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Good experience. Provided a good outcome for my family.
Agent inspired confidence. Good answers to concerns. Responsive.
Working with Phil and Miguel was such a breath of fresh air. That level of customer service is genuinely hard to find these days. Thank you for making the whole process so pleasant — I highly recommend them!
So helpful! Saved me a bunch of time and money. Thankyou for your assistance and efficiency.
I had a really great experience with money.com. The entire process was super straightforward and easy to follow, which made everything feel stress-free from start to finish. The customer service was incredible. The team was friendly, helpful, and always willing to answer any questions I had. They were also very responsive, which I really appreciated. On top of that, the pricing was excellent and very competitive. I would definitely recommend them to anyone looking for a smooth and reliable experience.
Explained everything really well,treated me like I mattered an just got the job done👍
Phil made the whole process easy and stress free.
Phil was a pleasure to deal with, great personable attitude in calls, very professional and got the job done overcoming a few hurdles hassle free. Also protected us, minimising additional time and effort on us, by challenging lender to do a key step more efficiently saving us hours effort. 100% recommend Phil!!
Staff are very professional and helpful.
Great service and very helpful
Great customer service,,,
Very helpful
Phil took the stress out of the loan process and was quick and efficient while getting us a better deal than the car dealership offered. This was my first time working with a broker for a car loan, and I would absolutely work with Phil again in future.
Joseph Andrawis has been very helpful, with clear and excellent communication.
It was lovely to speak with someone that understood what we needed and we could understand exactly what he was saying. Very clear and precise on what we were receiving and was able to go through a mass of information within a reasonable time. I would highly recommend our particular consultant.
Joseph Andrawis at Money.com made the process of obtaining vehicle finance straightforward and stress-free. He was both personable and professional. He kept us updated the whole way and was responsive and easy to get in touch with at all times. We would definitely recommend and use again.
Phil Collard was absolutely brilliant - I wish I had 2 pairs of hands so I can give this guy 4 thumbs up - legendary service from my first enquiry right through to settlement. Phil always answered my calls and emails immediately, even when he was on holidays. Phil was never pushy and always polite and personable. He is a customer service superstar and if his boss is reading this then he should buy Phil a gold Rolex, as I have no doubt as Phil will continue bringing much business and happy customers to the company - well done Phil, I'll be scrapping my bank manager and calling you next time I need finance. Thanks again for a smooth and easy transaction.
Phil was excellent communicator, professional and respectful. Honest and efficient. Provided all detail we needed and made the process simple and clear. Recommend the service.
Helpful and communicative right through the process
Phill made the whole process seamless, was approved and settled in less then 24hrs from start to finish
Car loan interest rates generally come in ranges. This is the same for other kinds of personal loans. Where your actual rate will sit within the lender's rate range will depend on your application.
The riskier your car loan application is, the higher the interest will be. This is why it's very important to take 'advertised rates' on car loans with a large pinch of salt. In fact, the Reserve Bank of Australia reports that the average fixed term personal loan rate (including car loans) is 9.68% p.a.
The key to getting your best car loan rate is comparing personalised quotes.
At Money.com.au, that's exactly what we can help you do in under 2 minutes. Click here to get started.
Borrowers with the highest (best) credit scores, generally qualify for the best car finance rates in Australia. Lenders like borrowers with a proven track record of managing credit responsibly, which is what your credit score is designed to show.
According to our database, most car loan applicants (47.05%) had an excellent credit score, while 22.67% had a great or very good score. The remaining applicants were split between good (13.32%), below average (9.58%) and average (7.37%).
If your credit score is below average, you may need to apply for a bad credit car loan. However, you'll likely be charged a higher interest rate, and the loan will generally come with more restrictive terms.
Tip: Avoid making multiple car loan applications in a short space of time as this can damage your credit score.
There are a few key points here:
Some lenders charge higher interest rates on car loans with a longer term. Again this comes down to the greater risk for the lender when lending over a longer period.
You can use our car loan repayments calculator to estimate your repayments based on different terms.
Our analysis shows that smaller lenders usually offer the lowest starting rates, while major banks are often less competitive. However, car loan interest rates can vary greatly depending on your personal circumstances. Comparing rates from different lenders will help you find the best rate you qualify for.
But there's a right and a wrong way to do this:
Wrong: Making applications with multiple lenders to see what offers come back (which could hurt your credit score).
Right: Using a service like Money.com.au (or a car loan broker) to compare multiple interest rate offers, without it impacting your credit score.
Most car loan interest rates in Australia are fixed. In fact, over 69% of the car loans on Money.com.au's lender database come with a fixed interest rate.
