Tips to avoid a car loan that's a lemon
Choosing a new set of wheels can be a thrill. However, if you get the car before the loan, you could be pressured into rushing an important financial decision. This is never a good idea.
Before hitting the showrooms, work out how much you can afford each month. A car loan calculator can be helpful here. Explore a range of repayment options by entering different borrowing amounts, loan terms and interest rates.
Something else to be mindful of is your credit score. After all, it’s what lenders base your interest rate on. A low credit score may limit the car loans available to you. While a good score can open the door to loans with lower interest rates and more flexible features.
Above all, it pays to compare car loans. By shopping around, you can potentially save hundreds if not thousands of dollars. To discover some of Australia’s most competitive car loans, keep scrolling.
6.24%
7.37%
$583
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- $5k to $150k
- 3 to 7 years
- Variable Rate
- Secured
6.09%
7.22%
$581
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- $5k to $150k
- 3 to 7 years
- Variable Rate
- Secured
6.57%
7.19%
$588
Australian Credit Licence 488228
Fees & charges apply
- Promoted
- $5k to $100k
- 1 to 7 years
- Fixed Rate
- Secured
6.57%
7.19%
$588
Australian Credit Licence 488228
Fees & charges apply
- Promoted
- $5k to $100k
- 1 to 7 years
- Fixed Rate
- Secured
6.52%
up to 18%
6.95%
$587
Australian Credit Licence 364340
Fees & charges apply
- Promoted
- Via broker
- $10k to $250k
- 1 to 7 years
- Fixed Rate
6.52%
up to 18%
6.95%
$587
Australian Credit Licence 364340
Fees & charges apply
- Promoted
- Via broker
- $10k to $250k
- 1 to 7 years
- Fixed Rate
7.39%
8.52%
$600
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- $5k to $150k
- 3 to 7 years
- Variable Rate
- Secured
7.59%
8.72%
$602
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- $5k to $150k
- 3 to 5 years
- Fixed Rate
- Secured
Disclaimer
This article is over two years old, last updated on February 18, 2021. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent car loans articles.
Compare car loans in Australia
6.24%
7.37%
$389
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- $5k to $150k
- 3 to 7 years
- Variable Rate
- Secured
6.57%
7.19%
$392
Australian Credit Licence 488228
Fees & charges apply
- Promoted
- $5k to $100k
- 1 to 7 years
- Fixed Rate
- Secured
6.57%
7.19%
$392
Australian Credit Licence 488228
Fees & charges apply
- Promoted
- $5k to $100k
- 1 to 7 years
- Fixed Rate
- Secured
6.52%
up to 18%
6.95%
$392
Australian Credit Licence 364340
Fees & charges apply
- Promoted
- Via broker
- $10k to $250k
- 1 to 7 years
- Fixed Rate
6.09%
7.22%
$387
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- $5k to $150k
- 3 to 7 years
- Variable Rate
- Secured
6.52%
up to 18%
6.95%
$392
Australian Credit Licence 364340
Fees & charges apply
- Promoted
- Via broker
- $10k to $250k
- 1 to 7 years
- Fixed Rate
7.39%
8.52%
$400
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- $5k to $150k
- 3 to 7 years
- Variable Rate
- Secured
7.59%
8.72%
$402
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- $5k to $150k
- 3 to 5 years
- Fixed Rate
- Secured
Product database updated 05 Jan, 2025
Fact Checked
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Promoted car loans
New/Demo Car Loan
Real Time Rating™
- $5k to $150k
- 3 to 7 years
- Variable Rate
- Secured
Interest rate p.a.
6.24%
Comparison rate* p.a.
7.37%
Australian Credit Licence 395219
Fees & charges apply
New Car Loan - $5,000-$100,000
Real Time Rating™
- $5k to $100k
- 1 to 7 years
- Fixed Rate
- Secured
Interest rate p.a.
6.57%
Comparison rate* p.a.
7.19%
Australian Credit Licence 488228
Fees & charges apply
Used Car Loan - No vehicle age limit - $5,000-$100,000
Real Time Rating™
- $5k to $100k
- 1 to 7 years
- Fixed Rate
- Secured
Interest rate p.a.
6.57%
Comparison rate* p.a.
7.19%
Australian Credit Licence 488228
Fees & charges apply
New Car Loan
- Via broker
- $10k to $250k
- 1 to 7 years
- Fixed Rate
Interest rate p.a.
6.52%
up to 18%
Comparison rate* p.a.
6.95%
Australian Credit Licence 364340
Fees & charges apply
Product data updated on 5 Jan 2025
