Online Car Loans

An online car loan is a quick and more convenient way to borrow to purchase a new vehicle. Find out how with RateSetter.

RateSetter provides easy online car loan applications that allow you to choose your own loan option and generate a personalised interest rate. 

To start applying for an online car loan, you’ll first have to request a quote. Don’t worry, this will only take 1 minute! The quote tool will give you your personalised interest rate as well as a car loan calculator. The car loan calculator will help you to adjust your loan amount and calculate repayments across different loan terms from 3 to 7 years.

From there, you can apply for pre-approval online in just 10 minutes! Once approved, you can arrange your car purchase and complete our simple online settlement process. Once this is finalised, you’ll have your funds transferred that same day. Easy!

How much can I borrow for an online car loan?

RateSetter offers low-interest secured car loans from $10,000 to $100,000 for new and used cars under 7 years old. We also offer unsecured car loans with a minimum loan amount of $2,001 up to a maximum loan amount of $45,000 for cars of any age.

When you apply for your online car loan quote, you’ll be provided with an initial estimate of your borrowing capacity and the maximum loan amount you are eligible for.

The important thing to remember when you are pre-approved for a car loan is that the amount you are eligible for does not include the fees and taxes you will have to pay. 

Because of this, we recommend that you only apply for what you need to cover, e.g., the purchase price of the car and any on-road costs. For example, if you have been pre-approved for an online car loan of $25,000, you should look for a car that costs a few thousand less so that you can cover these added fees and expenses.

Your pre-approval does not lock you and the final loan amount, and repayment options can be changed as part of the settlement process.

At RateSetter, we offer flexible loan terms with repayment options from 3, 5 or 7 years for loans between $10,000 and $100,000 with a monthly repayment schedule.

Can I get an online car loan with bad credit?

Generally, you need to have a good credit history to be eligible for an online car loan. 

However, RateSetter will consider a loan application if you are self-employed or can demonstrate a significant recovery from a bad credit history. We may ask you for additional credit assessment criteria and requirements. 

If you are ineligible for a secured car loan, we may still be able to offer you an unsecured low rate personal loan that rewards your good credit history. 
When you apply for a quote via our RateEstimate tool, RateSetter will carry out a soft credit check. This does not impact your credit score. If you complete this quick quote, you will be able to assess whether your credit history will have any impact on taking out an online car loan.

Can I refinance my car loan online?

If you are stuck with a high-interest car loan and want to land a better deal that lowers your monthly payments, then you can consider refinancing your car loan online.

Our low-rate refinance options can be used on both new and used cars, provided that the vehicle is under 7 years old. The vehicle will also need to meet our Loan to Value Ratio (LVR) and credit criteria requirements. 

RateSetter makes car loan refinance simple. We offer flexible loan terms from 3, 5 or 7 years for loans between $10,000 and $100,000. There are no early repayment fees or exit fees, meaning you can save more and pay off your debt faster.

How long does it take to apply for an online car loan

An unsecured car loan is a loan that’s issued and supported only by the borrower’s creditworthiness, rather than any type of collateral. Sometimes referred to as “signature loans”, unsecured loans are approved without the use of property or other assets and are therefore riskier for lenders. As a result, unsecured loans typically come with higher interest rates than secured loans.

It only takes 10 minutes to apply for an online car loan with RateSetter.

You can apply for an online car loan in just 4 easy steps:

  1. Get your quote. Discover your personalised interest rate in just 1 minute. This step is fast, simple and will not have any effect on your credit score. 
  2. Apply for pre-approval in just 10 minutes. To make the application process even faster, make sure you have your Australian driver’s license handy. 
  3. Settle your loan. Once pre-approved, you can arrange your car purchase and complete a simple online settlement process.
  4. Say hi to your new ride! Once settlement is finalised and you accept your loan, your funds will be in your bank that same day.

How long does it take to get approved for a car loan online?

Getting approved for a car loan online is quick. 

If you have provided all the required documents in your online application, you will be pre-approved within 10 minutes. 

