Lower Your Rate

Refinance Your Car Loan & Save Thousands

Paying too much on your current car loan? Rates may have dropped since you took it out, or you may be stuck on an expensive dealer finance rate. Our free refinance assessment shows exactly how much you could save by switching.

Refinance rates from 5.49% p.a. Comparison rate 6.12% p.a.*

Free Refinance Assessment

Refinance Savings Calculator

See how much you could save with a lower rate

Loan Amount
$25,000
$5,000$100,000
Interest Rate (p.a.)
6.49%
5.00%12.00%
Loan Term
4 years
1 years 7 years
Monthly Payment
$592.76
Total Interest
$3,452
Total Repayment
$28,452
Principal (87.9%)Interest (12.1%)
Principal: $25,000
Interest: $3,452

This calculator provides estimates only. Actual rates and repayments may vary based on your circumstances and lender requirements.

Get Your Personalized Quote
Car Loan Refinancing at a Glance
  • Switch your existing car loan to a lower rate and save thousands in interest
  • Refinance rates from 5.49% p.a. — often 2-4% lower than dealer finance rates
  • Free, no-obligation assessment shows your exact savings before you commit
  • We handle the entire process including paying out your old loan
  • Keep driving your car throughout — no interruption to your daily life

When Refinancing Makes Sense

Not every car loan should be refinanced. The decision depends on several factors, and our free assessment takes all of them into account. Here are the most common situations where refinancing delivers genuine savings:

  • Dealer finance markup — if you financed through a car dealership, you are likely paying 2-4% above wholesale rates. Dealers add a margin as their commission, which inflates your repayments for the entire loan term.
  • Market rates have dropped — if you took out your loan when rates were higher and the market has since moved down, you could be paying above the current market rate.
  • Your credit has improved — if you had credit issues when you first got the loan but have since built a clean repayment history, you may now qualify for a significantly better rate.
  • You want to reduce repayments — refinancing to a lower rate, extending the term, or both can reduce your monthly outgoing. This can help if your financial situation has changed.
  • You want to pay it off faster — conversely, if your income has increased, refinancing to a lower rate while keeping the same repayment amount means you pay the loan off faster.

Refinance Savings Examples

Here are three real-world scenarios showing the potential savings from refinancing:

ScenarioCurrent LoanAfter RefinanceSaving
Dealer finance, 3 years left$20K @ 10.99%: $666/mo$20K @ 6.49%: $614/mo$1,872
Bank loan, 4 years left$30K @ 8.99%: $746/mo$30K @ 5.99%: $701/mo$2,160
Bad credit loan, improved credit$15K @ 14.99%: $424/mo$15K @ 8.99%: $380/mo$1,584

Examples are illustrative. Your savings depend on remaining balance, current rate, and new rate available.

The Refinancing Process

1
Free Assessment
Tell us your current loan details: lender, balance, rate, and remaining term. We calculate your potential savings.
2
Rate Comparison
We compare your current rate against 50+ lenders to find a better deal. No obligation at this stage.
3
Application & Approval
If the savings are worthwhile, we submit your application. Approval typically takes the same day.
4
We Handle the Switch
New lender pays out old lender. PPSR security transferred. Your repayments drop from the first payment.
Check for Exit Fees

Some existing lenders charge early termination fees. These are typically $100-$500 and are disclosed in your original loan contract. We factor exit fees into our savings calculation to ensure refinancing delivers a genuine net benefit. If the fees outweigh the savings, we will advise you to stay with your current lender.

Eligibility for Refinancing

  • Existing car loan with at least 12 months remaining
  • Current on repayments (no arrears in the last 6 months)
  • Vehicle must still meet the new lender's age requirements
  • Remaining loan balance of at least $5,000
  • Potential saving of at least 0.50-1.00% to make the switch worthwhile

Refinance Assessment

Rates from
5.49% p.a.
Comparison rate 6.12% p.a.*
  • Free savings assessment
  • No obligation to proceed
  • We handle the entire switch
  • Save thousands in interest
  • Keep driving your car
Free Assessment
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More Car Loan Options

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No vehicle security
New Car Loans
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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. We handle the payout of your old loan and setup of the new one. You continue driving your car throughout the process with no interruption.

Paying Too Much on Your Car Loan?

Free refinance assessment in minutes. See exactly how much you could save.

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