But for lenders that do offer the option of a fixed and variable rate car loan, currently more fixed rates are lower. This can be a sign that lenders expect interest rates in the economy to fall from current levels.
You'll generally qualify for the lowest car loan interest rates if you have:
You may qualify for a lower car loan interest rate if you're employed full-time and have been in the same job and industry for a sustained period. Most car loan applicants in our database were employed full-time (80.14%). The rest were employed part-time (9.25%), casually (7.43%) or in other types of employment (3.12%).
Casual and self-employed people can apply for a low doc car loan, but these usually come with higher interest rates.
If you're an ABN holder and will be using the vehicle mostly for business purposes, you can apply for an ABN car loan. Again rates on this kind of finance will likely be different to consumer car finance.
Over the years, we've found it's common for lenders to consider whether the borrower owns a property when calculating their car loan interest rate.
Property owners generally qualify for lower rates. Property owners who also have a high level of equity in their property (i.e. more of their home loan is paid off), get the lowest rates.
This might not seem particularly relevant for a car loan. But the way lenders look at it, it's another signal about how risky a borrower is.
Some lenders simply bundle this factor into the overall calculation, while others (Macquarie Bank is an example) advertise different car loan interest rates specifically for property owners.
A recent Money.com.au survey found that 24% of Australians who financed their car through a bank or lender were homeowners with a mortgage. 18% were renters, 10% were in other living arrangements (e.g. living with parents), and only 6% were homeowners without a mortgage.
Your loan amount can impact your car loan interest rate. The impact could be either positive or negative depending on the situation. Here are two scenarios to illustrate the point:
The loan-to-value ratio on a car loan is the loan amount expressed as a percentage of the value of the car it's being used to finance.
A higher LVR (where you're borrowing a higher percentage of the car's purchase price) may mean a higher interest rate.
Note, some lenders will allow you to borrow more than 100% of the car's value. For example, you might get finance to buy an electric vehicle, plus a home charger and battery. If you own another vehicle, you may be able to borrow more than 100% of the value of a new car, using your current car as additional security.
A car loan allows you to borrow a set amount of money to buy a vehicle, and repay it plus interest over a fixed term. The vehicle you purchase secures the loan. This means the lender can reclaim it if you can't repay the loan. Here are some key features of car loans:
1. Get a secured car loan Some lenders advertise unsecured personal loans as being 'car loans'. A secured car loan will almost always have a lower rate. 2. Apply for pre-approval Getting car loan pre-approval means you won't be rushed into a car loan with a high interest rate at the last minute. 3. Shop around Only apply for a car loan once you've compared multiple lenders and you’re confident you’ve found the lowest interest rate you qualify for, with low fees. 4. Consider smaller lenders Some of the cheapest car loan interest rates may be offered by lenders you've never heard of. Currently, some of the cheapest rates are offered by Harmoney, Great Southern Bank, Now Finance, Pepper Money and Liberty Financial. 5. Match the loan to your car For example, if you're buying an EV, be sure to take advantage of the discounts available with specialist 'green car loans'. If you're buying a brand new car, loans specifically for new cars typically offer lower interest rates than generic car loans. 6. Make sure your loan is flexible Look for the flexibility to make extra repayments and pay off the loan early without penalty. 'Redraw' is another handy feature, as it means you can withdraw any extra repayments you have made if you need to access cash.
BONUS TIP: Give yourself a better chance of car loan approval
It’s a good idea to do some preparation before you start applying for car loans. Check your credit report so you can anticipate any issues and work out a comfortable budget for making car loan repayments each week, fortnight or month. Then only apply for car loans that are easily within your budget.
To qualify for a car loan in Australia, you'll typically need to meet these eligibility criteria:
See your estimated car loan repayments per week, fortnight or month.
A car loan is a type of secured personal loan. The car you're buying is the security, meaning the finance provider can reclaim the car to recoup its costs if you can’t repay the loan.
This reduces risk for the lender and means car loan interest rates are usually lower than unsecured personal loans.
Car loans can be used for new or used cars, and for dealer or private sales.
With a secured car loan you should get:
This guide has focussed on secured car loans, but it’s not the only way to finance a car. Depending on the situation and what the vehicle is used for, other options such as a novated lease are becoming increasingly popular.
And if you’re financing a business vehicle, you might look at a chattel mortgage, operating lease or finance lease.
What about adding the car purchase to your mortgage? This is known as home loan refinancing. It can be appealing because your home loan usually has a lower rate than you can get with a car loan. But long home loan terms (up to 30 years) can make this an expensive option over time.
