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6.52% p.a.
6.95% p.a.
$587
Fixed
New, Used
No Max
$0
$350
$35,236
  • A leading Australian Finance Broker with proven experience you can trust
  • We've assisted more than 150,000 customers access over $8 billion in finance!
  • We are the experts at getting the keys in your hands
 Disclosure
6.28% p.a.
6.28% p.a.
$584
Fixed
New
No Max
$0
$0
$35,034
  • No vehicle age limit
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
 Disclosure
6.59% p.a.
7.72% p.a.
$588
Fixed
New
No Max
$8
$400
$35,295
  • Demo vehicles accepted up to 7,500km
  • 3-7 year loan terms available
  • Balloon option available for fixed rates
 Disclosure
5.67% p.a.
6.10% p.a.
$575
Fixed
New
No Max
$0
$0
$34,524
6.49% p.a.
7.90% p.a.
$587
Fixed
New, Used
No Max
$15
$250
$35,211
6.59% p.a.
7.72% p.a.
$588
Fixed
New
No Max
$8
$400
$35,295
7.49% p.a.
7.90% p.a.
$601
Fixed
New, Used
No Max
$0
$295
$36,060
8.20% p.a.
8.27% p.a.
$611
Fixed
New, Used
No Max
$0
$0
$36,670
8.99% p.a.
9.12% p.a.
$623
Fixed
New, Used
No Max
$0
$90
$37,356
9.49% p.a.
10.93% p.a.
$630
Fixed
New, Used
No Max
$13
$395
$37,795
6.28% p.a.
6.28% p.a.
$584
Fixed
Used
No Max
$0
$0
$35,034
  • Loan amounts from $5k to $100k
  • No vehicle age limit
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
 Disclosure
7.29% p.a.
8.42% p.a.
$598
Fixed
Used
No Max
$8
$400
$35,889
  • Loans from $5,000 to $150,000
  • Balloon option available for fixed rates
  • 3-7 year loan terms available 
 Disclosure
More car loans
  • 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.

More details
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.

Important Information and Comparison Rate Warning

What is a fixed-rate car loan?

A fixed-rate car loan is a loan that locks in (or ‘fixes’) your interest rate for the term of your loan. One of the big advantages of this is cash flow certainty. Knowing exactly what your repayments will be allows you to plan ahead and budget for the future.

Paying a fixed rate can also ensure you won’t be hit with an unexpected rise in repayments should the Reserve Bank increase the cash rate.

Pros of a fixed rate car loan

  • Certainty: By ‘fixing’ your rate, you know what your repayments will be every week/fortnight/month. For those on a strict budget, a fixed rate car loan can offer consistency and security.

  • Possibility of a low interest rate: While it’s no certainty, one advantage of a fixed rate car loan is you may be able to lock in a relatively low rate of interest while the market moves higher. Bear in mind, however, lenders are quite adept at forecasting interest rate cycles, so your fixed rate is likely to be set accordingly.

See also: How to calculate interest repayments on a car loan

Cons of a fixed rate car loan

  • Paying a higher rate: The main disadvantage of a fixed-rate car loan is the possibility you could be paying a higher interest rate than you would have if you'd taken out a variable-rate car loan. If market interest rates fall during the term of your loan, you could be stuck paying a higher fixed rate.

  • Limited flexibility: Many fixed-rate car loans are far less flexible, making it difficult for you to adjust the terms of the loan. This can include the ability to make extra repayments, change your repayment frequency (e.g. switching from monthly to weekly), or refinance.

  • Fees: Fixed-rate car loans will generally come with more fees than variable-rate car loans. These can include break costs if you wish to pay off the loan early or refinance to another car loan product or lender.

What are the types of fixed-rate car loans?

There are two types of fixed-rate car loans: secured and unsecured.

A secured car loan is one where an asset (the car you’re buying) is used as collateral against the loan. This means in the event you fail to make your repayments, the lender has the right to repossess the vehicle and sell it to recuperate its funds.

Secured loans are more common on the market. A secured car loan is essentially the same as a home loan, with the car you’re buying used as security. With a home loan, the house is the security on the loan. If you don’t meet the repayments, the lender has the right to take possession and sell it.

As you might’ve gathered, unsecured car loans don’t require you to use your car as security. They actually don’t require you to use anything as security, which understandably represents a much higher risk for the lender. If you were struggling financially or were to go off-grid, the lender would have to take you to court to get their money back. For this reason, unsecured loans are essentially the same thing as a personal loan. 

To compensate for their risk, lenders offering unsecured car loans will usually charge a higher interest rate, more fees, and will likely be far more discerning as to who they’ll lend to. So, if your credit rating isn’t the best, you may well struggle to get approved for an unsecured loan.

What to watch out for with a fixed-rate car loan

While a fixed-rate car loan with a low advertised rate may seem enticing, it’s important to check what fees and charges may come with it. You may also be up for:

  • Application/establishment fees

  • Extra repayment fees

  • Redraw fees

  • Extra payment/early payout fees

  • Account keeping or service fees

Of course, interest rates and fees differ greatly between lenders so it’s important to compare them when you’re shopping around for a loan. A loan’s comparison rate is one tool to help you compare the ‘real’ cost of a loan, taking into account certain fees although this may not always present a complete picture. As with any financial product, always be sure to read the fine print before you sign up.

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Editorial Promise

Savings.com.au follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts who ensure everything we publish is objective, accurate and trustworthy.

Senior Finance Journalist

Denise Raward is a senior journalist with an interest in macroeconomics, property, and personal finances. She has worked extensively across mainstream media organisations and lectured at Queensland University of Technology, Griffith University, and Bond University. She holds a Bachelor of Business - Communication, a Master of Arts, and RG 146 financial certification in Generic Knowledge, Securities, and Regulation. Joining Savings.com.au in January 2024, Denise strives to deliver financial information in everyday language to help Australians to better understand how to manage their own – and their families' – ongoing financial health.

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