What is a car loan?

As you already know, a car loan is simply a secured loan dedicated to purchasing a vehicle which serves as the collateral. Pretty simple, so far.

If you’re looking at getting a car loan or currently in the middle of the process, you might find yourself having questions that you never anticipated before. Don’t fret. If all the math is a tad intimidating, our team of experts with years of experience can assist you in finding the right car loan and connect you with the right lender.

First things first

Australia’s love affair for cars made it home to more than 47 car manufacturers. And if you’ve already decided which car to go for, congratulations! You pretty much have an idea how much you need to borrow. The next step is to shop around for the best offerings on car loans.

You should do your research online to find a lender, check rates or fill out online pre-approval applications. We have access to more than 25 accredited lenders proven to offer the most workable lending solutions for you.

Calculate and save by comparing car loans

LenderProduct NameAdvertised RateComparison RateMonthly Repayment
SavvyNew Car Loan4.99%
variable
5.89%$566.00
Bank of AustraliaUsed Car Loan6.45%
variable
6.66%$586.28
ANZOnline Secured Car Loan7.85%
fixed
8.70%$606.14
CUAFixed Rate Car Loan7.99%
fixed
8.29%$608.15
BankSASecured Fixed Personal Loan8.49%
fixed
9.39%$615.35
St GeorgeSecured Fixed Personal Loan8.49%
fixed
9.39%$615.35
CBASecured Car Loan8.49%
fixed
9.54%$615.35
NABVariable Rate Personal Loan14.19%
variable
15.06%$701.01

* The interest Rate of 4.99% p.a. with a comparison rate of 5.89% p.a. is based on a 5 year secured consumer fixed rate loan of $40,000. WARNING: The comparison rate, monthly repayment and total cost applies only to the example given and may not include all fees and charges. Costs such as broker fees, 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. Different terms, fees or other loan amounts may result in a different comparison rate. Establishment fees and monthly fees apply only to consumer loans. Commercial use loans may attract different fees.

See how savvy helps you find a better car loan

Comparing car loans can help you get lower rates and save thousands! Compare Australia’s top lenders with Savvy today.

Trusted network
We access over 25 of the most trusted lenders across Australia to help you make informed decisions.
Flexible repayments
Our car loans come with flexible repayment options – weekly, fortnightly, or monthly to suit you.
Personal consultant
You get your own personal consultant to answer your questions and walk you through the process.