Lower Your Rate
Refinance Your Car Loan
Car Loan Refinancing at a Glance
- Switch your existing car loan to a lower rate and save on interest in interest
- Refinance rates, often 2-4% lower than dealer finance rates
- Free, no-obligation assessment shows your exact savings before you commit
- Your broker handles the entire process including paying out your old loan
- Keep driving your car throughout, no interruption to your daily life
WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate. Comparison rates are based on a secured loan of $30,000 over 5 years for vehicle finance and $50,000 over 5 years for equipment finance, as required under the National Credit Code.
Car Loan Refinancing FAQs
When should I refinance my car loan?
Refinancing makes sense when: interest rates have dropped since you took out your loan, your credit score has improved, you are on a dealer finance rate that is higher than market rates, your financial situation has changed and you need lower repayments, or you want to consolidate your car loan with other debts. As a rule of thumb, if you can save at least 1% on your rate and have more than 12 months remaining, refinancing is worth exploring.
How much can I save by refinancing?
Savings depend on your current rate, new rate, and remaining balance. For example, refinancing a $25,000 balance from 9.99% to 6.49% with 4 years remaining saves approximately $2,400 in total interest and reduces monthly payments by $50. Our free refinance assessment shows your exact potential savings.
Are there costs involved in refinancing a car loan?
Some existing lenders charge an early exit fee (typically $100-$500), and the new loan may have establishment fees ($0-$400). However, these costs are usually far less than the interest savings from a lower rate. Many lenders on our panel offer fee-free refinancing. We calculate the net benefit for you before proceeding.
Can I refinance a car loan with bad credit?
Yes, though your options may be more limited. If your credit has deteriorated since taking out the original loan, you may not qualify for a better rate. However, if you have been making consistent on-time payments on your current loan, this positive repayment history can work in your favour with specialist lenders.
How long does car loan refinancing take?
The entire process typically takes 3-5 business days from application to settlement. Your broker handles the payout of your old loan and setup of the new one. You continue driving your car throughout the process with no interruption.
Free · No obligation · One match
Paying Too Much on Your Car Loan?
Free refinance assessment in minutes. See exactly how much you could save.
★★★★★4.9 across 320+ broker-partner reviewsAustralian Credit Licence 505575Independent. Education first.