You may be required to provide additional information about yourself and your vehicle purchase during the application process. If you have already found a car or are refinancing, you’ll have to supply the vehicle details as part of your approval. The pre-approval assessment will also ask you to provide evidence of the following:

  • Your employment stability
  • Your income
  • Your expenses
  • Your repayment history
  • Credit bureau information

We’ll review the information supplied, and if you meet all the requirements, we’ll aim to provide your approval within 2 business days.

Are online car loans secured or unsecured?

An online car loan can be either secured or unsecured.

  • Secured car loan: With a secured car loan, the lender will have the rights to use an asset (usually the car being purchased) as collateral. As the loan is secured against the value of your vehicle, the amount you are able to borrow and the interest rates available will be impacted by the age and condition of the vehicle. Newer cars attract lower interest rates than used cars, for example. In the event that the secured car loan is not repaid within the agreed-upon timeframe, the lender can take possession of your vehicle and sell it. The additional protection offered by secured car loans means they offer lower interest rates for borrowers.
  • Unsecured car loan: With an unsecured car loan, you have freedom over how you spend the loan funds. This means that you can purchase the vehicle as well as use your funds to cover associated costs such as insurance, registration, tyres, upgrades and maintenance. Because the loan is unsecured, your eligibility will be based upon your creditworthiness. While unsecured loan rates are generally higher than a secured loan, you should be able to still obtain a low-interest rate if you have good credit history. 

RateSetter offers both secured and unsecured online car loans. Secured car loans are available from $10,000 to $100,000 for new, demo and used cars under 7 years old with fixed interest rates. Unsecured car loans are available from $2,001 to $45,000 for a car of any age with both fixed and variable interest rates.

Compare secured car loans and fees*

Brand
Interest Rate (p.a.)
Comparison Rate (p.a.)
Upfront Fees
Monthly Fees
Repayments
Money3
Money3 Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 19.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$0

Monthly Fees

$0

Repayments

$0 per month
ME Bank
ME Bank Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.98% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
Macquarie Bank
Macquarie Bank Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 6.42% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$495

Monthly Fees

$8

Repayments

$0 per month
Heritage Bank
Heritage Bank Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 5.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$200

Monthly Fees

$5

Repayments

$0 per month
Defence Bank
Defence Bank Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 5.69% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$206

Monthly Fees

$10

Repayments

$0 per month
CUA
CUA Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 6.79% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$0

Repayments

$0 per month
BOQ
BOQ Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.39% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$8

Repayments

$0 per month
Bendigo Bank
Bendigo Bank Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.79% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$5

Repayments

$0 per month
Bank SA
Bank SA Car Loan (Variable Rate)

Interest Rate (p.a.)

from 12.74% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$12

Repayments

$0 per month
Bank SA
Bank SA Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$12

Repayments

$0 per month
Bank of Melbourne
Bank of Melbourne Car Loan (Variable Rate)

Interest Rate (p.a.)

from 12.74% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$12

Repayments

$0 per month
Bank of Melbourne
Bank of Melbourne Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$12

Repayments

$0 per month
People's Choice CU
Peoples Choice Car Loan (Fixed)

Interest Rate (p.a.)

from 5.64% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
IMB
IMB Car Loan (Fixed)

Interest Rate (p.a.)

from 5.45% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
Bankwest
Bankwest Car Loan (Fixed)

Interest Rate (p.a.)

from 7.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$299

Monthly Fees

$5

Repayments

$0 per month
Suncorp
Suncorp Car Loan (Fixed)

Interest Rate (p.a.)

from 5.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$5

Repayments

$0 per month
RACQ
RACQ Car Loan (Fixed)

Interest Rate (p.a.)

from 5.89% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$395

Monthly Fees

$0

Repayments

$0 per month
RAC
RAC Car Loan (Fixed)

Interest Rate (p.a.)

from 5.7% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$299

Monthly Fees

$0

Repayments

$0 per month
ING
ING Car Loan (Fixed)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$100

