Based on your details, you can compare the following car loans

Product
Advertised Rate
Comparison Rate*
Company
Repayment
Upfront Fee
Loan amount
Total repayments
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4.79%

Fixed

5.34%

Credit Concierge

$563

based on $30,000 loan amount for 5 years

$400

$10k to $150k

More details

4.99%

Fixed

5.54%

loans.com.au

$566

based on $30,000 loan amount for 5 years

$400

$5k to $100k

More details

5.49%

Fixed

5.84%

IMB Bank

$573

based on $30,000 loan amount for 5 years

$250

$2k to $75k

More details

From

5.34%

Fixed

6.60%

Stratton

$571

based on $30,000 loan amount for 5 years

$457

$7.5k to $150k

More details

5.50%

Fixed

5.85%

Our Money Market

$573

based on $30,000 loan amount for 5 years

$250

$2k to $75k

More details

8.50%

Fixed

9.36%

Wisr

$616

based on $30,000 loan amount for 5 years

$595

$5k to $50k

More details

What do I need to know about getting a car loan?

Before you make any applications, it’s important to be across the various factors that make up a standard car loan. Make sure you can afford the loan’s regular repayments, as failure to make repayments could result in you losing your car as well as being left with a bad credit record. Here are some of the things you should understand before applying for a car loan.

  • Interest rates – This is arguably one of the first things to look at when comparing car loans, as it is one of the biggest deciders of how much your total repayment could be. The interest rate determines how much you'll need to pay back in addition to the original amount you borrowed.
  • Potential fees –Typical fees you may be charged include upfront fees or application fees, ongoing fees such as account-keeping fees, early repayment fees and redraw fees.
  • Repayments – To clear your loan, you need to make regular repayments, in either weekly, fortnightly or monthly instalments. The amount you will repay will depend on your interest rate, whether you are on a fixed or variable rate, fees, how long your loan term is and whether you have opted for a balloon payment. 

How can I find the best car loan for me?

To find the car loan that best suits your financial situation, it’s worthwhile to compare the following:

  • Credit score – The better your credit score, the lower your potential interest rate might be and the more likely a lender may approve your loan application. This is because lenders generally use your credit record as an indicator of your reliability. 
  • New/used car – New car loans are generally secured by the car and tend to offer lower interest rates. You may also be able to borrow more for new cars. For older used cars, you may need to apply for unsecured loans, which will have higher interest rates.
  • Secured/unsecured car loan – A secured car loan means the loan is secured by an asset, typically the car you are buying. While most car loans tend to be secured, some are unsecured. These are generally for vehicles which are too old to be used as a security. Like personal loans, unsecured car loans often have higher interest rates than secured car loans.
  • Fixed/variable rate – If your loan is on a fixed interest rate, it means the interest rate you’re on and the amount you are paying back will not change. This gives you certainty about your regular repayments. If you’re on a variable rate loan, your car loan repayments and interest rate could move up or down.
  • Loan term – Generally, the shorter your loan term, the higher your monthly repayments may be, but this could also lower your total repayment. A longer loan term may mean lower monthly repayments but a higher total repayment in the long run, as you will be charged with more interest.
  • Balloon payment – What this involves is deferring part of the loan’s principal to the end of the loan. For instance, if you defer 25 per cent of a $30,000 loan, you will need to pay $7500 plus interest at the end of the term. This essentially lowers the regular repayment amount but it also means the loan’s total cost could be higher. Make sure you can afford to repay the lump sum at the end of the term if you’re considering opting for a balloon payment.

How does RateCity’s car loan calculator work?

RateCity’s car loan calculator can tell you how much you can potentially borrow and how much it may cost to repay the loan. It also shows you the lowest advertised rate on RateCity’s database to give you an idea of what’s available. Here’s how you use RateCity’s car loan calculator:

  1. Enter how much you’d like to borrow.
  2. Enter your preferred interest rate.
  3. Choose between monthly, fortnightly, or weekly repayments.
  4. Select a loan term.
  5. Compare personal loans.

Note that the calculator only provides estimates and has not taken into account your personal circumstances.

How can RateCity’s car loan calculator help me?

By having an idea of the total cost of a potential car loan and what your repayments are, you’ll be better armed with the information and research you’ll need to make an informed decision.

You can try putting in different interest rates and loan terms to compare how repayments could differ in various situations. Remember that using the calculator won’t affect your credit score, so you can use it as many times as you need to.