Compare refinance car loan rates in 60 seconds

  • Get your best car loan refinance offers from top Australian lenders
  • Free, no obligation call from a trusted car loan broker
  • No credit score impact
Refinance Car Loans with Money Matchmaker
Refinance Car Loans with Money Matchmaker

Why use Money Matchmaker® to find your car loan

Australian Lenders

Get personalised rates

No ads. No generic rate tables. We’ll show you real car loan offers tailored to you.

Consolidating debt

Save money

It’s free to get matched with the best car loan deals from multiple lenders. We’ll always show your car loan matches with the lowest repayments first.

Credit Score

No time wasting

We've spent years getting to know lenders and their policies. We won't waste your time connecting you with lenders you're not compatible with.

Australian Customer Support

You’re in control

There’s no obligation. Just options and facts to help you make the right decision. If you need extra support, our team of car loan experts is here to help.

Hear from people who found the right loan           

Waving Robot

How we help you find the best Car Loan

  1. Let us know who you are and what you're looking for. A little bit of information goes a long way in helping us find the right loans for you.

  2. Money Matchmaker® securely analyses your data against each lender. It finds the best loan offers that match your profile.

  3. Based on your situation, you'll either see a range of qualified car loan offers, or an expert human Matchmaker will help you find your match.

GET STARTED

In our car loan refinance guide:

1

3

5

2

4

6

1

2

3

4

5

6

How does car loan refinancing work?

To refinance your car loan, you’ll follow much the same process you went through when you got your loan originally.

Typically you’ll be refinancing with a different lender. Once you’re approved, the new lender will do a lot of the work for you.

They will request a payout letter from your current lender. They’ll then pay out your old loan and start you on your new one. Ideally with lower regular repayments or improved loan terms, or both.

Among borrowers looking to refinance their car loan, the average remaining loan balance is more than $30,000, according to Money.com.au's data. These borrowers stand to make significant savings by refinancing to a better deal.

Average refinance car loan

Best refinance car loan interest rate comparison

Compare a selection of used car loan interest rates in Australia that may be available for car loan refinancing, with ranges based on the borrower's credit score and other factors. The table is sorted by lowest comparison rate.

Harmoney

Car loan interest rate

5.76% p.a. - 6.55% p.a.

Comparison rate*

6.55% p.a. - 24.98% p.a.

Now Finance

Car loan interest rate

6.75% p.a. - 21.65% p.a.

Comparison rate*

6.75% p.a. - 21.65% p.a.

Great Southern Bank (used vehicles up to 7 years old)

Car loan interest rate

6.49% p.a. - 15.04% p.a.

Comparison rate*

6.86% p.a. - 15.44% p.a.

Moneyplace

Car loan interest rate

6.52% p.a. - 19.19% p.a.

Comparison rate*

6.95% p.a. - 20.77% p.a.

Liberty Financial

Car loan interest rate

6.52% p.a. - 19.19% p.a.

Comparison rate*

6.95% p.a. - 20.77% p.a.

ING

Car loan interest rate

6.89% p.a. - 18.99% p.a.

Comparison rate*

7.10% p.a. - 19.23% p.a.

OMM

Car loan interest rate

6.57% p.a. - 18.99% p.a.

Comparison rate*

7.19% p.a. - 21.78% p.a.

Westpac (used vehicles up to 7 years old)

Car loan interest rate

5.99% p.a. - 12.99% p.a.

Comparison rate*

7.20% p.a. - 14.14% p.a.

Commbank (used vehicles up to 7 years old)

Car loan interest rate

5.99% p.a. - 11.99% p.a.

Comparison rate*

7.41% p.a. - 13.35% p.a.

St.George (used vehicles up to 7 years old)

Car loan interest rate

6.49% p.a. - 12.99% p.a.

Comparison rate*

7.61% p.a. - 14.06% p.a.

BankSA (used vehicles up to 7 years old)

Car loan interest rate

6.49% p.a. - 12.99% p.a.

Comparison rate*

7.61% p.a. - 14.06% p.a.

Bank of Melbourne (used vehicles up to 7 years old)

Car loan interest rate

6.49% p.a. - 12.99% p.a.

Comparison rate*

7.61% p.a. - 14.06% p.a.

Macquarie Bank

Car loan interest rate

6.99% p.a. - 11.60% p.a.

Comparison rate*

7.97% p.a. - 12.55% p.a.

NAB

Car loan interest rate

6.99% p.a. - 20.49% p.a.

Comparison rate*

7.91% p.a. - 21.33% p.a.

Plenti

Car loan interest rate

7.49% p.a. - 12.99% p.a.

Comparison rate*

8.05% p.a. - 13.08% p.a.

ANZ

Car loan interest rate

7.49% p.a. - 19.99% p.a.

Comparison rate*

8.18% p.a. - 20.58% p.a.

Society One

Car loan interest rate

8.20% p.a. - 24.89% p.a.

Comparison rate*

8.27% p.a. - 25.64% p.a.

