee you’ll pay when applying. You may be able to negotiate this or simply choose a lender who doesn't have one!

  • Any ongoing fees

Try and avoid these where you can - they only add to the amount you have to repay. They’ll be disguised as monthly account keeping fees.

  • Early repayment penalties

Some secured car loans won’t allow for early repayments. If you plan to repay your loan in full before the end of your term, check to see how much (if anything) you’ll be charged.

Lenders will use these fees to make up for the interest charges they’ll miss out if you repay early.

Money Matchmaker™ can find you the best car loan options from 10 lenders for you to compare online. It's obligation free too.

Other costs to consider when buying a car

Upfront costsOngoing Costs

Purchase price


Dealer delivery charges


Stamp duty


Luxury Car Tax


Vehicle Inspection costs

Roadside assistance

Car History report costs

New parts

Road Tolls

To fully understand all costs when buying a car read our guide.

What are the car finance requirements?

To qualify for a car loan, you're going to need to have;

  • Regular source of income
  • Over 18
  • Have your driver licence
  • Be a Permanent Resident or Citizen

Find the best deal on car loans


3 Tips for getting your car loan approved

  • Do your research and try not to apply with multiple lenders as it can impact your credit score.
  • Create a budget before applying so you know what you can comfortably afford to repay.
  • Always ask the lender to communicate the single, total dollar amount of what the loan will cost.

How to determine which car loan you should get?

You really need to do your research and a comparison of offers to find the best car loan.

Here is a quick check list:

  • Is it the cheapest rate you can get?
  • Does it have no or the lowest fees possible?
  • Flexible loan features?
  • Does it meet your needs?

The easiest and quickest way is to use our Money Matchmaker™ or read this guide if you want to know what car loan options you have.

Read those terms and conditions

It’s super important to read these so you understand any fees or penalties for your loan.

Look for fees payable at the start and during your loan term, this affects the total amount you pay.

Look for:

  • Late payment fees
  • Break fees or early termination fees
  • Stamp duty and on-road costs
  • Referral fees or brokerage fees

Meet Money Matchmaker™

"Hey I’m Money Matchmaker™, I have a team of wizards making me super smart. When you take my quiz, I use your answers to check against all our lenders at once. I’m harmless, I don’t impact your credit score and I'll use the information to help my team of loan experts find you all the loans you're eligible for."

Money Matchmaker

Can you help me get a loan anywhere in Australia?

Nowadays, and even more so since Covid, car loan companies operate across the country as the process to getting a car loan can be done via the phone and online.

Most lenders are located in major capital cities like Perth, Sydney, Melbourne, Brisbane, Adelaide and Hobart.

All the lenders we work with all have Australian based teams. So rest assured, when arranging your loan you'll be working with a lender in Australia.

The right car loan can save you $1,000s


About the Author

Shaun McGowan from



Shaun McGowan

Shaun is the founder of and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded and Lend.

*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $30,000 over 5 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.


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Money Pty Ltd (trading as provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. does not compare every Lender in Australia. We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. When you apply for a credit product via the website, you are not applying with us, you are applying directly with a Lender Partner. Before entering into any credit product from one of our Lender Partners, you should confirm the rates and product information with the Lender. All information on this website is general advice only and does not take into account your objectives, financial situation or needs. You should consider whether this advice is right for you and we encourage you to seek independent financial advice.