Car Loans

Compare Australian Car Loans

Your car loan choice is an important one and an often overlooked part of the process of a new car purchase.

The range of car loans available in Australia make it necessary to make careful comparisons before signing up for finance to make sure your loan meets your needs.

Featured Car Loan Offer

Upgrade your car with Bank of Melbourne Car Loan. Choose a fixed interest or a variable interest rate to make extra repayments each month.

• Fixed or variable interest rate options
• Choice of flexible repayment options of weekly, fortnightly or monthly.
• Track and manage your loan repayments using Internet Banking
• Easy to apply and fast approval
• Protect your loan with Consumer Credit Insurance

Click here to find out more about this offer

Comparison of Top Car Loan and Personal Loan Rates

Personal Loan	Details	Min Interest Rate	Min Comparison Rate	Min Loan Amount	Min Loan Terms	Apply Fee
St.George Secured Personal Loan	Competitive variable interest rate from St.George. Get an application response within 60 seconds.	12.74%	13.62%	$3000	1 year	$195
Bank of Melbourne Secured Personal Loan	Apply for the Bank of Melbourne car loan and enjoy the competitive rates and fees with the flexible repayment options.	10.99%	11.88%	$3000	1 year	$195
NAB Personal Loan Unsecured Variable $10,000+	Apply for a NAB Car loan and get a low interest rate when you purchase a new or used vehicle.	14.99%	15.85%	$10000	1 year	$150

Why You Need To Compare Car Loans In Australia

A car loan is also a secured loan, as the vehicle you are financing acts as security on the loan, often entitling you to a lower interest rate. At the same time, this means that if you default on your car loan, the bank can take back their security and you can lose your car. Therefore, making sure you can easily meet your car loan repayments and manage the finance is important to avoid repossession.

Your car is also a depreciating asset, which means that whether you have bought it new or used, it is going to be worth less every day; you can potentially very soon find yourself paying off a loan amount which is more than the vehicle’s current worth as it depreciates in value over the loan term. Therefore, a car loan is not an investment in the way as a home loan or margin loan. Therefore, you want to make sure you are not paying more in interest and fees than you have to.

Important Car Loan Features To Compare

When comparing the features of a car loan you want to make sure you choose those which make the loan both affordable and easy to use. Therefore, to better understand the features of car loans in Australia:

• Application fees. While you may be able to find lenders offering specials on fee waivers, most car loans will require you to pay application, valuation and settlement fees on your loan which can be several hundred dollars. These fees must be paid before the loan is approved, from your own funds, not from the loan amount.
• Interest rates. You can often choose a fixed or variable interest rate on your car loan, and your choice depends on the loan term you choose. Over a longer seven year car loan period you could be better off with a fixed interest rate loan to offer stability to your repayments, or you may think that rates are too high to fix now and will opt for the flexibility of a variable rate car loan.
• Ongoing fees. Your car loan may also come with ongoing annual or monthly account keeping fees, and may also charge for your loan payment method for example, a fee for a BPAY payment or for additional repayments made.
• Loan features. The loan features you want and need depend on how you will use the loan for example if you want to make your payments manually you could benefit from a linked savings account from the same provider. If you want to pay off your loan faster, you want to make sure you’re not penalised for additional repayments.

How To Compare Car Loan Features In Australia

Now you know what you’re looking for in the Australian car loan market, you need to know how to narrow down those choices to the car loan which is right for you and your new vehicle. It is important to remember that you should choose the loan before you choose the car, as making sure you have preapproval before you walk into the showroom not only sets your budget, but also gives you greater negotiating power, because you have the power to buy on the spot. However, before you set your car buying budget at the amount your lender will approve, make sure you run the numbers yourself. Look at what you can comfortably afford for a car loan within your current budget, accounting for emergencies and other expenses which will come with car ownership.

When you are comparing car loans:

• Speak to your current financial provider. If you already have credit cards, savings accounts or other personal loans with a financial institution, they know your history and have all of your details on file, giving you a better chance of an easy loan approval, and the opportunity to negotiate for a lower interest rate or a fee waiver, with the knowledge the lender could lose all of your business if they don’t offer you a competitive loan.
• Get the right type of loan. If you’re buying a classic car, make sure you get a loan to reward you for the reduced driving conditions, if you’re buying a used car look for a specialised loan to make your used car finance as affordable as possible, and if you’re buying a new fuel efficient car, look for a loan which rewards you with discounts for that.
• Know the deposit required. As well as covering application fees, make sure you have enough savings to settle the loan with the required deposit amount as not all car loan offer a no deposit option.
• Compare the true loan cost. Look at the comparison rate of the car loans you are comparing to see the true cost of the interest rate and fees between the products. You will also need to know how you will be using the loan, for example if you want to try and repay it as quickly as possible, whether you want to pay by direct debit, or make manual payments each month.

Best Ways To Save Money On An Auto Loan

Are you looking for save money tips for an auto loan?

If so, then you have come to the right place. There are many mistakes which people make when it comes to applying for an auto loan. As your car is something that you need and it is something that you will be using for a long time, you need to ensure that you make the right decision. This includes choosing the best finance options to suit your needs.

Things To Be Aware Of

The first thing that you should be wary of when looking at auto loans is ones that offer no interest. At first glance, these sound like a dream come true. Who wouldn’t want to pay no interest on their loan? What you need to be aware of is the fact that often the no interest loans come with no or little rebate. It can actually be much more beneficial to have a large rebate as it will save you the most money each month.

Another thing that you should be wary of is the loans that are offered by dealerships. Often these loans come with a much higher interest rate than ones offered by independent lenders. This is largely down to the fact that dealerships will usually gain more money through financing than they would through the sale of the car. Therefore, one of the best save money tips is to get your auto loan from an independent lender.

It is always a good idea to compare your options. You should be able to find loan calculators online which compare the different auto loan options available. Comparison websites can also be a good option. They take a few personal details and then present you with the best loans to suit your circumstances.

Your credit history will really make a difference to the loan that you are offered. If you have a bad credit history then you may find it difficult to get the credit that you need. Even if you do manage to find a loan to suit your credit, it will typically come with a high interest rate. Again, compare as many different lenders as you can to find the right loan to suit you.

Have You Considered Leasing?

One form of auto finance that you may not have considered is leasing. Many people these days lease their cars instead of buying them outright. It enables you to drive a more expensive car than you would normally be able to afford. The repayments are typically quite low and you can often find deals for less than $200 per month.

There are many different leasing options so it is always worth researching as much as you can about each one. Take into account all of the fees that would be included with each one and then decide which would be better for your circumstances.

Overall, these are just some of the best save money tips when it comes to getting an auto loan. There are hundreds of different ones available and you should always compare as many different ones as possible before you apply.

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