Car loans and car finance: compare lenders

About $608 a month at 8% over five years, before fees. At 6% it is about $580 and at 12% about $667, so your rate moves the repayment by nearly $90 a month. Over seven years at 8% the repayment falls to about $468, but the total interest rises from about $6,498 to $9,277.

About $48,663 in total over five years at 8%, which is $8,663 of interest on top of the $40,000, before the establishment fee and any monthly fees. At 6% the total is about $46,399 and at 12% about $53,387. The comparison rate, which folds in the compulsory fees, is the figure to compare between lenders.

About $811 a month at 8% over 60 months, with no balloon and before fees. At 6% it is about $773, at 10% about $850 and at 12% about $890. A balloon lowers the monthly figure but leaves a lump sum to pay at the end; the car loan calculator shows both.

About $466 a month over five years at 8%, or $27,981 in total, before fees. At 6% the repayment is about $445 a month and at 10% about $489. A shorter term raises the repayment but cuts the interest.

It depends on the lender and on whether the repayments fit your income. Under the responsible lending rules the lender has to check that a loan is not unsuitable for you, and policies differ: Pepper Money, for one, publishes that direct applicants must be currently employed. If what you need is car repairs or registration rather than a car, Moneysmart lists No Interest Loans of up to $2,000 from community providers, with no interest or fees, for people earning under $70,000 (single) or $100,000 (with a partner or dependants), or holding a Health Care Card or Pension Card.

It depends on your credit history, the car and the security. Lenders publish a range rather than one rate: in September 2026 Westpac published 6.49% to 12.99% on a secured car loan and loans.com.au 5.94% to 16.64% on a new car, while unsecured car loans ran to 22.25% at CommBank. The car loan interest rates guide lists each lender’s published range; a broker quotes where your application sits within them.

Most lenders offer car loans from $5,000 up to $150,000 or more for prestige vehicles. The amount you can borrow depends on your income, existing debts, credit history, and the vehicle value. As a general guide, your total vehicle repayments should not exceed 15-20% of your gross monthly income.

Often yes, through specialist lenders that publish an appetite for defaults, discharged bankruptcy and thin credit files, at higher rates than a clean-credit loan. The bad credit car loans guide lists what those lenders publish, and a broker checks which ones will consider your file before an application is lodged, so you do not collect declined credit enquiries.

A bank can only offer its own car loans, a dealer arranges finance through its own lender relationships, and a broker compares loans from the lenders on its panel against your application. The dealer finance vs bank vs broker guide compares the three on cost. Your Finance Guide is free to use. Licensed brokers who meet our criteria pay Your Finance Guide a partnership fee to receive enquiries from this site. The fee is paid by the broker, not by you, and is not added to your loan. Brokers are usually also paid a commission by the lender when a loan settles. Full details are in our Credit Guide.

From about a minute to a couple of business days, depending on the lender and your file. BankSA and CommBank publish a response in about 60 seconds, loans.com.au publishes approval within 24 hours, and Pepper Money publishes a decision within one business day of a complete application. Self-employed and credit-impaired applications take longer because of the extra documents.

Yes. Pre-approval gives you a clear budget, strengthens your negotiating position with dealers, and protects you from overpriced dealer finance. It does not commit you to borrowing, but it does expire, so check the date on yours before you shop.