The exact process will depend on the lender you apply with, but typically it goes like this:
Step 1. Compare car loan providers Step 2. Complete a loan application Step 3. Provide supporting documents (payslips, bank statements etc.) Step 4. Get pre approved by the lender. Step 5: Go car shopping, then… Step 6: Apply for full loan approval based on your chosen car Step 7: Sign the loan contract and provide proof of car insurance to the lender Step 8: The loan funds will be transferred to the car seller directly
The most common car finance fees are:
The comparison rate gives a closer estimate of the overall cost of your car loan based on interest AND fees. Lenders are legally obliged to show this when advertising car loans.
This depends on the lender. It also depends on which company they check your credit score with as the score ranges vary. As an example, Equifax (one of the major credit reporting companies operating in Australia) classifies anything above 669 as being a ‘good’ credit score.
Having a good credit score means you would be eligible for a loan with most lenders (depending on your other circumstances). Our latest car loan data shows that most borrowers who request car finance through Money.com.au have an average credit score of 818.
But having a bad credit score isn’t the end of the world. It can simply mean you need to apply with more specialist lenders.
If you have a bad credit score and your application is accepted, you may be offered higher rates and/or more restrictive loan terms.
Avoid making multiple car loan applications in a short space of time as this can damage your credit score.
A lot of car finance providers can pre-approve your car loan on the same day you apply.
For a fast turnaround, you’ll need to be able to prove your identity and supply documents to prove your income and expenses.
This usually includes your most recent pay slips, bank statements and home loan statements.
Typically, you can expect to be driving your car in 2-3 business days.
This really depends on what you want from a car loan deal.
Online car loan lenders often have the lowest rates. They can also approve loans quickly in many cases, if your application is straightforward.
The reality is shopping around is the best way to find the most suitable lender for you.
Generally your car finance options are the same regardless of what car you're buying. The exception is the finance offered through the manufacturer itself or a particular dealer.
We've written guides on the financing options and deals available for some of the most popular car manufacturers in Australia:
It's important to make an informed decision about whether a car loan is right for you. To help you do that, here's a summary:
This will depend on who you are and what kind of car you're buying. For a borrower with a good credit score buying a brand new car (particularly an EV), you should generally be aiming for a car loan interest rate below 8% p.a. and ideally closer to 6% p.a.
To be eligible for a lower rate car loan, here are some steps to consider:
The comparison rate on a car loan is designed to represent the true cost of the loan. It factors in the loan's interest rate as well as most fees charged.
As the name suggests, the comparison rate is designed to make it easier to compare loans based on their actual cost. It will highlight if a car loan has a deceptively low interest rate, but high fees inflating the overall cost.
Legally, car loans must be advertised with a comparison rate.
Dealer finance is not generally known for offering fabulous value for money. In many cases, you'll pay a higher interest rate for the convenience of getting your car and the finance taken care of under one roof.
The government's Moneysmart website suggests you should "compare loans before visiting a car dealer".
Comparison rate is based on a secured personal loan of $30,000 repaid over 60 months. Terms, conditions and credit criteria apply. Fees and charges for late or defaulted payments may apply. WARNING: The comparison rates shown are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you.
If you would like a personalised car loan comparison, we will match you with Money.com.au Lending Partners based on the information you provide us. This won't affect your credit score. Some lenders displayed in our comparison table are not current Money.com.au partners and we can't guarantee rates from a specific lender.
Lenders that are not Money.com.au partners will not be included in the personalised comparison we provide (when you click 'Compare Now'). However, we show all as many Australian lenders as we can in our initial comparison table to give our customers as much choice as possible. We do not guarantee that all lenders in the market are shown.
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.
What products, features and information are shown While we make every effort to ensure all car loans available in Australia are shown in our comparison tables, we do not guarantee that all products are included. Our product comparisons may not compare all car loan features and attributes relevant to you.
Product information, such as interest rates, fees and charges, is subject to change without notice. We include a link to each provider on our table for you to also be able to see the relevant product information direct with the lender.
How car loans are sorted and filtered by default Users can easily change the sort order and apply product filters to our product comparison tables. However, when you arrive on a page initially, by default car loans are sorted by:
Sponsored products are shown in our table first (clearly marked as 'Sponsored'), and are sorted based on the same criteria as above.
We may earn a commission if you visit a lender's website via a link on this page. Products marked as ‘sponsored’ are not selected or positioned on the page solely based on their product attributes.
Our car loan comparison table features all car loans available from lenders on our database that match the search criteria selected, whether or not they are sponsored.
