Car Loans
Whether you’re looking for a new or used vehicle, you can compare a wide range of car loan options with Savvy. Get a free and no-obligation quote with us today.
Compare low-rate car loans with fast approvals
Lock in your ideal car loan with Savvy
Finding the best car loan for your needs is a crucial part of the finance process, but it isn’t always easy to navigate the market by yourself. That’s where Savvy can help.
We’re partnered with over 40 of Australia’s most reputable lenders to make comparing your options that much simpler and help you find the most affordable deal for your needs. The level of satisfaction our customers feel is reflected in our 4.9-star Feefo rating for outstanding service.
Any car, anywhere
Our express online car loan matching service can allow you to drive away in your new car sooner. Not only will our expert consultants secure you the most affordable finance deal tailored to your situation, but we can also help you source the car from our extensive dealer network and deliver it to your door.
Whether you’re looking for a brand-new car from a dealer or a used one from a private seller, purchasing for your business or applying with an imperfect credit history, we can help you buy your next car the right way.Â
Compare car loans from 40+ lenders
Comparing multiple car loan lenders thoroughly is one of the easiest and best ways to save on your next car purchase. You can consider a variety of current deals available on the market from some of our lending partners below to see which is the most affordable for you.
| Lender | Interest Rate (p.a.) | Comparison Rate (p.a.) | Monthly Repayments |
|---|---|---|---|
 | 6.6% | 3.9% | $340 |
 | 6.34% | 6.34% | $350 |
 | 6.69% | 6.69% | $345 |
 | $6.79% | $345 | $345 |
 | 6.95% | 6.44% | $420 |
 | 8.99% | 6.44% | 455 |
 | 7.04% | 6.44% | $475 |
 | 7.24% | 7.24% | $486 |
| 11.24% | 6.44% | $450 |
Disclaimer:
Interest Rate from 5.79%, comparison rate of 6.16% p.a. 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.
Why choose Savvy for your car loan?
40+ car loan partners
With over 40 authorised partners counted among our panel of lenders, you can compare a wider range of offers.
4.9-star customer satisfaction
We’re rated 4.9 stars out of 5 with Feefo for customer satisfaction, so our customers trust us to get the job done.
Helping Australians for over a decade
We’ve been helping Australians like you find the right car loan for their needs since 2010, so we know what makes a good deal.
The features and benefits of car loans with Savvy
Low interest rates
We can help you find a competitive interest rate for your car loan through our extensive panel of partnered financiers so you’re able to pick out the best deal available with more confidence.
Borrow from $5,000
We can help you get approved for a car loan worth as little as $5,000 up to more than $100,000, depending on the value of your car and your borrowing profile.
Flexible loan terms from 1-7 years
You’ll be able to select whichever car loan repayment term is most comfortable for you between one and seven years, with weekly, fortnightly or monthly instalments.
100% online and paperless
Whether you’re on the road or at home, you can upload and sign documents electronically from your smartphone or computer using our online car loan application.
Commercial finance solutions
If you’re planning to use your car for business purposes at least 50% of the time, you can apply for a chattel mortgage or car lease through us, with low doc options also available.
Pre-approvals available
We’ll be able to help you get pre-approval for your car loan so you can gain a better idea of what your budget is for your next vehicle and shop around before you choose your car.
No deposits required
If you don’t have a deposit available, we’ll be able to match you with a lender who can approve your application for 100% of the purchase price of your chosen vehicle.
Rapid approval process
Our easy online application form will only take around ten minutes to complete, after which you can be formally approved as soon as within one business day and settled in two.
Finance available for all types of cars
We can help you get approved for a brand-new car or a used vehicle as old as 20 years (or older) from a dealer or private seller anywhere across Australia to give you more options.
No impact on your credit score
Our consultants will conduct a soft credit check when assessing your application, meaning your score won’t be affected when you apply through us.
Our range of car loan options to suit all your needs
Feefo's Trusted Service Award winner with over 4,000 satisfied customers
Savvy is rated 4.9 for customer satisfaction by 4226 customers.
