Fixed Rate Car Loans
Find competitive fixed rate car loans and drive away your car with a better deal.
Author
Savvy Editorial TeamFact checked
Fixed Rate Car Loan
If you’re looking for a car loan, you would’ve come across fixed rate car loans while navigating the market. When applying for financing, a fixed rate helps you keep your interest rate at the same level throughout your loan term. With Savvy, this means that you can enjoy savings with a competitive rate over a flexible loan term of up to seven years from our panel of over 25 of Australia’s top lenders.
The interest rate is one of the most important aspects of a car loan to get right. Paying for your loan over several years means interest will build up over that time no matter what, so it’s in your best interest that it’s as low as possible. With Savvy in your corner, you can enjoy an optimal rate throughout your repayment period. Apply now with a quick quote and see how much you can save.
Our fixed rate car loan features
Fixed competitive interest rate
You can lock in a competitive interest rate based on your borrowing profile through one of our reputable lending partners to help you save on your car loan.
Borrow what you need
With amounts available from $5,000 up to 100% of your car’s value, we can help you access a diverse range of cars.
Shape your own repayments
With repayment terms of one to seven years on monthly, fortnightly or weekly schedules, you have plenty of say in how you repay.
No early termination fee
While some loans come with fees for paying off your loan ahead of schedule, Savvy can help you find a loan with no early termination fee to give greater flexibility to your loan repayment.
Additional repayments
The primary fees to compare on loans are ongoing fees of up to $20 and establishment fees of up to $600, although both can be waived, while you’ll incur fees up to $50 for late repayments.
Fees
Don’t have a deposit? Don’t worry – we can find loans for you that don’t require a deposit, subject to approval.
Buy your car the right way with Savvy
Personalised interest rates
We seek out the lowest interest rate based on each individual customer and take your situation into account when determining your individual rate.
Australia-wide panel
Our lending partners span across the country, which gives us the best chance to find a fixed interest rate that meets your requirements.
Customer satisfaction
Our 4.9-star Feefo rating shows that our customers are satisfied with our service, including the rates we’re able to source for them.
What our customers say about their finance experience
Savvy is rated 4.8 for customer satisfaction by 3340 customers.
Your car loan application process
Get started with a quick quote
Tell us a bit about yourself in our form, which should only take a few minutes to fill out. Details such as how much you want to borrow and aspects of your personal profile, such as your income and credit history, help inform our smart technology as to which lender and product would best suit you.
Compare the best fixed rates
Following this process, a Savvy consultant will assess the available options and reach out to you to present the best offers suited to your profile, from which you can choose what to go with for your car financing. This will include the top fixed interest rate car finance deals available. You can also consider factors such as additional features when deciding on your loan.
Have your approval sorted with your lender
The next step is submitting your formal application to your lender, which we handle for you. Your broker will pore over your application to ensure that it has the best chance of being approved as per your chosen lender’s eligibility requirements for applicants.
Choose your car for financing
After receiving your formal offer (which should only take around one day), you can select your car from either a dealership or a private seller.
Sign the agreement and drive away
Once the lender has approved the car for purchase, they’ll send through a digital loan agreement, which you can sign on our online platform with an e-signature. When we send that back to the lender, they’ll transfer the required funds to the seller and you’ll be free to use your new car.
Your fixed repayments will start within the month.
Frequently asked questions about car finance rates
There are several key factors you can benefit from when it comes to fixed rates on car finance. Firstly, fixed rates provide a degree of certainty in terms of how much you’ll be paying each month. This ensures that you can more accurately budget around your repayments and have a greater understanding of your expenses month-to-month. You're also protected by any rises in national or lender interest rates, which can save you money.
A benefit of car finance as a whole is that it brings car purchases within your reach and enables you to pay for them in a more manageable manner.
There are a variety of factors that can impact the rate at which your interest is fixed.
Firstly, improving your credit score will go a long way towards reducing your rate, as a high rating is an indication of your trustworthiness when borrowing money in the past. This may be through paying off existing finance debts, lowering credit limits and continuing to pay your bills on time.
Buying brand-new will afford you access to the lowest fixed rates, while avoiding too many job changes and maintaining a consistent income will also help.
Yes – fixed rates are offered at a lower initial cost than variable rates from the outset of your car finance agreement. This is because lenders account for the potential for interest rates to fall at some stage during the loan, which doesn’t have to be factored in when locking rates in at the beginning of the loan.
Yes, you can refinance your fixed rate car loan. This essentially means you’re taking out a loan to cover the cost of your existing loan and pay off a new debt instead. The fact that car loan rates are fixed doesn’t prevent you from refinancing to access a lower interest rate if you find one further into your loan repayments; you won’t be locked in for the long haul with a car loan through Savvy.
No – your interest rate will be fixed consistently across the loan, regardless of term length.
Yes – while unsecured car loans (otherwise known as unsecured personal loans) generally come at a higher rate, we can still find you a great deal via one of our lenders. In general, the best way to minimise your fixed rate on an unsecured loan is to have an excellent credit score or have a successful history of repaying a similar financing agreement in the past.
These loans are only generally used when buying a car that exceeds our lender’s age limits (up to 20 to 25 years old); otherwise, all of the loans our lenders offer are secured, which reduces the rate in itself.
Yes – you can apply for a variety of commercial car finance products through Savvy. Whether you’re looking for a chattel mortgage, car lease, novated lease or hire purchase, we can help you lock in the right fixed rate deal for you.