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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
6.09%p.a.
7.21%p.a.
$581
Fixed
New
1 year
$8
$400
$34,874
 Featured Approval within 24 hours
  • Save the planet. Save thousands on your car loan.
  • 1% discount on qualifying electric cars
  • 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
APPLY ONLINE
  • Available for any new motorised vehicle
  • No ongoing or early exit fees
  • Flexible repayment options
6.57%p.a.
7.19%p.a.
$588
Fixed
Used
No Max
$0
$250
$35,278
APPLY ONLINE
  • No ongoing or early exit fees
  • Flexible repayment options
6.69%p.a.
7.04%p.a.
$590
Fixed
New, Used
7 years
$0
$250
$35,379
6.75%p.a.
6.75%p.a.
$591
Fixed
New, Used
No Max
$
$0
$35,430
7.09%p.a.
8.21%p.a.
$595
Fixed
New
1 year
$8
$400
$35,719
Approval within 24 hoursEarly payout available
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
7.29%p.a.
8.41%p.a.
$598
Fixed
New
1 year
$8
$400
$35,889
7.29%p.a.
8.00%p.a.
$598
Fixed
New
2 years
$0
$499
$35,889
8.09%p.a.
9.20%p.a.
$610
Fixed
Used
3 years
$8
$400
$36,575
8.29%p.a.
9.40%p.a.
$612
Fixed
Used
3 years
$8
$400
$36,748
8.29%p.a.
9.40%p.a.
$612
Fixed
Used
5 years
$8
$400
$36,748
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
8.49%p.a.
9.21%p.a.
$615
Fixed
Used
No Max
$0
$499
$36,921
Credit Score +832
  • No ongoing fees
  • No early exit penalty
  • Flexible repayment options
9.49%p.a.
10.82%p.a.
$630
Fixed
New, Used
No Max
$9
$474
$37,795
  • Redraw facility available up to $5000/day
  • Available for purchasing new and demo vehicles
  • $5,000 to $150,000 loan amount
  • 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.

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 entirety of the loan term. One of the main advantages of this is cash-flow certainty. By knowing exactly what your repayments will be, you’ll be able to plan ahead and budget for the future.

Fixed rate means you won’t be hit with an unexpected rise in repayments should the Reserve Bank increase the cash rate. This often helps with budgeting, as your repayments will remain the same.

Below are some of the most competitive fixed rate car loans available to help get you behind the wheel sooner.

Pros of a fixed rate car loan

The main advantage of a fixed rate car loan is the security. By “fixing” your rate, you know what your repayments will be every week/fortnight/month.

For those who have a strict budget, a fixed rate car loan allows you to have consistent repayments.

Another advantage of a fixed rate car loan is you may be able to “fix” your interest rate in at a low rate.

If market interest rates rise during the loan, you will be unaffected and still be paying the same rate. Bear in mind, however, that banks and lenders are quite adept at forecasting interest rate rises and falls, so your fixed rate is likely to be set accordingly.

Cons of a fixed rate car loan

The main disadvantage of a fixed rate car loan is the possibility of paying higher interest than a variable rate car loan. If market interest rates fall during the loan, you will be stuck paying the higher rate.

Additionally, many lenders are less flexible with fixed rate loans, making it harder for you to make extra repayments, adjust your repayment frequency (e.g. monthly to weekly) or refinance.

You’re also more likely to be charged break costs on fixed rate loans if you wish to refinance or pay off the loan early.

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 that in the event that you fail to meet your repayments, the lender has the right to send in the repo men to take the asset off you to recuperate its funds.

Secured loans are the more common type of loan. 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 bought is the security on the loan. If you don’t meet the repayments, the lender has the right to take the house from you and sell it.

As you might’ve gathered from the ‘un’ in the name, unsecured car loans do not require you to use your car as security. They don’t require you to use anything as a security, which understandably represents a much higher risk for them. If you were to be struggling financially or go off the grid, the lender will have to take you to court in order to get their money back. For this reason, they're essentially the same thing as a personal loan. 

To compensate for this risk, lenders offering unsecured car loans will usually charge a higher interest rate, more fees and probably won’t be as lenient with who they lend to. So if you’ve fallen behind on the old credit rating lately, you might struggle to get approved for an unsecured loan.

An unsecured car loan might be useful if you’re purchasing a car as a gift for somebody and you don’t want them to lose their car if you can’t meet the repayments.

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