New car loans
Low rate car loans from 4.69% p.a. (comparison rate 6.03% p.a.)* for up to $100,000 for new cars.
We reward your good credit with even better rates
Our low-rate new car loans put you in the driver’s seat. Apply online and get pre-approved in minutes so you can shop for your new wheels with confidence.
Everything you want from a new car loan and nothing you don’t
We reward your good credit history with even better rates ensuring the loan you end up with has been tailored for you in every way.
Flexible loan terms from 3, 5 or 7 years for loans between $10,000 and $100,000. Use funds to buy new, demo and used cars.
No early repayment fees or exit fees help you save more and pay off your loan faster. Because nobody has ever said ‘yes please’ to fees.
Australia’s most loved consumer loan.
Over 2217 borrowers have rated us 4.7/5 on ProductReview. Here’s what those happy customers have to say about a RateSetter loan.
Rebecca , SA
I can’t fault this service. Application process was smooth. I received a courtesy call within hours. Approved the same day with funds received shortly after. Service has been nothing short of exceptional.
Michael , QLD
Approved and great rate matched with lender in 24 hours. Process was simple, feedback great with everything very well explained. Funds deposited in nominated account in less than 2 business days.
James , NSW
Great service, fast and excellent rate. I got an excellent rate and approval in a matter of days. Thanks! Would definitely use these guys again. Their website is very intuitive and easy to use.
Meg , NT
It was a surprisingly easy process. RateSetter has helped me combine by debt into one manageable bill with one easy repayment. Definitely would recommend to anyone looking at consolidating.
Julie , QLD
What an absolutely fantastic experience. I’d recently gone through a credit union for finance, and after over 6 weeks, they were after more paperwork and couldn’t make a decision. RateSetter took an hour.
Getting a new car loan is as easy as 1, 2, 3, 4.
Get your quote
Discover your personalised interest rate in just 1 minute. It’s fast, simple and won’t have any impact on your credit score.
Apply in minutes
You can apply for pre-approval online in 10 minutes. Make sure you have your driver’s license and bank details handy.
Settle your loan
Once pre-approved you can arrange your car purchase and complete our simple online settlement process.
Enjoy your car
Once settlement is finalised and you accept your loan, your funds will be transferred same day (if accepted before 2pm).
You’ve got questions we’ve got answers.
What is a new car loan?
A new car loan offers you the flexibility to do that in a way that takes into account your goals and financial circumstances. RateSetter’s new car loans are a form of personal loan, which means that you can access versatile finance at a competitive rate. If you opt for an unsecured scooter loan, you can use it to purchase the scooter and also pay for associated costs, such as registration, insurance, and maintenance.
Why consider a new car loan?
A RateSetter new car loan lets you take advantage of your hard-earned credit rating to purchase the vehicle you need (or want) now and then make affordable monthly repayments to pay it off over the term of the loan. With RateSetter, you will benefit from competitive rates on a flexible new car loan that is often lower than those from traditional lenders such as a bank or dealership finance. Save more money by paying down the loan quicker. Using finance to buy a new car couldn’t be easier.
How does a new car loan work
A new car loan works just like a standard personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify for a personal loan, you must submit an application and agree to a credit check that takes into account your borrowing history, employment status, credit score, and other factors.
What are the benefits of a new car loan?
Personal loans, including new car loans, allow you to enjoy a lower interest rate than you would receive with a credit card. They also offer a consistent repayment schedule, which makes it easier to budget in advance and avoid fees or penalties for late payments.
How much does a new car loan cost?
New car loans generally have three components that affect the total cost over the life of the loan:
- the interest rate (this may be fixed or variable)
- a one-time establishment fee
- ongoing fees (such as account maintenance fees, late payment fees, and other charges)
These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare a range of different car loans to find the one that best suits your needs.
For an overview of fees and charges (including interest rates) associated with RateSetter’s new car loans, see the table below:
|Term||3 Year||5 Year||7 Year|
|Loan Type||3 year car loan (fixed)||5 year car loan (fixed)||7 year car loan (fixed)|
|Interest Rate||from 4.69% p.a.||from 4.69% p.a.||from 5.19% p.a.|
|Comparison Rate*||from 6.50% p.a.||from 6.03% p.a.||from 6.31% p.a.|
|Credit Assistance Fee||from $499||from $499||from $499|
|Early Repayment Fees||$0||$0||$0|
Am I eligible for a new car loan?
RateSetter provides secured and unsecured new car loans to Australian-resident individuals and businesses. Save time before applying by making sure:
- You are aged 21 or over
- You are an Australian citizen or permanent resident
- You have a regular source of income that you can demonstrate
- You have a good credit history
To see if you may qualify for a RateSetter used car loan, you can get a RateEstimate – it only takes 1 minute, and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.
In making a final decision, we consider a number of factors, including your credit file as provided to us by Equifax and/or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.
What do I need to apply?
To apply for a used car loan, you will need to complete our identity verification process successfully, as well as considering how suitable a used car loan is to your current circumstances.
To complete identity verification you will need to provide one or more of the following documents:
- Australian State or Territory-issued drivers licence
- Australian or foreign passport
- Address verification document such as a utility bill or tenancy agreement
These details can either be entered on our website during the application process and automatically verified online or you can upload or email them to us at email@example.com.
When assessing your application, we are looking for evidence of how suitable the loan is to your current circumstances and the purpose for which you require funds. Among other things, we’ll assess your:
- Employment stability;
- Repayment history;
- Credit bureau information; and
- Other details you communicate to us.
You will also be asked to verify your income and expenses, and may be asked to provide supporting documentation such as bank statement information or payslips. The documents you will need to provide will be displayed to you during the application process.
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*Comparison rates are based on a secured car loan of $30,000 over 60 months. Rates shown assume a customer with an excellent credit history and are current as at 6pm, 19 March 2020. RateSetter credit criteria and terms and conditions apply. Warning: This comparison rate is 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.
Representative Example: Based on a car loan of $30,000 over 60 months a borrower with an excellent credit history can expect to pay a total of $34,813.80. This represents a comparison rate of 6.03% p.a. and includes all interest and fees included in your loan repayments over the life of the loan. RateSetter car loans are available from 3 years to 7 years. Car loan interest rates range from 4.69% p.a. (comparison rate 6.03% p.a.) to 10.79% p.a. (comparison rate 12.10% p.a.).