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Find and compare the latest car loan rates in Australia

Compare car loan rates from a wide range of Australian lenders, and find a car loan that suits your needs. Start your car loan comparison at RateCity today.

80+ car loan providers in RateCity’s database

200+ car loan products in RateCity’s database

Mark Bristow

Updated on

23 Nov, 2024

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Why is it important to compare car loans?

Buying a car can be a big financial commitment, and while some may have the savings to pay for it outright, many rely on finance to help them get the right car when they need it most.

Those who are in the market for a new car generally spend a fair bit of time shopping around for the right make and model, so it makes sense to consider spending some time comparing car loan options too.

If you walk into a dealership with the intention to buy a car on finance, the dealer will typically contact their preferred bank or lender and arrange a loan for your new car on your behalf. While this may seem like a convenient option, it might mean missing out on more suitable and/or more competitive loans with banks and lenders that the dealership does not have a relationship with.

On the other hand, if you do your due diligence by comparing all of the finance options available to you, you could potentially end up finding a much better suited loan.

Unless you put the time in to compare your options, you might miss out on discounts or certain features that could appeal to you.

How do you compare car loans?

It might be a good idea to begin your car loan comparison by considering the following questions:

How much is the car you want to buy? Keep in mind that the more you borrow for your car loan, the more costly your repayments will be.
Can you afford a deposit? Having a deposit for a car loan isn’t always compulsory, but it may assist with get your loan approved and reduce your regular repayments.
How long do you want your car loan term to be? Most car loans have a term of between one and seven years, though in some cases lenders might offer a longer term. Generally speaking, the longer your loan term, the less expensive your repayments will be, but the more interest you’re likely to pay on the loan in total.
Are you buying a new or used vehicle? The age of the vehicle can determine what loans are available to you.
Are there any particular features you are looking for? The interest rate isn’t necessarily the only thing you should consider. It might be a good idea to think about what other features could benefit you, such as the option to make extra repayments and whether it offers a redraw facility.

How can a car loan calculator help make comparisons easier?

RateCity’s car loan comparison search wizard takes the legwork out of comparing car loans by allowing you to directly input the amount you’d like to borrow, along with your preferred loan term, to see which loans apply to your personal situation. The results from your search include details specific to each loan, such as any features that may be included or potential fees involved.

You could also use our Car Loans Calculator to get an estimate on what your regular repayments could look like.

Start using a car loan calculator here

Georgia Brown

Personal Finance Editor

Georgia Brown was a Personal Finance Editor and journalist for RateCity, covering the scope of finance in Australia over loans, credit, mortgage and housing, superannuation, and sustainable finance, to name a few. Before venturing into personal finance, she worked as a reporter for Smart Property Investment, Real Estate Business, and REA's realestate.com.au, and these days her work can be seen across numerous publications, including Lifehacker and RateCity.

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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