Compare and apply for a 5 year car loan
Choosing the right term over which to repay your car loan is one of the most important factors that can shape your finance experience. That’s why so many Australians choose five-year terms: it strikes the perfect balance of keeping repayments affordable while not dragging them out for too long.
With all of the best offers on the market located in one place, you can’t go wrong with an application through Savvy. We’re partnered with over 25 lenders across the country to give you the most choice for selecting your loan and more options to compare for the lowest rates and best features. Get started with your application now and drive away in no time.
The features and benefits of a 5-year car loan
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Competitive interest rates
With a wealth of lenders at our disposal, you can fix your interest at the lowest rate available for your situation and enjoy stability across the loan.
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Select your repayment frequency
On top of choosing your term, you also get to decide whether to make monthly, fortnightly or weekly contributions towards your loan sum.
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Enjoy cheaper repayments
Stretching your loan out to five years means that your repayments will be cheaper than if you opted for a shorter term, like three years.
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Pay faster than five years at no extra cost
You’ll be able to save a significant amount in interest and fees by paying above the minimum when you compare lenders with no charges for early repayments.
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Access up to 100% financing
You can borrow any amount from $5,000 up to the sale value of your car, with other on-road costs like stamp duty and rego able to be covered also.
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Optional deposits or balloons
You can also further reduce your payments by adding a deposit or balloon (for business purchases) to your loan, which also help you save on interest.
Why apply for a car loan with Savvy?
Top tips to reduce your 5-year car loan repayments
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Have a good credit score (or improve it)
Before you apply for any type of credit, it’s a great idea to check your credit score. Lenders view your credit report as a way to figure out what kind of borrower you are and the more favourable the result, the lower the rate you’ll be offered. You can make strides towards improving it by paying off outstanding debts and lowering the limits on any existing cards. You can check your report once a year for free, but your Savvy consultant will also review this as part of your application process.
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Use a deposit
It's worth remembering that if you do have savings, using a deposit can be worthwhile, because the more deposit you put down, the lower your monthly repayments. Deposits for car loans aren’t compulsory, however.
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Invest in a newer or brand-new car
Newer vehicles attract lower interest rates than cars with more kilometres on the odometer. That’s because you’ll be using the vehicle as security against your borrowing and lenders view older cars as more of a risk, so the interest rate automatically rises with age. While older used vehicles are cheaper at the point of purchase, their rates are usually higher.
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Show job stability
Remaining in the same job for an extended period, whether that be full-time, part-time or casual, with consistent income is typically rewarded by lenders with a lower interest rate. This is because they look for security when it comes to sources of income that are unlikely to run dry and leave you without the means to complete your loan payments. It’s advisable to avoid any job changes in the lead-up to applying if you want to access the lowest rates.
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Compare your options with Savvy
One of the best ways to ensure you get a car loan with all the features you want at the cheap rate you prefer to pay is to talk to one of Savvy’s expert car finance consultants. We’ll search high and low amongst our extensive panel of over 25 lenders across the country to find the products that best match your borrowing profile and needs.
Car loan repayment calculator
Crunch the numbers to see how much you could be paying
Your estimated repayments
$98.62
| Total interest paid: | Total amount to pay: |
| $1233.43 | $5,143.99 |
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