Compare car loans

One size rarely ever fits all so why should car loan? Compare car loans and save with us today

Compare car loans

Comparing lenders can give you freedom of choice and great savings

Compare over 25 lenders

One size rarely ever fits all. So why should your car loan? Car loans should fit your needs – not the other way around. Many Australians are unaware that car loans can be shaped to fit your situation, your budget and your goals – Savvy helps you compare car loans from over 25 of Australia’s most trusted lenders and get the best deal.

Savvy helps you compare car loans with a range of options and benefits including comparing car loans starting from as little as 4.49% p.a. (5.39% comparison rate).

Savvy uses the latest technology and best expertise so you can compare car loans from top Australian lenders faster and easier. Gain the Savvy advantage and compare your next car loan today. There’s no obligation to apply.

Compare and save

With Savvy, we help you compare car loans with flexible repayment options; pay extra on your terms, or choose from weekly, fortnightly or monthly repayments.

Find out how much you can save with a Green Loan for cars with low environmental impact; or how a trade-in or security can reduce your loan repayments over the length of your loan.

We can help you find loans with a balloon payment, giving you opportunities to trade-in, settle or start a new loan.

As always, you have the power to choose from variable or fixed rate car loans; buy from a private seller, dealer or used car wholesaler; and buy new, used and certified used car sales – the freedom is yours.

Compare lenders and save on your car loan

Savvy uses the latest in technology to compare hundreds of car loans – use our car loan calculator to figure out just how much you could save with one of our top-rated car loans.

LenderProduct NameAdvertised RateComparison RateMonthly Repayment
Savvy New Car Loan 2.85%
3.93% $537.06
Bank of Australia Used Car Loan 6.45%
6.66% $586.28
ANZ Online Secured Car Loan 7.85%
8.70% $606.14
CUA Fixed Rate Car Loan 7.99%
8.29% $608.15
BankSA Secured Fixed Personal Loan 8.49%
9.39% $615.35
St George Secured Fixed Personal Loan 8.49%
9.39% $615.35
CBA Secured Car Loan 8.49%
9.54% $615.35
NAB Variable Rate Personal Loan 14.19%
15.06% $701.01

* Commercial loan with the loan amount of $40,000 is looking at a 5 year secured fixed rate of 2.85% p.a. and comparison rate of 3.93% p.a.. WARNING: all fees and charges may not be included on the example above, only the comparison rates, monthly repayment and total cost applies. Therefore, the total cost of the loan might be different. Comparison rate do not include broker fees, redraw fees, early termination fees and fee waivers. Comparison rate may change as a result of the different loan terms, fees and the loan amounts. Establishment fees and monthly fees do not apply to commercial loans, only consumer loans. However, there might be different fees apply.

See how we can help you with your car loan

See how Savvy will help you secure a great deal on your car finance through its panel of lenders

Learn more about car loan interest rates

Make better comparisons when looking for car loan with our guide and tips.

Why do I need to look at a comparison rate?

Calculating how much a car loan costs can prove difficult as some car loans do not advertise the full cost of taking out a loan. You can only know how much a loan will cost when a lender or bank shows you the comparison rate, which includes most fees and charges you’ll pay over the length of a loan term – account keeping fees for example – shown as a percentage.

For example, let’s say you are looking for a car loan of about $25,000. You have two car loan offers in front of you, which both have five-year terms. Proposal A has a base interest rate of 4.95%. Proposal B has a comparison rate of 6.25%. Though on paper Proposal A has the lower interest rate, you’re then told by the lender Proposal A has about $40 in fees every month added on top. Which comes out ahead?

By the end of loan term with A, you will have paid $5,673 in interest. Proposal B, despite having a higher percentage compared to A, leaves you $1,499 better off ($4,174 in interest.)

Loan A Loan B
Advertised Rate
4.95% (Base)
6.25% (Comparison)
Monthly Repayment
Total Interest

Comparison rates give you a better understanding of how much you’ll pay without having to factor in fees and charges. It also gives you more freedom in making a car loan calculation, to work out your budget and how much you can afford in repayments.

You must note that a comparison rate does not show are conditional fees, triggered by certain events. these include (but are not limited to) establishment fees, application fees, early exit fees, break fees, discharge fees, and refinancing fees.

How can I make a car loan calculation?

The three figures you need to know to make a car loan calculation or estimate is the:

  • Interest rate,
  • The loan term,
  • And the amount you want to borrow.

car loan calculator will show you how much this will cost you each month or repayment period, as an approximate. However, when you buy a car, you must factor in registration, fuel, insurance, and other maintenance costs too.

With this figure (or figures) you must then see how it fits into your own financial situation. Let’s say you earn $4,000 each month and spend about $2,700 in rent, utilities, groceries, and other items such as entertainment and paying off credit cards. This leaves you $1,300 left over, which is the best-case scenario. When buying a car, you must factor in fuel, registration, and insurance costs: this may leave you with $900 a month left over. If you intend to borrow up to the limit: for example, buying a $45,000 car at 6.25% means an estimated monthly repayment of $875. This leaves you $25 left over in case of emergency bills or urgent purchases. This could put you at a financial disadvantage, and responsible borrowers will refuse to approve your application on this basis (even if you have spotless credit.)

You need to strike a balance between affordability and your wants and needs. Depending on your financial goals, you may want to opt for a lower amount so you can save your money for other purposes such as a house deposit, holiday, or emergency fund. Before making any major financial decisions, it’s best you consult a licenced financial adviser.

What are fixed rates? What are variable rates?

A variable rate car loan gives a borrower a flexible interest rate that goes up or down depending on the market. A fixed rate car loan is the opposite: its interest rate stays the same. This allows you to make equal repayments throughout the loan term. A variable rate car loan may have higher or lower repayments depending on the market. Variable rate car loans also allow you to make extra repayments for little or no fee. Fixed rate car loans may end up cheaper or more expensive depending on the market, but they are much more predictable so you can set a fixed budget.

What else do I need to know to make a good car loan comparison?

Some loans have different features which can factor into your comparison. For example, some loans may give you an option to set a balloon payment, which is a lump sum payable at the end of the loan term. This has the effect of lowering monthly repayments; but you will need to pay that lump sum (anywhere between 20-50%) to close out the loan.

Other aspects to look for is secured car loans vs unsecured. Secured car loans use the car as collateral and are more competitive than unsecured loans. The main trade in a secured loan is that a bank or lender can take possession of the car if you default.

Helpful information for comparing car loans

Read some of the helpful information on car loans to help you make a right decision

Credit history

Your credit history can determine if a lender will approve your loan, and at what interest rate. You should check your credit history for mistakes and defaults, as this may hurt your chances of gaining approval. Your credit history can follow you around for seven years – it’s free to check and may end up saving you thousands.

Shop around

A car is a major purchase, and shopping around is a given. Shopping around for a car loan is equally important. Make sure when you do approach lenders and brokers that you do not authorise a credit check – this can affect your credit history, leaving you vulnerable to lenders giving you a poor credit assessment.

Proving financial security

Lenders love low risk – so show them you’re the lowest risk customer by proving your financial security. This increases your standing and lowers your interest rate, saving you lots. You can prove you’re a low risk with a reference from an employer, a stable residential history and evidence of responsible financial management.

Zero interest costs more

Think zero interest car loans are the best deals around? Think again. Zero interest or super-low interest car loans offered by dealers will often lock you into unfavourable terms and conditions, costing you more than you bargained for. A low-rate commercial car loan gives you maximum freedom and a greater advantage over pushy salespeople.