Loans.com.au

Car loan interest rate

7.74% p.a. - 12.79% p.a.

Comparison rate*

8.85% p.a. - 13.90% p.a.

NRMA

Car loan interest rate

8.34% p.a. - 16.99% p.a.

Comparison rate*

9.21% p.a. - 17.77% p.a.

RACV

Car loan interest rate

8.34% p.a. - 16.99% p.a.

Comparison rate*

9.21% p.a. - 17.77% p.a.

Wisr

Car loan interest rate

9.74% p.a. - 21.49% p.a.

Comparison rate*

9.90% p.a. - 22.46% p.a.

Latitude Financial

Car loan interest rate

9.49% p.a. - 29.99% p.a.

Comparison rate*

10.93% p.a. - 31.83% p.a.

Fair Go Finance

Car loan interest rate

15.95% p.a. - 27.99% p.a.

Comparison rate*

26.69% p.a. - 36.32% p.a.

Car loan interest rateComparison rate*

Harmoney

5.76% p.a. - 6.55% p.a.

6.55% p.a. - 24.98% p.a.

Now Finance

6.75% p.a. - 21.65% p.a.

6.75% p.a. - 21.65% p.a.

Great Southern Bank (used vehicles up to 7 years old)

6.49% p.a. - 15.04% p.a.

6.86% p.a. - 15.44% p.a.

Moneyplace

6.52% p.a. - 19.19% p.a.

6.95% p.a. - 20.77% p.a.

Liberty Financial

6.52% p.a. - 19.19% p.a.

6.95% p.a. - 20.77% p.a.

ING

6.89% p.a. - 18.99% p.a.

7.10% p.a. - 19.23% p.a.

OMM

6.57% p.a. - 18.99% p.a.

7.19% p.a. - 21.78% p.a.

Westpac (used vehicles up to 7 years old)

5.99% p.a. - 12.99% p.a.

7.20% p.a. - 14.14% p.a.

Commbank (used vehicles up to 7 years old)

5.99% p.a. - 11.99% p.a.

7.41% p.a. - 13.35% p.a.

St.George (used vehicles up to 7 years old)

6.49% p.a. - 12.99% p.a.

7.61% p.a. - 14.06% p.a.

BankSA (used vehicles up to 7 years old)

6.49% p.a. - 12.99% p.a.

7.61% p.a. - 14.06% p.a.

Bank of Melbourne (used vehicles up to 7 years old)

6.49% p.a. - 12.99% p.a.

7.61% p.a. - 14.06% p.a.

Macquarie Bank

6.99% p.a. - 11.60% p.a.

7.97% p.a. - 12.55% p.a.

NAB

6.99% p.a. - 20.49% p.a.

7.91% p.a. - 21.33% p.a.

Plenti

7.49% p.a. - 12.99% p.a.

8.05% p.a. - 13.08% p.a.

ANZ

7.49% p.a. - 19.99% p.a.

8.18% p.a. - 20.58% p.a.

Society One

8.20% p.a. - 24.89% p.a.

8.27% p.a. - 25.64% p.a.

Loans.com.au

7.74% p.a. - 12.79% p.a.

8.85% p.a. - 13.90% p.a.

NRMA

8.34% p.a. - 16.99% p.a.

9.21% p.a. - 17.77% p.a.

RACV

8.34% p.a. - 16.99% p.a.

9.21% p.a. - 17.77% p.a.

Wisr

9.74% p.a. - 21.49% p.a.

9.90% p.a. - 22.46% p.a.

Latitude Financial

9.49% p.a. - 29.99% p.a.

10.93% p.a. - 31.83% p.a.

Fair Go Finance

15.95% p.a. - 27.99% p.a.

26.69% p.a. - 36.32% p.a.

Used car loan interest rate comparison based on products analysed by Money.com.au advertising a high and low interest rate range. Rates are current as of 4 December 2023. Check with the provider for full current loan details, including rates, fees, eligibility and terms and conditions. While this is an extensive list of used car loans available in Australia, not all loans in the market are shown. This list is for reference only and does not reflect the selection of loans you may see if you get a personalised quote through Money.com.au.

5 steps to refinance your car loan

Here are the main steps involved when refinancing a car loan:

  • Consider your options: Compare car loans based on eligibility criteria, interest rates, regular repayment amount, terms and fees.

  • Check if your current lender will negotiate: If you’ve found better car loan deals elsewhere, check if your current lender will match them. If not…

  • Make an application: Just like you did originally, except this time with a new loan and lender.

  • The new lender repays your existing car loan: Once you’re approved, your new lender will settle your old loan by paying off the loan balance.

  • Start your new car loan: Now that your old balance is settled, you begin making regular repayments on your new (hopefully better) loan.

Top 3 reasons to refinance your car loan

There are many reasons to refinance a car loan depending on your situation. But ultimately it boils down to getting a better or more suitable loan for you.

In my experience, these are the main reasons why you might refinance your car loan and how it can help you get a better deal overall.

