Compare Car Loans

Refinance Car Loans

Whether it’s to secure a lower interest rate, add flexibility or consolidate debts, a refinance car loan (switching from one loan to another) can be a good option to consider.

In the market for a new car? The table below features car loans with some of the lowest interest rates on the market.

Lender
Advertised rate Comparison rate Monthly repayment Interest TypeVehicle TypeMaximum Vehicle AgeOngoing FeeApplication FeeTotal RepaymentEarly RepaymentInstant ApprovalOnline Application
FixedNew4 yearsMore details
GET APPROVED WITHIN 24 HOURS

Car Loan (New and Dealer Used) (< 5 years)

  • Approval in 24 hours
  • Balloon options to reduce repayments
  • No ongoing fees, no discharge fee
GET APPROVED WITHIN 24 HOURS

Car Loan (New and Dealer Used) (< 5 years)

  • Approval in 24 hours
  • Balloon options to reduce repayments
  • No ongoing fees, no discharge fee
FixedNew1 yearMore details
No ongoing fees

Plenti Car Loan

No ongoing fees

Plenti Car Loan

    FixedNew, Used99 yearsMore details
    APPLY ONLINE
    • No extra repayment or early exit fees
    • Up to $75,000 in loan amounts
    • Funding approved within 24 hours
    APPLY ONLINE
    FixedNew1 yearMore details

    Green Car Loan

    FixedNew2 yearsMore details
    QUICK APPLICATION PROCESS WITH NO FEES

    New Vehicle Fast Loan Low Rate

    • Quick application process and no monthly fees
    • Low fixed interest rates with terms of up to seven years
    • New car loans cover cars up to 3 years old
    QUICK APPLICATION PROCESS WITH NO FEES

    New Vehicle Fast Loan Low Rate

    • Quick application process and no monthly fees
    • Low fixed interest rates with terms of up to seven years
    • New car loans cover cars up to 3 years old
    FixedNew, Used5 yearsMore details

    Car Loan - Fixed

    FixedNew99 yearsMore details

    New Car Loan (NSW, ACT & QLD only)

    FixedNew, Used10 yearsMore details

    (5 Years)

    FixedNew, Used5 yearsMore details

    Fixed Car Loan (with Low Emission Vehicle discount)

    FixedNew, Used7 yearsMore details
    No ongoing fees

    Plenti Car Loan (Refinance)

    No ongoing fees
    FixedNew99 yearsMore details

    Fixed Car Loan (New)

    FixedNew, Used99 yearsMore details

    Liberty Car Loan (Excellent Credit History)

    FixedNew, Used99 yearsMore details

    Car Loan

    FixedNew, Used99 yearsMore details

    Personal Loan Fixed

    FixedNew, Used5 yearsMore details

    Secured Car Loan

    Rates based on a loan of $30,000 for a five-year loan term. Products sorted by advertised rate. Rates correct as of October 20, 2021. 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.

    Disclaimers

    The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

    • The big four banks are: ANZ, CBA, NAB and Westpac
    • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2019. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
    • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
    • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

    Some providers' products may not be available in all states.

    In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

    *The Comparison rate is based on a $30,000 loan over 5 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.