Car loan broker for new and used cars

We compare car loans from 30+ lenders for dealer and private sales, with the rate, comparison rate and fees set out before you sign.

30+Car loan lenders compared

5 minTo request a quote

Car loan options we arrange

Secured, refinance and green car loans for new and used cars, from a dealer or a private seller.

Secured car loan

New

& used

The car is the security, which usually means a lower rate than an unsecured loan. Most lenders set a limit on the car’s age at the end of the loan.

Refinance your car

Switch

Compare your current car loan with other lenders. We check the payout figure and any early termination fee before you switch.

EV & hybrid car loans

Green

Some lenders discount the rate for electric and hybrid cars. A novated lease on an eligible electric car can also be exempt from fringe benefits tax.
Rates depend on the lender, the car, the term and your credit history. Every quote we give you shows the interest rate and the comparison rate.

Dealer finance, your bank or a car loan broker?

All three can pay for the car. What changes is how many lenders you see and how clearly the full cost is shown.

Dealer finance

Fast

at the yard

Arranged on the spot with the lenders the dealer works with. Quick, but you see few options, and add-ons can be bundled into the loan.

Your bank

One

One lender’s rate and policy. Simple if you already bank there and your income is standard, but there is nothing to compare it with.

A car loan broker

30+

Lenders compared on rate, fees and terms. Most useful for used cars, private sales, self-employed income or a credit history with marks.
How we are paid: lenders pay us a commission when your loan settles. If a fee applies, it is set out in a Credit Quote you sign before we start.

Our car loan partners

We compare lenders so you don’t have to.
Logos of lenders on the Loanity car and personal loan panel

What a $40,000 car loan really costs

Three ways to borrow the same $40,000 over 5 years. The rates are illustrative, not offers; yours depends on the lender, the car and your credit history.

7 per cent, 5 years

$792

a month

$47,523 repaid in total, of which $7,523 is interest.

10 per cent, 5 years

$850

$50,993 repaid in total. Three points of rate add $3,470 of interest on the same car.

7 per cent, 30 per cent balloon

$624

Lower repayments, but $9,466 of interest and $12,000 still owed at the end of the loan.
Monthly repayments with no fees included. A comparison rate also counts most fees, so it is the better figure for comparing quotes.

How much will my car loan repayments be?

Vector 10 - Loanity
Use the repayment calculator below to estimate your car loan repayments. Enter the rate from a real quote to compare offers side by side.
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No pressure, and no credit check to talk to us.
Still got questions?

Car loan questions, answered

How quickly can I get a car loan approved?

It depends on the lender and on how quickly you send your documents. Some lenders give a conditional answer within a day for a straightforward application; others take several business days. Once the loan is approved and the contract signed, the lender pays the dealer or private seller directly. We tell you the expected timing for each lender before you choose.

Dealer finance is quick, but it comes from the dealer’s own lenders. Since 1 November 2018 a dealer can’t put up your rate to earn a bigger commission, yet a dealer offer can still include add-on insurance or a balloon you did not ask for. A broker compares lenders from a wider panel and shows each quote with its comparison rate, so you see the full cost before you sign.

Yes. We arrange finance for new and used cars from dealers and private sellers. Lenders limit the car’s age, often based on its age at the end of the loan, so an older car may need a specialist lender or an unsecured loan. In a private sale the lender usually checks the car on the PPSR to make sure no one else has finance over it before it pays the seller.

A balloon is a lump sum you agree to pay at the end of the loan. It lowers your regular repayments, but you pay more interest because the balance stays higher for longer. On $40,000 over 5 years at 7 per cent, a 30 per cent balloon cuts the repayment from $792 to $624 a month, adds $1,943 of interest and leaves $12,000 to pay at the end. Before you agree to one, plan how you will pay it: savings, selling the car or refinancing.

Yes. If the business buys the car, a chattel mortgage is a common choice: the business owns the car from the start and the lender takes security over it. A business registered for GST may be able to claim the GST in the price, and interest and depreciation, in proportion to business use. Ask your accountant how this applies to you, and see our equipment and asset finance page for business vehicles.

Usually you can. Variable rate car loans often allow extra repayments and an early payout without a break cost, while fixed rate loans may charge an early termination fee. The exit fee ban on home loans does not cover car loans, so we check the payout rules on every quote and show them to you.

A broker helps most when your situation is not simple: a used car or private sale, self-employed income, a past credit problem, or you want to compare several lenders without applying to each one. If your bank has already offered a good rate on a new car and you’re happy with it, you may not need one.

Many brokers are paid a commission by the lender when the loan settles, and some also charge a brokerage fee that can be added to the loan. Always ask before you apply. With us, any fee is set out in a Credit Quote that you sign before we start, and our commission is disclosed in writing.

A broker arranges the finance, not the car. With pre-approval you know your budget before you visit a dealer or a private seller, and you can negotiate the price without tying it to the dealer’s finance. Once you pick the car, we send its details to the lender for formal approval and payment.

Over 5 years at 7 per cent, repayments are about $792 a month and you repay $47,523 in total. At 10 per cent they are about $850 a month and $50,993 in total. These rates are illustrative; fees add to the cost, which is why the comparison rate on each quote matters.

A secured loan uses the car as security, so the rate is usually lower, but the car has to meet the lender’s age and value rules. An unsecured loan works for older cars or other purchases, at a higher rate. Our personal loans page covers unsecured options.

It depends on your income, your living costs, your other debts and the car. Lenders check that you can meet the repayments with room to spare, and many also cap the loan at the car’s value, plus on-road costs for a new car. A deposit or a trade-in lowers the amount you need. We ask the lenders that suit your situation and tell you what each would lend before you apply. To compare quotes on cost, use the comparison rate calculator.

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