Car Loan Refinance

Refinance your car loan from 4.69% p.a. (comparison rate 6.03% p.a.)* up to $100,000.

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Low Rate Personal Loans

Car loan refinance made simple

  • 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.

Car loan refinance in 4 simple steps

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 type of car can I refinance?

You can refinance any used car provided it is under 7 years old. The car will also need to meet our Loan to Value Ratio (LVR) and credit criteria requirements.

How much does refinancing cost?

If you’re considering refinancing your car loan, you may be unsure of how much it will cost. Most car loans comprise of three main factors that impact 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 loans to find the one that best suits your needs as well as your existing loan.

For an overview of fees and charges (including interest rates) associated with RateSetter’s 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 to refinance my car loan?

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
  • You are on at least a provisional driver or full driver’s licence
  • The existing vehicle you are looking to refinance is less than 7 years

To see if you may qualify for a RateSetter car loan, you can get a quote, 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.

What do I need to apply?

To apply to refinance your existing car loan, you will need to complete our identity verification process successfully. 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 as part of the application process.

When assessing your application, we are looking for evidence of how suitable a loan is to your current circumstances. 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.

*Car loan comparison rate based on a secured, 5 year, $30,000 loan for a new vehicle and a customer with an excellent credit history. Rates current as at 5pm, 6 December 2019. 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.