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LenderCar LoanInterest Rate Comparison Rate* Monthly Repayment Interest Type Vehicle Type Maximum Vehicle Age Ongoing Fee Upfront Fee Total Repayment Early Repayment Instant Approval Online Application TagsFeaturesLinkCompare
6.24% p.a.
7.36% p.a.
$583
Variable
New
1 year
$8
$400
$35,000
Featured
  • Available for purchasing new and demo vehicles
  • $5,000 to $150,000 loan amount
  • Redraw facility available up to $5000/day
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
6.57% p.a.
7.19% p.a.
$588
Fixed
New
No Max
$0
$250
$35,278
Loan amounts from $2k to $75k
  • Available for any new motorised vehicle
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
6.49% p.a.
6.84% p.a.
$587
Fixed
New, Used
7 years
$0
$250
$35,211
6.99% p.a.
8.40% p.a.
$594
Fixed
New, Used
5 years
$15
$250
$35,634
6.99% p.a.
8.11% p.a.
$594
Fixed
New
1 year
$8
$400
$35,634
Approval within 24 hoursEarly payout available
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
6.34% p.a.
8.36% p.a.
$585
Variable
New
1 year
$8
$400
$35,084
7.24% p.a.
7.84% p.a.
$597
Fixed
New
3 years
$5
$120
$35,846
7.09% p.a.
8.21% p.a.
$595
Fixed
New
1 year
$8
$400
$35,719
8.27% p.a.
8.27% p.a.
$612
Fixed
New, Used
No Max
$0
$595
$36,731
8.49% p.a.
9.38% p.a.
$615
Variable
New, Used
No Max
$13
$0
$36,921
9.49% p.a.
10.82% p.a.
$630
Fixed
New, Used
No Max
$9
$474
$37,795
7.74% p.a.
8.85% p.a.
$605
Variable
Used
3 years
$8
$400
$36,274
APPLY ONLINE
  • Unlimited extra repayments
  • Flexible repayment options
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
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Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of . View disclaimer.

Why refinance your car loan?

Save on fees

Your current car loan may be hitting you with unwanted, or unnecessary fees. Some car loans charge you a monthly/yearly fee. These fees can add significant cost to your loan over its lifespan. Refinancing may allow you to change to a lower fee loan with another lender.

Better interest rates

Interest rates are generally lower than they’ve ever been. It’s very possible that interest rates have gone down since you first took out your car loan. Refinancing may allow you to lock into a lower interest rate. And if you think interest rates will go up, you can lock in a competitive rate for repayment certainty.

Better features

Different lenders will offer different features for your car loan. You may wish to refinance to access a loan that allows you to make lump sum or additional repayments to pay off the loan sooner, or you might be looking to lower your repayments by extending the time of your loan, to make smaller payments over a longer period of time, putting more money into your personal cash flow. Whatever the case, refinancing allows you to shop around and find a loan that better suits your needs.

What to consider before refinancing you car loan?

Car Value

Before refinancing your car loan, it’s important to consider the value of your vehicle. Typically, this will not be the amount you paid for it. Cars are one of those purchases which generally lose value (depreciate) over time. If you owe more money to the lender than what your car is currently worth, you would likely be considered a higher lending ‘risk’ and might discover it difficult to find someone willing to refinance your vehicle loan.

This is because if you defaulted on a payment and your lender had to seize your car and sell it, they probably wouldn’t get the full amount back that you owed them. This is called ‘negative equity’. There are insurance policies - called ‘car gap’ or ‘motor equity’ insurance that covers this, but it might not be worth it, and not all lenders offer it.So to ensure that you have a good chance of refinancing, have a good idea of what your car is currently worth and make sure it is more than what you currently owe.

Remaining term left on your loan

Car loan terms are almost always significantly shorter than home loan terms, with typical loan periods between one to seven years. To determine how soon you can refinance your car loan, you should look at your current loan length and decide if it’s worth the time, effort and potential cost of refinancing. For example, if you only had a year left on your car loan, refinancing could end up costing you more in fees than if you were to complete the final year of payments.

In contrast to that, if you still had five years to go of a seven-year term and don’t believe you’re getting the best interest rate, it might be an idea to consider refinancing.

Get across the 'change' costs

This goes hand in hand with your loan length and is a critical thing to consider before refinancing your car loan. Some of the costs involved in refinancing can include exit fees, valuation fees, application fees and break fees. For people who don’t have long left on their term, these types of costs could mean that they end up paying more in fees than what they will save by switching to a better interest rate.

Many lenders understand this and will from time to time make special offers to waive some of these fees, so it always pays to keep an eye on special promotions being offered in the car lending marketplace.

Looking after your credit score

Another thing most people don’t realise is that every application they make for credit goes onto their personal credit file and can negatively influence their individual credit score. This might mean that refinancing your car loan too often could make it difficult to receive a good value interest rate on future applications of credit in other areas such as a home loan or a personal loan.

Whether it’s to secure a lower interest rate, add flexibility or consolidate debts, a refinance car loan could be a good option to consider.

Frequently Asked Questions

Before you refinance your car loan, there are a few things that could be helpful to know. You should know the car’s current value, how long you have left on your loan, and how much it would cost you to refinance.

With all these things in mind, you can calculate whether refinancing actually saves you money, or if it’s better to wait it out.

There’s no month of the year when it’s best to refinance. Technically, you could refinance as soon as your car loan begins. However, it can be better to refinance after six months or a year, when you’ve paid off some of the loan. Refinancing too soon could also affect your credit score, which can be harmed by multiple credit applications within a short period.

Applying to refinance your car loan is typically the same process as applying for a regular car loan. You will need to meet the lenders' eligibility criteria which may relate to your age, residency status, your income, expenses, and your credit history.

You will also need to supply all your supporting documents and provide security for the loan (if you’re applying for a secured car loan).

Refinancing to a car loan with a lower interest rate can lower your repayments. Ultimately, it depends on your reason for refinancing. If you’re refinancing to borrow more money, for example, then this may increase your repayments.