Search and compare car loan interest rates in QLD

If you’re hoping to see some of the best Australia has to offer, hitting the road in Queensland can do just that. Whether you’re looking for a 4WD to handle off-road terrain in 75 Mile Beach, a family-friendly SUV to get you from the Gold Coast to Brisbane, or a motorbike to cruise down Lions Road, Queensland car finance may be able to help you achieve your goals and suit your budget.

If you’re hoping to buy a new car or used car in Queensland, there are a range of Australian car loan lenders offering financing options that may suit your financial needs and budget. You may want to shop around and compare your options before making any financial decisions and hopping in the driver's seat.

There's more to a car loan than nabbing the lowest interest rate on the market. When shopping around for vehicle finance in QLD, you'll want to ensure you're comparing all aspects of a car loan before making a loan application. All of which may impact the amount you end up paying over the life of the car loan.

Here are some key car loan factors and features to take into consideration when searching for your used or new vehicle in QLD:

• Interest rate. This is the amount of interest that will be charged on top of the loan amount. It is one of the biggest influences to the cost of the loan. A lower interest rate doesn't necessarily mean it's the most affordable, as if the car loan has costly ongoing fees, it will increase the cost of the loan over time.
• Comparison rate. An interest rate gives borrowers are more "realistic" view of the cost of a car loan, and takes into consideration ongoing fees, based on a 5-year, $20,000 loan.
• Fees. There are a range of fees a car loan or personal loan provider may charge, including upfront fees, annual fees and more. You may even be charged fees for making extra repayments, also called early repayment fees, so take stock before you apply.
• Interest rate type. You may need to choose between a car loan with a variable interest rate or a fixed interest rate.
• Secured or unsecured. Much like a personal loan, a car loan will either be secured against an asset (the vehicle), or unsecured. Secured car loans typically are more affordable, as there's less risk on the provider due to your having offered up the car as collateral. However, if you default on the car loan, the vehicle will be seized, which is not the case with unsecured car loans.
• Loan repayment type. Depending on your budget and financial situation, you may want to choose between making weekly, fortnightly or monthly repayments on your car loan.
• Loan term. The number of years you will be making repayments on the car loan. This is typically two to five years, but can climb as high as ten years, depending on the car loan provider. Generally speaking, the longer the car loan, the more interest you'll pay over time.
• Vehicle status. Choosing between new car or a used car may impact the car loan cost. For example, used vehicles are generally more affordable, but car loan providers may only offer finance options for vehicles up to a certain number of years old. It may be easier to get financing from a new car loan, but a new vehicle can be more expensive and result in higher car loan repayment amounts.
• Car loan lender. When you're looking for your next car, you'll find that Queensland car dealerships may have relationships with specific lenders. This is similar to how a broker may recommend home loan lenders they may have relationships with. While this may be more convenient, it's still worth comparing your options through comparison sites like RateCity, and using comparison tools like tables and calculators, to see which car loans may suit you across a wider segment of the market.

Just like when applying for any financial product, like a credit card, getting car loan approval may require you meeting certain requirements. These may include:

1. Being an Australian citizen or permanent resident
2. Being 18-years or older
3. Meeting a minimum income requirement
4. Being employed in one role for a minimum amount of time
5. Having a good to excellent credit score

Each car loan provider will have its own eligibility criteria, so it's worth looking over the terms and conditions or product disclosure statement of a car loan before applying. 

Keep in mind that having a bad credit score or no credit history doesn't necessarily mean you'll be rejected for a car loan in Queensland. Learn more about your bad credit car loan options here.

When searching for your Queensland car loan, it's worth factoring in in the other costs and potential liabilities involved car ownership to ensure you are budgeting correctly. These can include:

• Car insurance
• Stamp duty
• Registration
• Petrol costs
• Regular services, maintenance and repairs
• Road tolls