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Secured car finance in Australia
Getting the cheapest deal on car finance in Australia usually means getting a secured car loan. But some "car loans" advertised by lenders are not actually secured.
Secured car loans work differently to unsecured loans. Importantly, they’re also PRICED differently.
If you want to compare rates on secured car loans tailored to you, start by entering your desired loan amount at the top of this page. Or read on to learn more about how secured car finance works.
What is a secured car loan?
A secured car loan is a fixed-term, usually fixed-rate, secured personal loan used to purchase a vehicle.
With a secured car loan, the vehicle you’re buying is registered as security on the loan.
That simply means if you can’t repay the loan, the lender can sell the vehicle to get its money back.
The other main car finance option is an unsecured personal loan.
An unsecured loan does not require security and can be used for more or less any purpose.
Are secured car loans better?
This depends on the situation. But in my view, if you’re buying a car, a secured car loan is generally better than an unsecured loan. For one simple reason: Cost.
Secured car loans usually have lower interest rates than unsecured loans.
The security (the car) removes risk for the lender. So they chip a bit off the interest rate.
It's also possible to get a secured car loan for most used as well as new cars, so you're not limited to just newer vehicles.
Are there any drawbacks to a secured car loan?
With a secured car loan, the lender maintains an interest in your vehicle during the finance term. This means that if you can't repay the loan, the car could be repossessed.
There can also be more paperwork with a secured loan.
The lender will want details about the car before it approves the loan. And proof that it will be insured.
But these extra steps are often worth the effort in return for the potential savings.
Secured versus unsecured car loans
| Secured car loan | Unsecured car loan | |
|---|---|---|
Loan term | 1-7 years | 1-7 years |
Interest rates | Starting from 6-7% | Starting from 7-8% |
Type of interest | Usually fixed | Fixed or variable |
Fees | Generally lower | Generally higher |
Age of vehicles eligible | Up to 15 years old | Any age |
Balloon payment available? | Yes | Yes |
You can use our car loan calculator to see the difference your interest rate can have on your secured car loan repayments.
Here’s a quick preview based on a monthly repayment for some sample loan amounts and rates.
Best secured car loan interest rate comparison
Compare a selection of secured car loan interest rates in Australia, 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 | 5.66% p.a. - 20.07% p.a. |
| Comparison rate* | 6.45% p.a. - 20.98% 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 | |
| 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 | |
| Car loan interest rate | 5.99% p.a. - 12.99% p.a. |
| Comparison rate* | 7.20% p.a. - 14.14% p.a. |
Loans.com.au | |
| Car loan interest rate | 6.09% p.a. - 12.79% p.a. |
| Comparison rate* | 7.21% p.a. - 13.90% p.a. |
Commbank | |
| Car loan interest rate | 5.99% p.a. - 11.99% p.a. |
| Comparison rate* | 7.41% p.a. - 13.35% p.a. |
St.George | |
| Car loan interest rate | 6.49% p.a. - 12.99% p.a. |
| Comparison rate* | 7.61% p.a. - 14.06% p.a. |
BankSA | |
| 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 | |
| Car loan interest rate | 6.49% p.a. - 12.99% p.a. |
| Comparison rate* | 7.61% p.a. - 14.06% 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. |
Macquarie Bank | |
| Car loan interest rate | 6.99% p.a. - 11.60% p.a. |
| Comparison rate* | 7.97% p.a. - 12.55% p.a. |
NRMA | |
| Car loan interest rate | 7.29% p.a. - 15.99% p.a. |
| Comparison rate* | 8.00% p.a. - 16.76% p.a. |
RACV | |
| Car loan interest rate | 7.29% p.a. - 15.99% p.a. |
| Comparison rate* | 8.00% p.a. - 16.76% 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. |
Wisr | |
| Car loan interest rate | 9.09% p.a. - 17.24% p.a. |
| Comparison rate* | 10.62% p.a. - 16.77% 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 rate | Comparison rate* | |
|---|---|---|
Harmoney | 5.66% p.a. - 20.07% p.a. | 6.45% p.a. - 20.98% p.a. |
Now Finance | 6.75% p.a. - 21.65% p.a. | 6.75% p.a. - 21.65% p.a. |
Great Southern Bank | 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 | 5.99% p.a. - 12.99% p.a. | 7.20% p.a. - 14.14% p.a. |
Loans.com.au | 6.09% p.a. - 12.79% p.a. | 7.21% p.a. - 13.90% p.a. |
Commbank | 5.99% p.a. - 11.99% p.a. | 7.41% p.a. - 13.35% p.a. |
St.George | 6.49% p.a. - 12.99% p.a. | 7.61% p.a. - 14.06% p.a. |
BankSA | 6.49% p.a. - 12.99% p.a. | 7.61% p.a. - 14.06% p.a. |
Bank of Melbourne | 6.49% p.a. - 12.99% p.a. | 7.61% p.a. - 14.06% p.a. |
NAB | 6.99% p.a. - 20.49% p.a. | 7.91% p.a. - 21.33% p.a. |
Macquarie Bank | 6.99% p.a. - 11.60% p.a. | 7.97% p.a. - 12.55% p.a. |
NRMA | 7.29% p.a. - 15.99% p.a. | 8.00% p.a. - 16.76% p.a. |
RACV | 7.29% p.a. - 15.99% p.a. | 8.00% p.a. - 16.76% 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. |
Wisr | 9.09% p.a. - 17.24% p.a. | 10.62% p.a. - 16.77% 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. |
Ready to compare secured car loans?