Applying for your car loan with Savvy
Complete your application online
Our car loan process starts with a simple application form to learn about you, your financial situation and the car you're after. You can also speak to one of our consultants, who can take your application over the phone.
Submit your documents online
We may require additional documents to verify your employment and income when assessing your car loan application. You'll be able to submit them via our portal and sign your consent form electronically.
Speak to your consultant and receive your interest rate
Your consultant will discuss the car loan options best suited to your borrowing profile and provide an indicative rate. Once you select your preferred offer, we’ll be able to get you formally approved by your lender.
Sign off and drive away
You can expect to be formally approved within 24 hours. Once everything is signed, we’ll organise settlement for your new car with the seller. After you’ve done that, you can drive away in your new car!
Calculate your car loan repayments
There are many factors which go into determining the cost of your car loan repayments, from the loan size to the interest rate, loan term and more. Fortunately, with Savvy’s car loan repayment calculator, you can have the numbers crunched for you to find out how much you might pay each week, month or overall.
Got a question about your car loan?
Brands you can trust
Useful resources to help you secure the right car loan
Market update for car loans: December 2022
With the Reserve Bank of Australia (RBA) raising the national cash rate once again at the start of December to 3.10%, car loan interest rates could yet again increase for those yet to have taken out their finance deal (but not for those who have already locked in their agreement).
However, this doesn’t mean you won’t be able to secure a great and affordable car loan deal. Savvy is partnered with a wide and diverse range of vehicle financiers from around Australia, so we can help you lock in the lowest rate available to you by guiding you through the application process.
November saw a substantial 17.9% increase in terms of car sales compared to the same time last year, with 95,080 vehicle purchases in total. This figure is just 0.4% lower than the five-year, pre-COVID-19 average and 6.2% below the November record, which was set in 2017.
It was a milestone month for Toyota and their HiLux, which passed 60,000 YTD sales with one month of the year left to run. As a result, it’s already comfortably surpassed the previous record total for the ute by almost 7,500 units. It also finished the month at the top of the model sales charts with 5,440 vehicles shifted (+28.7% compared to November 2021), ahead of the Ford Ranger (5,073, +14.5%) and Toyota Corolla (3,732, +77.4%).
In terms of overall brand sales, Toyota stormed home with a commanding 20,107 units shifted across the month (+31.9%). They finished well ahead of second-placed Mazda (7,549, +42.6%) and third-placed Ford (7,165, +15.3%), while Kia (6,120, +24.5%) and Mitsubishi (5,559, -2.8%) rounded out the top five.
The Australian Bureau of Statistics (ABS) also released its lending indicators for September of this year, revealing a 3.8% decrease in the value of new loan commitments for the purchase of road vehicles across the month to $1.21 billion.
You can get the wheels in motion on your car loan application by getting a quick quote with us today and getting approved and funded for finance at the right price before you know it with the help of our experienced consultants.
How do I compare car loans?
It’s always important to not just apply for the first car loan you see, as doing so could mean you end up missing out on a better, cheaper finance deal. Comparing options is crucial, which is why it’s so handy to apply with Savvy. Our dedicated and experienced consultants do the heavy lifting for you, comparing from our panel of lenders to match you with one who best fits your needs as a borrower. If you want to get a feel for the market before you apply, though, you can look at the following factors:
Interest rates
Perhaps the most obvious area to compare between car loans is their interest rates. Interest is the most significant cost charged on your car loan and, depending on its size and term length, could cost you thousands of dollars, if not over $10,000 in total. Even a seemingly small difference between rates can save you a tremendous amount overall. For instance, a $50,000 car loan to be repaid over five years at 6% p.a. would cost you just under $8,000 in interest, but you’d save almost $1,400 by choosing a loan with a 5% p.a. rate.
Available repayment terms
In most cases, the potential range of terms offered by your lender will be largely consistent, regardless of who you’re looking to apply with. As mentioned, this typically ranges from one to seven years, but this isn’t necessarily the case with all lenders. Some may enforce longer minimum or shorter maximum terms, so it’s especially important to take note of this whilst comparing finance deals if you’re looking at a particularly short or long loan term.