Monthly Fees

$0

Repayments

$0 per month
St George
St George Car Loan (Fixed)

Interest Rate (p.a.)

from 8.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$12

Repayments

$0 per month
ANZ
ANZ Car Loan (Fixed)

Interest Rate (p.a.)

from 12.45% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$10

Repayments

$0 per month
Wisr
Wisr Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 5.19% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $655

Monthly Fees

$0

Repayments

$0 per month
Wisr
Wisr Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 5.19% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $655

Monthly Fees

$0

Repayments

$0 per month
Wisr
Wisr Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 5.19% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $655

Monthly Fees

$0

Repayments

$0 per month
RACV
RACV Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 5.69% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $499

Monthly Fees

$0

Repayments

$0 per month
Beyond Bank
Beyond Bank Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $200

Monthly Fees

$5

Repayments

$0 per month
Latitude
Latitude Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 6.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $295

Monthly Fees

$10

Repayments

$0 per month
Pepper Money
Pepper Money Personal Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $200

Monthly Fees

$13

Repayments

$0 per month
NRMA
NRMA Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 5.69% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $499

Monthly Fees

$0

Repayments

$0 per month
Commbank
Commbank Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 6.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $250

Monthly Fees

$10

Repayments

$0 per month
NAB
NAB Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.69% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $150

Monthly Fees

$10

Repayments

$0 per month
Westpac
Westpac Car Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $250

Monthly Fees

$12

Repayments

$0 per month

Interest Rate (p.a.)

from 4.89% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 4.89% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 4.89% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Comparison rates for loans under 3 years are based on an unsecured personal loan of $10,000 over 36 months. Comparison rates for loans 4 years and above are based on an unsecured personal loan of $30,000 over 60 months.

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.

*Products shown do not represent all rates available from all lenders, or all rates available from the lenders presented. RateSetter interest rate is based on a borrower with an excellent credit history using rates and fees applicable as at 4am, 5 July 2020. All other interest rates and fees displayed are as advertised by the respective lender on their website as at 10 March 2020 and may include short-term promotional offers. Comparison rates are calculated by RateSetter. The actual product, rate, fees and charges you might be eligible for may be different based on your loan term, loan amount and credit characteristics.

Other fees and charges not shown here may apply. Rates shown are subject to change without notice. Information on this page does not constitute an offer of credit. RateSetter Australia RE Limited does not provide credit assistance in relation to all products compared on this page. The displayed order of products shows the lowest monthly repayment as default or is based on your sorting options and does not represent a suggestion that a particular credit product is appropriate for you.

Compare unsecured car loans and fees**

Brand
Interest Rate (p.a.)
Comparison Rate (p.a.)
Upfront Fees
Monthly Fees
Repayments
RACQ
RACQ Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.54% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$200

Monthly Fees

$0

Repayments

$0 per month
RAC
RAC Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 13.00% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$299

Monthly Fees

$0

Repayments

$0 per month
Pepper Money
Pepper Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $200

Monthly Fees

$13

Repayments

$0 per month
Macquarie Bank
Macquarie Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 13.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$8

Repayments

$0 per month
IMB Bank
IMB Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.54% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
Heritage Bank
Heritage Bank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$200

Monthly Fees

$5

Repayments

$0 per month
Heritage Bank
Heritage Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$200

Monthly Fees

$5

Repayments

$0 per month
Bank SA
Bank SA Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 12.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$12

Repayments

$0 per month
Bank SA
Bank SA Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$12

Repayments

$0 per month
Bank of Melbourne
Bank of Melbourne Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 12.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$12

Repayments

$0 per month
Bank of Melbourne
Bank of Melbourne Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$12

Repayments

$0 per month
NAB
NAB Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$10

Repayments

$0 per month
ANZ
ANZ Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 15.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$10

Repayments

$0 per month
Community First CU
Community First Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$0

Repayments

$0 per month
Community First CU
Community First Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$0

Repayments

$0 per month
Gateway Bank
Gateway Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.59% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$149

Monthly Fees

$0

Repayments

$0 per month
Gateway Bank
Gateway Bank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.84% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$149