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GET STARTEDGET STARTEDWhat cars can I get with a secured car loan?
Generally, you can finance new and used cars up to 15 years old with a secured car loan.
Although some lenders have a lower maximum age, and some charge higher interest rates the older the car is.
The car can usually either be purchased from a dealer or through a private sale.
Commercial vehicles can also be financed using a secured business car loan.
Even other vehicle types such as caravans can be eligible for secured finance.
Here are a couple of common restrictions on secured car loans:
- Most financiers will not lend on “grey imports” (Nissan Skylines are a common example). These are vehicles that were imported as a used vehicle, and were not originally sold by the manufacturer in Australia.
- Vehicles with negative reports on the Personal Property Securities Register (PPSR). This may include the vehicle being reported stolen, written off, or having an incorrect odometer reading.
Do I qualify for a secured car loan?
This depends how much you wish to borrow, the age and type of vehicle you’re buying, and your financial situation.
When it comes to the last point, lenders generally look for:
- A clean credit history (or in other words a high credit score)
- Borrowers who have been in regular, stable employment for at least two years
- Someone who can demonstrate financial responsibility (they’ll look at your bank statements for this)
BUT secured car loans can also be options for people who can’t tick all of these boxes.
Like people with bad credit (through a bad credit car loan).
Or self employed people who don’t have a regular income (through what’s called a ‘low doc car loan’).
Remember, you can apply for car loan pre-approval to check how much you are eligible to borrow from a lender before you go car shopping.
How to find the best secured car loan for you
Here are some key factors to look at when comparing secured car loans:
- What’s the interest rate?
- How much are the fees?
- What’s the loan term?
- Can I repay the loan early if I want?
- Is the car I’m buying eligible?
- Is there a balloon payment option?
Shopping around for the right loan can save you thousands of dollars in interest and fees.
Secured car loan FAQ
Get help from a real-life Money Matchmaker® from start to finish.
Can you pay off a secured car loan early?
It's generally possible to repay a secured car loan early by making extra repayments (although it's flat out not allowed on some loans).
The thing to watch out for is any fees that may apply to extra repayments. Some lenders will also impose a charge if you repay the loan sooner than the end of the contracted term.
Can I sell my car if I have a secured loan?
This depends on the lender's rules but it may be possible, provided you use the proceeds of the car sale to pay out the loan (again, watch out for early repayments fees that could apply).
It's a good idea to speak to your lender before you sell the car being used to secure your loan.
Can I refinance a secured car loan later on?
Yes it’s usually possible to refinance your car loan even if your car is secured against it. The lender you refinance with will simply pay out your old loan, and register your car as security on the new loan.
Bear in mind you may be charged fees as part of the refinancing process.
Can I get pre-approval on a secured car loan?
Yes, most lenders offer car loan pre-approval for secured vehicle finance, up to a certain amount.
However, because the loan will be secured by the car you buy, your finance won't be fully approved until the lender has checked that the vehicle you choose meets its eligibility criteria.
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
Loans Expert
Shaun McGowan
Reviewed by
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.