Minimum loan amounts
While car loans don’t generally come with maximum loan sizes (given that the car itself is used as collateral for the loan), they do come with a minimum required amount. This can vary from as little as $2,000 with some specialist lenders up to as much as $10,000 or more with others. Of course, this is only really important to be aware of if you’re looking to buy a used car or are putting down a significant deposit on a new car, but you should still check to ensure the lender can accommodate your preferences.
Fees
You should also be wary of the fees which can apply as part of your car loan. There are several different charges which lenders may include in their finance offers, including the following:
- Establishment fee: up to $600
- Ongoing monthly fees: up to $20
- Early repayment fee: up to $600 to $900 (depending on how long is left on your loan)
- Late payment fees: up to $50
However, all of these fees (except late payment charges) can be waived by lenders in certain circumstances. That’s why applying with Savvy can help you: we’re able to find low-fee offers and negotiate cheaper deals on your behalf.
Vehicle requirements
If you’re looking to purchase a used vehicle, you’ll also need to ensure it meets your lender’s requirements for secured loans. Because your lender will acquire it to recoup lost funds if you become unable to pay off your loan, they need to ensure it can be resold to cover most of their losses. The most prominent requirement comes in the form of the car’s age which, with our lender panel, can reach anywhere up to 20 years old (or beyond 25 with unsecured finance).
Your car may also be required to have been manufactured in Australia or imported here by its manufacturer and not to have been written off previously, both of which may differ between lenders.
Applicant eligibility
Finally, it’s crucial to make sure you’ll be able to qualify for car financing yourself. Each lender has its own set of eligibility criteria which all applicants are required to meet. Fortunately, your Savvy consultant will make sure your application only goes out to lenders who can accept it, saving on the risk of rejections going down on your credit file. The main criteria you’ll be required to meet as a borrower include:
- Age: you must be at least 18 years old
- Residency: you must be an Australian citizen or permanent resident (some lenders can work with eligible visa holders)
- Income: you must be earning a minimum income (typically at least $26,000) from stable sources
- Borrowing history: you must have an average or above credit score (although we can help applicants who have struggled with their credit)
How much will I be able to borrow to buy my car?
The answer to how much you’ll be able to borrow depends on several personal variables which are different for each applicant. Your Savvy consultant will run an affordability check when you apply with us to ensure you can be approved for the amount you’re looking for and will match you with a lender who can meet your financial needs. These factors include:
Your income
Of course, the amount you earn will have a direct impact on what you’ll be able to borrow and subsequently repay. In theory, the more you earn, the more money you’ll have left over to support car loan payments. Of course, it’s not always this simple, but higher income-earners are much more likely to be approved for a greater sum of money compared to lower earners.
Your employment
Another aspect lenders assess is the nature of your employment. Those who are working in stable positions for longer periods, such as full-time employees at the same company for several years, are seen as being more likely to be able to fulfil their loan obligations without any issues. Lenders may be more willing to approve a greater sum if you’re in this position or are a permanent part-time employee compared to casual employees or self-employed workers who may not have the same stability. You can still borrow large amounts working in the latter two positions but will likely have to go to greater lengths to show you can support your loan.
Your expenses and liabilities
Income is only half of the battle when it comes to car loans, as you’ll need to balance your proposed repayments with your ongoing living expenses, which may also include outstanding loan or credit card debts (known as liabilities). Lenders won’t want to place you in a situation where you end up falling under financial stress because of the weight of your debts, so they’ll be especially cautious when assessing applications.
Your credit history
The higher your credit score and the more developed your history of repaying similar loans is, the more likely you are to be approved for a larger sum. Lenders always prefer borrowers with a proven history of managing and repaying their debts, as doing so is a process which can require a great deal of discipline. Showing a financier a proven track record of repaying loans can boost your chances of approval for the amount you’re looking for.
The value and condition of your car
The amount you’re approved for will directly correlate to the value of your vehicle, as your loan is designed to cover its purchase either in part or entirely. You won’t be approved for more than its value (aside from covering stamp duty and other on-road costs) but you may be approved for less if your lender doesn’t believe it’s worth as much as it’s being sold for.