Monthly Fees

$0

Repayments

$0 per month
Newcastle Permanent
Newcastle Permanent Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
Greater Bank
Greater Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$275

Monthly Fees

$0

Repayments

$0 per month
Beyond Bank
Beyond Bank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 13.45% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$0

Repayments

$0 per month
Bank Australia
Bank Australia Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.89% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$0

Repayments

$0 per month
People's Choice CU
People's Choice Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
Nimble
Nimble Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $195

Monthly Fees

$0

Repayments

$0 per month
BOQ
BOQ Personal Loan

Interest Rate (p.a.)

from 10.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$8

Repayments

$0 per month
ME Bank
ME Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.98% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
HSBC
HSBC Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.5% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$5

Repayments

$0 per month
Citibank
Citibank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$0

Monthly Fees

$0

Repayments

$0 per month
CUA
CUA Personal Loan

Interest Rate (p.a.)

from 9.89% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$0

Repayments

$0 per month
Bendigo Bank
Bendigo Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 12.79% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$5

Repayments

$0 per month
Bankwest
Bankwest Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$8

Repayments

$0 per month
Suncorp
Suncorp Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.49% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$5

Repayments

$0 per month
Suncorp
Suncorp Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$5

Repayments

$0 per month
Coles
Coles Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$199

Monthly Fees

$10

Repayments

$0 per month
Latitude
Latitude Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $250

Monthly Fees

$13

Repayments

$0 per month
St George
St George Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 12.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $195

Monthly Fees

$12

Repayments

$0 per month
St George
St George Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $195

Monthly Fees

$12

Repayments

$0 per month
Now Finance
Now Finance Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $495

Monthly Fees

$13

Repayments

$0 per month
ING
ING Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $100

Monthly Fees

$0

Repayments

$0 per month
Wisr
Wisr Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $595

Monthly Fees

$0

Repayments

$0 per month
Wisr
Wisr Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $595

Monthly Fees

$0

Repayments

$0 per month
ANZ
ANZ Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 12.45% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $150

Monthly Fees

$10

Repayments

$0 per month
NAB
NAB Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$10

Repayments

$0 per month
Westpac
Westpac Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $250

Monthly Fees

$12

Repayments

$0 per month
Commbank
Commbank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.50% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $150

Monthly Fees

$10

Repayments

$0 per month
Commbank
Commbank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.50% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $150

Monthly Fees

$10

Repayments

$0 per month

Interest Rate (p.a.)

from 8.39% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 8.39% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 7.49% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 7.49% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 7.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $199

Monthly Fees

$0

Repayments

$0 per month

Comparison rates for loans under 3 years are based on an unsecured personal loan of $10,000 over 36 months. Comparison rates for loans 4 years and above are based on an unsecured personal loan of $30,000 over 60 months.

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.

**Products shown do not represent all rates available from all lenders, or all rates available from the lenders presented. RateSetter interest rate is based on a borrower with an excellent credit history using rates and fees applicable as at 4am, 5 July 2020. All other interest rates and fees displayed are as advertised by the respective lender on their website as at 10 March 2020 and may include short-term promotional offers. Comparison rates are calculated by RateSetter. The actual product, rate, fees and charges you might be eligible for may be different based on your loan term, loan amount and credit characteristics.

Other fees and charges not shown here may apply. Rates shown are subject to change without notice. Information on this page does not constitute an offer of credit. RateSetter Australia RE Limited does not provide credit assistance in relation to all products compared on this page. The displayed order of products shows the lowest monthly repayment as default or is based on your sorting options and does not represent a suggestion that a particular credit product is appropriate for you.

Sebastian Paulin
Sebastian has over 12 years experience in consulting, marketing and finance. He has worked with Australia’s largest banks and emerging fintechs across lending, investing and insurance. Sebastian has a Bachelor of Commerce and Bachelor of Laws with Honours.

Are car loans secured or unsecured?

