New Car Loans June 2023

Comparing new car loans options could save you hundreds.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

What is the cheapest new car loan on Finder?

  • Right now on Finder, the cheapest new car loan comparison rate starts from 6.55% p.a. and is offered by Harmoney Car Loan.
Swipe to see more loans
Promoted
6.09%
to 18%
interest rate
7.68%
to 19.61%
comparison rate
You'll receive a fixed rate from 6.09% p.a. depending on the lender you are approved with.
Apply for up to $300,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.

Compare New Car Loans June 2023

1 - 7 of 7
$
Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Rate Type Application Fee Monthly Fee Monthly Repayment
loans.com.au - New - Variable Rate Special Variable, 3 - 7 Years, $5,000 - $150,000
loans.com.au - New - Variable Rate Special
6.44%
7.56%
Variable
$400
$8
You'll receive a variable rate of 6.44% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees.

Stratton Finance New Car Loan Fixed, 1 - 7 Years, $10,000 - $300,000
Stratton Finance New Car Loan
6.09%
to 18%
7.68%
to 19.61%
Fixed
$482
$8.90
You'll receive a fixed rate from 6.09% p.a. depending on the lender you are approved with.
Apply for up to $300,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
Harmoney Car Loan Fixed, 3 - 7 Years, $2,000 - $70,000
Harmoney  Car Loan
5.76%
to 19.09%
6.55%
to 19.99%
Fixed
$275 - $575
$0
You'll receive a fixed rate between 5.76% p.a. and p.a. based on your risk profile
An unsecured loan from $2,000 to buy a new or used car. Benefit from a simple application and option for early payout.
RACV New Car Loans Fixed, 1 - 7 Years, $5,000 - $150,000
RACV New Car Loans
6.79%
to 16.54%
7.49%
to 17.31%
Fixed
$499
$0
You'll receive a fixed rate from 6.79% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
OurMoneyMarket Car Loan Fixed, 1 - 7 Years, $2,001 - $75,000
OurMoneyMarket Car Loan
6.57%
to 18.99%
7.19%
to 21.78%
Fixed
1.5% - 6%
min. $250
$0
NRMA New Car Loan Fixed, 1 - 7 Years, $5,000 - $130,000
NRMA New Car Loan
6.79%
to 16.54%
7.49%
to 17.31%
Fixed
$499
$0
Note: Take out a loan for an eligible electric vehicle and receive a 1.5% discount on your personalised interest rate (interest rates start from 5.09% p.a. and comparison rates from 5.78% p.a.)
loans.com.au - New - Fixed Rate Special Fixed, 3 - 7 Years, $5,000 - $150,000
loans.com.au - New - Fixed Rate Special
6.19%
7.31%
Fixed
$400
$8
You'll receive a fixed rate of 6.19% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment.

loading

Why compare new car loans with Finder?

No fee icon

It's 100% free

You won't be charged for clicking through to one of our car finance partners. We get paid out of their pocket – not yours.

Papers with magnifying glass icon

We're here to help

We've helped tens of thousands of Australians find a car loan by keeping things simple and free of complicated jargon.

Clock

It's quick and easy to use

Our side-by-side car loan comparison makes it easy to find a car loan that is a good fit.

How new car loans work

The majority of new car loan products are secured loans, meaning the lender has the right to repossess the vehicle if you default on your loan. While this is a steep price to pay, it also means you get a lower interest rate. Getting a new car loan doesn't mean you have to buy a car from a dealership – the majority of lenders will accept a vehicle up to two years old from a second-hand car dealer or a private sale.

When you apply, you and your car will need to pass the eligibility criteria. Depending on how strict the lender is, you may need to use the entire loan amount on the car, although some lenders may allow you to borrow some extra money to cover the costs that come with buying a new car. You will need to repay the loan over the pre-agreed loan term.

Types of new car loans

  • Secured car loan
    With a secured car loan, the bank is able to use the new car as security. That means it has a registered interest in the car and can repossess it if you default on your payments. The interest rate is lower than the rate you would get with an unsecured loan because a lender views it as less risky.
  • Unsecured car loan
    An unsecured car loan works a little differently, as the bank or loan company does not hold the new car you are purchasing or any of your assets as security. If you fail to make your personal loan repayments, the bank has little power to do anything about it, except send reminders. When you've consistently lapsed on repayments, it will send a debt collector to try and obtain the money. Your assets are safe, but the lender could take you to court. In response to the increased risk taken on by the lender, the interest rates are raised when compared with a secured loan.
  • Bad credit car loan
    If your credit report isn't quite as stellar as you'd like and you still want a new car, you should consider a bad credit secured car loan. These loans come with a higher interest rate due to the increased risk factor.