What are the documents I’ll need for my car loan?
Different lenders will have different requirements when it comes to the documents you’ll need to be approved for your car loan, but the main information you’ll be asked to supply will include the following:
- Proof of identity: primarily in the form of your driver’s licence, but your passport may also be accepted
- Proof of income: typically your last two payslips, but 90 days of bank statements may also be required. If you’re self-employed, you’ll need documents such as tax returns or Notices of Assessment from within the past 12 months to two years
- Proof of assets: a record of the valuable assets you own, such as property, other vehicles and your savings
- Proof of liabilities: a record of your outstanding debts, such as loan repayments and/or credit card debts
- Proof of expenses: a record of your regular ongoing expenses, such as rent, groceries and memberships
- Information about your car: including the age, make and model of the vehicle, a dealer invoice or contract of sale and information on vehicle registration
What other costs will I have to consider when buying a car?
It’s not just the interest and fees which come with car loans that you’ll have to consider, but also the other external costs of purchasing and maintaining a vehicle. Before jumping into your car loan application, it’s important to budget for these, as they’re likely to have an impact on the amount your lender believes you’re capable of comfortably repaying over the course of your loan. The main costs to consider are:
- Stamp duty: this is a fee charged by your state or territory government whenever you purchase a vehicle. There are several different factors which can impact its cost depending on where you live. For example, in South Australia and New South Wales, stamp duty is based on the purchase price of the vehicle. However, Queensland’s stamp duty also considers the type of engine of your vehicle (increasing in cost up from electric to seven or more cylinders), while Victoria and the ACT’s taxes are also impacted by how green (environmentally friendly) the car is.
- Vehicle registration: this is a fee you’ll have to pay every three, six or 12 months (depending on how long you choose to take it out for). All vehicles must be registered at all times to be able to be driven, so you’ll need to take out rego on your next car if it isn’t already registered. This also varies in value depending on where you live and can range from around $700 up to or above $2,000.
- Comprehensive car insurance: all cars purchased under finance must be covered by a comprehensive car insurance policy, as this ensures the loan’s security is covered in the event of any vehicle damage. You won’t be required to go with a policy your lender recommends, as you can take out insurance with whichever financier you wish. This can reach up to $150 per month, so it’s worth taking the time to find the right balance between providers who aren’t too expensive and can provide you with the cover you need.
- Other on-road costs: as is the case with any car, you’ll have to pay to keep it on the road and running. You’ll also need to keep it maintained throughout your loan term, so regular servicing should be arranged in your budget. Of course, petrol will be an ongoing cost which you’ll need to allocate funds for every week or two, depending on how often you use your car.
What are the pros and cons of car loans?
- Bring your dream car within reach – Car loans are a great way for borrowers who may not have the funds available to pay for the car they want to purchase one nonetheless, helping you achieve your financial goals.
- Space out your repayments over as long as you need – These loans are offered over a range of different term lengths, giving you the ability to tailor your repayments to suit your individual financial needs and ensure you’re comfortable.
- Pay as much or as little upfront as you like – They also come without any need for a deposit as part of the purchase, allowing you to borrow 100% of the vehicle if you like, but enable you to pay a deposit and reduce its overall cost if you choose to.
- Lower rates than personal loans – Because these loans are secured by the purchase of the vehicle itself, you can take advantage of notably lower rates and save hundreds, if not thousands, compared to personal loans.
- Can help boost your credit score – By sticking to your repayment schedule across your term, you can improve your credit score and increase your chances of approval for affordable loans in the future.
- Pay interest and fees – Of course, part of the deal of borrowing money involves paying your lender added costs, meaning you’ll end up paying more overall for the car than its original purchase price.
- Watch out for depreciation – Because cars depreciate at a fast rate, your vehicle’s value may have dropped significantly by the conclusion of your loan, making it difficult for you to recoup your funds if you wish to sell it.
Reviewed by:
Bill Tsouvalas
Last updated by Bill Tsouvalas, Personal Finance Editor, on January 16th, 2025