Most car loans are secured but the past decade has seen a massive increase in the number of car shoppers taking out peer-to-peer unsecured car loans. This is largely the result of convenient online or mobile lenders and the flexibility that an unsecured loan can offer.

If you’re a reliable borrower and don’t want to use the vehicle you’re buying as collateral, an unsecured loan can offer a range of benefits. As there is no collateral, if you default on your loan repayments your lender cannot repossess the vehicle you have purchased with the loan.

Whether you take out a secured or unsecured loan with fixed or variable rates is up to you. To help choose, ask yourself these questions:

  • What’s the interest rate like?
  • Do I want a fixed or variable rate?
  • What’s the length of the loan? 
  • Can I pay back the loan in a shorter time frame?
  • What vehicle am I planning on buying? 

The price of your car will be a major factor in your decision to take out a secured or unsecured loan. For example, if you’re looking at purchasing an upmarket car, you’ll likely have to borrow more. This will affect things like how long it takes to repay the loan and the interest that you’ll accumulate.

What is a car loan pre-approval?

Having a car loan pre-approval can help you speed up the process of buying a new or used vehicle. Getting pre-approved will help you understand exactly how much you can borrow and takes the pressure off the shopping process because the finance component has been covered. Being aware of your budget limitations can also help you negotiate a better deal.

Buying a car, while exciting, can be a stressful time. Sorting out the finances before you shop can help eliminate some of this stress. Similar to other loan application processes, the lender will evaluate your circumstances to ascertain how much you can afford to borrow. This can stop you shopping for something you can’t afford.

As a guide, your purchase price should be less than what you’re actually approved for because you’ll need to reserve about 10% of the loan amount for taxes and fees. You’ll also want to consider down payment and trade-in amounts that could offset the purchase price.

Pre-approval doesn’t mean the loan is a guarantee, but it does offer some clarity. Once you’ve chosen the vehicle you’d like to purchase you simply resubmit your car loan application with the new details and wait for unconditional approval. This means the lender is prepared to give you a loan for the specific amount requested.

Can I get a loan on a pre-owned car?

If you don’t have enough money saved to purchase your dream second-hand vehicle, a used car loan could be the way to go. Used car loans are personal loans used to finance the purchase of a second-hand vehicle.

Similar to new car loans and personal loans, used car loans involve borrowing a set amount of money and then paying it back with interest over an agreed amount of time. The loan term and the interest rate will vary.

A ‘used’ car is technically defined as any vehicle that has been previously registered in Australia. Buying a used car allows you to keep the cost of the vehicle down by avoiding high depreciation costs. The moment you drive a new car out of a dealership you can lose thousands of dollars in market value.

Used car loans can be secured or unsecured and have either fixed or variable rates. Some lenders will only offer loans on used cars up to a certain age, as they consider older cars too risky to finance. Other lenders may consider offering a loan on an older vehicle if they are seen to hold their value.

What is the best car loan?

Finding the best car loan is all about understanding your needs. Everyone’s financial situation is different, so there’s no one “best car loan” to cover every possible need. Knowing what sort of car you would like to buy and how much it costs will help you to consider how much you need to borrow and what sort of loan will be best.

How much you can borrow depends on your income, your expenses, your assets and any other debts you might hold. Your credit history is relevant too, determining your creditworthiness. If you have previously defaulted on loan repayments or have often been late in making repayments, a lender may reduce the amount they are willing to lend you. They could also refuse you a loan or apply higher interest rates to cover the risk.

When comparing car loans, make sure you are comparing apples with apples. Secured car loans must be compared with secured car loans and unsecured car loans must be compared with unsecured car loans. Consider interest rates, applicable fees, loan features and lender reputation. Think about flexibility and what that means for you. A car loan which allows extra repayments, for example, enables you to pay off your loan ahead of schedule and to minimise interest costs. A loan with a redraw facility allows you to “borrow back” extra repayments. Such flexibility can save you time and money in the future.

This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. Any opinions, forecasts or recommendations reflect the judgement and assumptions of RateSetter as at the date of publication and may later change without notice.