What is the difference between fixed and variable new car loans?

Variable rate car loans

A variable rate means the interest rate will fluctuate (according to the Reserve Bank of Australia's cash rate), while a fixed rate remains the same for the length of the loan's term. The variable rate might be cheaper now, but it can and will fluctuate with the market interest rates. This means your repayments might increase if the rates go up. Your payments may also come down if the rates start to fall.

Fixed rate car loans

By comparison, a fixed rate loan might initially be a bit higher than the variable rate, but you know that your repayments won't change throughout the loan term. If the rates increase over the next few years, it is possible that the fixed rate may end up being lower than the resulting variable rate.

How to compare new car loans

  • Check interest rates
    Compare interest rates and find the lowest option. Your interest rate will be personalised according to your credit history.
  • Watch out for fees
    Car loan application and monthly service fees can cost you hundreds of dollars.
  • Look for a loan with money-saving features
    You can get out of debt faster and save money with a loan that lets you make penalty-free extra repayments. A redraw facility lets you pull out those extra repayments to spend in an emergency.
  • Choose a suitable loan length
    Also known as loan term, this is how many years it will take to pay off your loan. A longer loan term makes your monthly payments cheaper, but you’ll pay more interest all up.

New car news

Volvo Australia accelerates electrification plan

Volvo Australia accelerates electrification plan

Volvo throws down the gauntlet with ambitious plans for 2026.

Read more…
Fuel prices to rise after fuel excise tax reintroduced

Fuel prices to rise after fuel excise tax reintroduced

Read more…
Xavi, Iniesta, Messi… CUPRA? Has Barcelona produced another legend?

Xavi, Iniesta, Messi… CUPRA? Has Barcelona produced another legend?

CUPRA has launched the first product offensive in Australia with an EV and 3 new models to follow.

Read more…

Did you know

Finder not only helps you find and compare new car loans, but we also have vehicle comparisons. If you still aren't sure about which car you are going to purchase, read our car reviews and compare models against each other.

The benefits and drawbacks of a new car loan

  • It fills your coffers so you can buy a new car.
  • It spreads the cost over several years.
  • New cars are generally easier to finance, so you could find a lender without fuss.
  • You get a new vehicle, benefiting from improved safety equipment, fuel efficiency, technology and passenger comforts.
  • The price of the car is often higher than the resale value of the car. This is because all car loans attracts interest and new cars can lose market value quickly, through depreciation.

Things to look out for with new car loanse

  • Once you have decided to take out a new car finance, it is essential that you work out all the costs associated with the car loan. The obvious things are the interest rates but there are other charges too. These may vary depending on the lender.
  • Fixed interest rates are common among car loan companies and they will not change throughout the loan period. If you choose a variable interest rate, the loan provider could alter the interest rate at any time depending on the Reserve Bank rates.
  • You should negotiate early repayment fees and redraw fees with the loan provider just in case your situation changes during the loan period.

What we thought of these new cars...

Toyota RAV4 GXL Hybrid Review

Toyota RAV4 GXL Hybrid Review

Read more…
Peugeot 308 GT Premium Wagon Review

Peugeot 308 GT Premium Wagon Review

Can a French wagon be as comfortable in the heart of the outback as it is in the city?

Read more…
2023 Toyota GR86 GTS Review

2023 Toyota GR86 GTS Review

The previous Toyota 86 was a charming little thing, but when you put your foot down, it was like asking for a bit more horsepower from a Shetland pony.

Read more…
2023 Volkswagen Amarok Review

2023 Volkswagen Amarok Review

Whether you're looking for a daily driver or a serious off-roading machine, there's likely an Amarok to suit your needs.

Read more…
CUPRA Leon VZe Review

CUPRA Leon VZe Review

We review perhaps the best-looking hybrid on the road, the CUPRA Leon VZe.

Read more…
Volkswagen Golf R Review

Volkswagen Golf R Review

Read more…
More car reviews...

Car insurance for your new car

While CTP insurance is a legal requirement in Australia, taking out additional comprehensive or third party cover is highly recommended. Avoiding additional car insurance could mean unforeseen expenses if you were ever involved in an accident, even if it was not your fault. Our extensive car insurance guide will give you all the information you might need about insurance, its types, costs and more. You'll also be able to compare insurance providers and get quotes side by side.

Compare car insurance in Australia

Frequently asked questions about new car loans

More guides on Finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site