“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
The best car loans for an individual will have a low fixed rate and no fees.
This means the interest rate applied to your loan will remain exactly the same for the duration of the loan term. As a general rule, the newer the car you buy, the lower the interest you’ll pay. FOr example, new cars often get a better rate than a 8 year old car.
Before we look at things like loan features or terms, you’ll need to decide what type of car loan is best for your situation.
Here are all the ways you can finance a vehicle:
The best car loan for personal use will be a fixed-term, fixed-rate car loan.
This is similar to a secured personal loan, and repayments can often be negotiated to weekly, fortnightly or monthly instalments to suit your income frequency.
To qualify for the best car loans, you’ll need to:
If you’re buying a car for your business, you’ll usually be able to find a loan that gives your business tax benefits or lets you reclaim the GST you pay on the car.
The most common type of business car loan is a Chattel Mortgage.
This lets your business finance a vehicle and claim back the initial purchase-price GST on your next business activity statement (BAS).
No matter what loan you choose, you’ll need to use the vehicle for at least 51% for your business.
The features of your loan are the extra conditions or restrictions set by the lender.
These are separate from the interest rate or fees you’ll get but can be just as important.
A longer loan term means lower repayments, but higher total interest and fee costs.
A shorter loan is the opposite.
Try to find a loan term that balances repayment affordability with interest and fee savings.
Loan Amount Most car loan lenders have loan minimums of $2,000 and maximums from $50,000 to $75,000.
Different loan features may offer flexibility, or make your loan easier to repay.
For example, some loans allow you to choose whether to repay your loan weekly, fortnightly or monthly to suit your pay cycle.
Others might offer same-day loan approval and payout of funds within 24 hours
Throughout your loan term, there’s a good chance you’ll need to get in touch with your lender.
Look at online reviews and find out as much about them as you can to ensure they have good customer service.
Get matched with real loan offers from up to 11 lenders, all at once.
We show you the best interest rates and repayments from each lender you match with
The rates are based on who you are and where you are at in life
No obligations, just the facts, make an informed choice
There are no middlemen, marked up pricing or broker fees. (We get paid by the lender)
Just like when you use a dating app or go to a broker, we use your answers to show you real lenders, real rates and actual repayments across all our lenders that you’re eligible for; without any broker fees or marked up interest rates.