Car Loan 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.

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:

*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.

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.

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.