1. Refinancing a car loan to reduce repayments

There are a couple of ways to reduce your repayments through a car loan refinance.

  • You could simply get a lower interest rate on a different loan with the same term. This will reduce the regular repayment amount and the total interest paid over the loan.

  • You can also reduce your repayments by extending your loan term. Just bear in mind that this may end up costing you more in interest overall.

2. Refinance your car loan with a better credit score

Your credit score plays a major part in determining what your car loan interest rate will be.

If your credit score has improved since you took out your loan initially, you may be able to take advantage by refinancing your car loan to a cheaper rate.

3. Refinance your car loan balloon payment

Some car loans include a balloon payment. This is a large, one-time payment at the very end of your loan that reduces your regular repayment.

When the balloon payment is due, some borrowers choose to refinance it. This means taking out a new loan and repaying the balloon amount in instalments rather than a single large payment.

how long does it take to refinance car loan

How long does a car loan refinance take?

Most lenders have fast application and approval processes.

This means your car loan refinance could be completed in a couple of days.

Having documents like payslips and bank statements ready for your new lender to check can help speed up the process.

apply for car loan pre approval

How soon can you refinance a car loan?

In general, it can be best to wait 12 months before refinancing a car loan.

For example, you might have needed to accept a high car loan interest rate initially because you had a default on your credit report. After 12 months of making your payments on time, you may be able to get a much better rate with a new lender.

Getting the timing right is important. Applying to refinance your car loan too soon could mean being declined. Leaving it too late might mean the possible savings won't be worth it.

Checking your credit score first is a good idea so you know where you stand and if now is a good time to refinance.

is refinancing expensive

Is refinancing a car loan expensive?

Not necessarily. In fact, refinancing to a lower interest rate could save you thousands in interest and fees.

But there are costs to factor in, including:

  • Early payout fees on your current loan
  • Application/establishment fees for your new loan

You’ll need to check your current loan documents and the new lender’s fees to see what you’ll be charged for switching. Then weigh them up versus the savings to see if refinancing your car loan is worth it overall.

Our car loan calculator can help you work this out.

Car loan refinance example calculation

Old car loanNew car loan

Loan amount

$25,000

$25,000

Remaining loan term

4 years

4 years

Interest rate

12%

8%

Switching cost

n/a

$750

Monthly repayment

$658

$629

Total to repay

$31,601

$30,174

Saving (including switching costs)

n/a

-$1,427

These are sample loan rates and fees. Actual rates and fees will be determined by the lender based on your credit score and other factors specific to your application.

Compare loans in 60 seconds

Ready to refinance your car loan?

Get your best offers from multiple lenders. There's no obligation and checking your rates won't impact your credit score.

GET STARTEDGET STARTED

Shopping around for the right loan can save you thousands of dollars in interest and fees.

Get matched with these top Australian Lenders

Car loan refinance FAQ

Arty your Money Matchmaker

Get help from a real-life Money Matchmaker® from start to finish.

Monday - Friday: 9am - 5pm
peaking money matchmaker robot

Generally yes. Plenty of people refinance a bad credit car loan to get a lower interest rate.

If you’ve made consistent payments for 12 months or more on your existing loan, your credit score may have improved.

If this is the case, you may now be eligible to refinance with *enders that were off limits when you first got your loan.

Applying for a new loan, which is essentially what you are doing when you refinance, has the potential to impact your credit score in the short term. This is because new loan applications are recorded on your credit report.

However, if you avoid applying for multiple loans in a short space of time, refinancing your loan should not negatively impact your score in the longer term.

In fact, refinancing to a better deal could contribute towards improving your credit score over time as it would make your repayments more manageable.

Whether it's worth refinancing your car loan to a lower interest rate will depend on a combination of factors:

  • How much lower is the refinance rate compared to your current rate? The bigger the difference, the more likely it is you will save overall.
  • How long is there left on your loan? The longer there is remaining, the more you will save with a lower rate.
  • What is the remaining balance? If there is only a small balance remaining, the interest savings may not be enough to outweigh the switching costs.
  • What are the switching costs? You'll need to factor these in when calculating whether the interest savings make the refinance worth your while overall.

Car Loans guides and resources

Where to next? Read our other car loan guides to understand more about your options for financing your next car.

Written by

Shaun McGowan Money.com.au founder

Loans Expert

Shaun McGowan

Reviewed by

Sean Callery Editor Money.com.au

Editor

Sean Callery

AS FEATURED IN

*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.

Address

Level 3, 201 Miller St,
North Sydney, NSW, 2060, Australia

Suite 3, Level 2, 1 Taylor Street,
Moorabbin, VIC, 3189 Australia

Company

Money Pty Ltd trading as Money
ABN: 42 626 094 773
ACL: 528698
AFCA: 83955

© Copyright 2023 Money Pty Ltd.



Disclaimer

Money Pty Ltd (trading as Money) Australian Credit Licence 528698 provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. Money does not compare every Lender all products or issuers available 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.