Car loans
Car loans from 9.00% p.a.
Securing the loan against the vehicle is what brings the rate down. We arrange finance for dealer purchases, private sales and refinancing what you already owe.
- Secured vehicle finance from 9.00% p.a.
- New, used, demo and private sale
- Terms from 1 to 7 years
- Pre-approval before you shop
Free enquiry · 2 minutes · No credit check
A secured car loan uses the vehicle as collateral. If the loan is not repaid the lender can repossess and sell it, and that reduced risk is priced into a lower rate. For most borrowers a secured car loan is several percentage points cheaper than an unsecured personal loan for the same amount.
Vehicle age is the hidden constraint
Most lenders will finance a car up to around 12 to 15 years old at the end of the loan term, not at purchase. A ten-year-old car on a seven-year term is seventeen at maturity, which most lenders decline. The same car over three years is often fine. Shortening the term is frequently the fix.
Get pre-approved before you shop
Pre-approval means you negotiate as a cash buyer and you are not making a finance decision under pressure on a Saturday afternoon. Dealer finance is convenient but it is arranged by someone whose commission depends on it, at the moment you are least inclined to compare.
Private sales
Financeable, but with more verification. The lender confirms the seller owns the vehicle and runs a PPSR check to establish that no existing finance is registered against it. Buying a car with undisclosed finance owing means the financier can repossess it from you — the PPSR check exists precisely to prevent that.
To be considered you need to be 18 or over, an Australian citizen or permanent resident, currently working, and earning at least $30,000 a year before tax.
Past credit problems are not a barrier. Defaults, arrears and a low credit score are all things our lenders see every day. What matters is your income now, not the worst month you have had. If you are between jobs or your only income is a Centrelink payment, our panel cannot help — and we would rather tell you that up front than put an enquiry on your credit file that goes nowhere.
What to expect
Better rate than unsecured
Security against the vehicle typically cuts several percentage points off the rate.
Private sale is fine
We arrange finance for private purchases, including the PPSR check confirming the car is not already encumbered.
Balloon payments available
A residual lowers monthly repayments but increases total interest. We explain the trade-off rather than defaulting you into one.
Refinancing an existing loan
If you are in a car loan taken out when your credit was worse, refinancing at a lower rate may be possible.
Common questions
Answers, in plain terms
Can I get a car loan with bad credit?
Often, yes — and secured car finance is usually the most accessible credit with an imperfect file, because the lender holds the vehicle as security. You need to be employed and earning at least $30,000 a year.
Does it have to be from a dealer?
No. Private sales are common. The lender verifies ownership and runs a PPSR check. Settlement is paid directly to the seller.
What about an older car?
Most lenders set a maximum vehicle age at the end of the loan, commonly 12 to 15 years. Shortening the term often brings an older vehicle back within policy.
Should I take a balloon payment?
It depends on your plans. A balloon lowers your monthly repayment but leaves a lump sum owing at the end, and you pay interest on a higher balance throughout. It suits people who intend to trade the vehicle in; it works poorly for people who intend to keep it.
Can I refinance my current car loan?
Sometimes. It depends on the vehicle's value against the balance owing, and whether your circumstances have improved since the original loan.
Do I need comprehensive insurance?
Yes. Secured vehicle lenders require comprehensive cover for the life of the loan, with the lender noted as an interested party. Budget for it — it is a real ongoing cost alongside the repayment.
Can I finance a motorbike, caravan or boat?
Usually. These are secured against the asset in the same way, though age limits are often tighter and the lender panel is smaller. Tell us what you are buying.
Costs and disclosures
The numbers, stated plainly
Every lender must publish a comparison rate. It folds the interest rate and the mandatory fees into one figure so products can be compared honestly. We show ours here rather than in the fine print.
Repayment period: minimum 1 year (2 years on loans under $10,000), maximum 7 years. Interest rates: 9.00% p.a. to 22.00% p.a. depending on security, credit history and the lender. Maximum comparison rate: 28.48% p.a. — the ceiling across all our products, being a $5,000 loan over 2 years at 22.00% p.a. On our representative $30,000 over 5 years basis, the maximum is 22.48% p.a.
Representative example: a $30,000 unsecured personal loan over 5 years at 13.00% p.a. (comparison rate 13.44% p.a.), with a $295 establishment fee and no monthly fee, has repayments of $682.59 per month and a total amount payable of $41,251.
Fees: establishment fee $205 (secured) or $295 (unsecured). No monthly service fee. Lenders may charge fees for missed payments or early payout — set out in your credit contract before you sign.
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.
See what you qualify for
Two minutes, no documents, and no impact on your credit score. We reply the same business day.