New car loans made simple

Low rate new car loans from 4.69% p.a. (comparison rate 6.03% p.a.)* for up to $100,000 with no hidden fees.

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Low Rate Personal Loans

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.

Getting a new car loan is as easy as 1, 2, 3, 4.

Get your personalised rate

Get your quote

Discover your personalised interest rate and repayments in 1 minute (without impacting your credit score) with our quick and easy online quote.

Apply for a personal loan

Apply in minutes

Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.

Get your personal loan funds

Settle your loan

After receiving your pre-approval and arranging your car purchase, complete our simple online self-service settlement process.

Enjoy your car

After your loan settlement has been processed 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 are often lower than those form 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 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 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:

Car Loan Rates, Fees & Charges
Term3 Year5 Year7 Year
Loan Type3 year car loan (fixed)5 year car loan (fixed)7 year car loan (fixed)
Interest Ratefrom 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 Feefrom $499 from $499from $499
Monthly Fees$9$9$9
Early Repayment Fees$0$0$0

*Comparison rates for 3 year loans are based on an secured car loan of $30,000 over a 36 month term. Comparison rates for 5 year loans are based on an secured car loan of $30,000 over a 60 month term. Comparison rates for 7 year loans are based on an secured car loan of $30,000 over an 84 month term. Comparison rates shown assume a customer with an excellent credit history. Rates current as at 02/08/2019. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Am I eligible for a new car loan?

RateSetter provides secured and unsecured new car loans to Australian-resident individuals and businesses. If you are an individual, you can borrow for any worthwhile purpose, including a new car, home improvements, consolidating debt, a major event or holiday.

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

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;
  • Income;
  • Expenses;
  • 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.

Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 5.50% p.a. the estimated total amount payable including all applicable fees is $11,196. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 5.75% p.a. (comparison rate 7.44% p.a.) to 12.78% p.a. (comparison rate 20.71% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 8pm, 17 October 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.