Car Loans From 3.99% p.a.

We’ve helped Australians across the country save thousands on their car loan. With links to over 25 of Australia’s top lenders, our car loans take your money further. See how you can compare and save with us

No obligation. It won't affect your credit score.

Last updated on May 4th, 2022 at 02:18 pm by Thomas Perrotta

Low rate car finance for new and used cars

Savvy drives car loans further

We’ve helped Australians across the country save thousands of dollars on their car loan. With links to over 25 of Australia’s top lenders, the level of satisfaction our customers feel is reflected in our 4.9-star Feefo rating for outstanding service. 

Our expert car loan consultants are with you every step of the way. We personalise our service to each and every customer, so you can rest easy knowing you’ve secured a great car loan deal suiting your budget and needs. 

Think car loans, think Savvy

Get more car loan options. Whether you’re buying new or used, from a private seller or dealer, we can help secure the best rates and most flexible terms. If you’re in business, we speak your language. We help businesses secure commercial chattel mortgages, hire purchases or a car lease that keeps cash flowing.

Have a complicated situation? We work hard and have a high success rate in assisting customers with ‘outside the box’ requirements.

Car Loan Banner

The features and benefits of car loans with Savvy

Access competitive rates from 3.99% p.a.

With comparison rates starting at 4.36% p.a., you can lock in an affordable deal for yourself from the outset and save hundreds of dollars over your loan, if not more.

Borrow 100% of your car’s value

You won’t be required to make a substantial deposit at the beginning of your loan, with finance available for up to the purchase price of your car (with on-road costs able to be included).

Flexible loan terms

Borrowers can select the term over which they repay their car finance deal, with loans as short as one year and as long as seven able to be repaid weekly, fortnightly or monthly.

Repayment stability with fixed interest

By locking in your interest rate at the start of your loan, you can bring greater stability to your repayments by guaranteeing consistency each and every instalment.

Buy new or used, anywhere in the country

Whether you’re looking to purchase a brand-new car from the dealership or a used vehicle in another state, our consultants and panel of online lenders will find a solution for you.

Rapid loan approvals

From the moment you submit your application form with Savvy, you can have the funds transferred and take ownership of your car within just 48 hours.

Both private and business finance options

Whether you’re looking for a car to drive the kids around or a helping hand with the purchase of a commercial vehicle, there’s a range of options at your disposal.

100% online applications

You can complete an application, be approved and receive your loan funds without having to leave your home.

Why choose Savvy for your car loan?

Our range of car loan options to suit all your needs

Our car loan process explained

Car loan calculator

Your estimated repayments

$98.62

Total interest paid: $1233.43
Total amount to pay: $5,143.99

Brands you can trust

anz logo
Plenti logo
liberty logo
finance one logo
wisr logo
firstmac logo
Macquarie logo
We are accredited with the most reputable lenders and insurers in Australia giving you a fair choice to compare.

Got a question about your car loan?

What is a comparison rate?

A comparison rate, put in simple terms, is an interest rate that includes most common fees and charges associated with a car loan, given as a percentage per annum (per year.) This is the base interest rate plus ongoing fees such as account keeping fees, administration fees, and other general charges. This does not include transactional or situational fees such as requesting a statement, early payment fees (if applicable) or late payment fees.

How long does the car loan application process take?

You can have your application approved, signed and funded in as little as 48 hours when you apply with us. However, the time it takes to approve an application differs from person to person, as everyone’s financial situation is different. There are also other small variables which can impact the time it takes, such as at what time of day or week you submit your application.

What are unsecured car loans?

Unsecured car finance is essentially just an unsecured personal loan used to purchase a car. You might turn to this type of loan if you’re looking to buy a particularly old vehicle or one which otherwise doesn’t meet lender criteria, but it’s not recommended for eligible cars due to its higher interest rates and lower borrowing ranges (capped at around $75,000).

Does a car loan take longer to get approved if I'm self-employed?

No whether it’s a consumer or commercial loan, the approval process remains the same. The key to a fast approval is delivering the required documents to your consultant upon request. Your Savvy consultant is skilled at all scenarios and, with our technology-driven process, will have your loan approved within 24 hours.  

Can I make additional payments above the minimum required amount?

Yes – none of our lenders will penalise you for making additional repayments beyond your monthly requirements. However, doing so will likely result in an earlier final payment, which can result in a fee in some cases, so you should make sure you know what the costs of doing so in the long term are.

Will I be able to take out a car loan if I’ve never borrowed before?

Yes – we work with specialist lenders who can help you get approved for your first car loan. If you can prove that you’re earning a comfortable living, have positive savings habits and are capable of maintaining consistent repayments, you can be approved for car financing with the right lender by applying with us.

What other costs should I budget for on my car purchase?

There are several on-road costs which you should budget for when applying for car finance. In some cases, you can include some or all of these in your car loan itself. These include:

  • Stamp duty: varies depending on the value and type of vehicle and which state or territory you live in
  • Vehicle registration: also varies based on where you live but can cost up to $1,200
  • Comprehensive car insurance: all car loans must be covered by this policy, which can reach up to $150 per month
  • Servicing and petrol: you’ll have to pay to keep it on the road and well-maintained during your term

How can Savvy help you get a better rate on your car loan?

Having a high credit score

Your credit score will play a major role in helping us determine whether we can get you the best interest rates on your car loan. It’s a key indicator to lenders about your borrowing history, such as your past borrowing, any late repayments or defaults and your existing credit limits. 

Buying new or near new

Lenders always lean towards brand-new cars, or those fewer than three years old, so your Savvy consultant will help walk you through your vehicle options. We can even help you source your car through our dealer network so you can choose from the best.

Being asset-backed

If you own any property, whether it be your house or a suite of units, we can help you access the best interest rates on your car loan. This is because lenders always prefer borrowers with asset-backing, either paid off or currently paying for. Some may also accept significant savings, known as “cash at bank”, instead of real estate.

Having verifiable existing credit

A strong repayment history on a past or current car loan is another key factor that can enable us to obtain the best interest rates from lenders. This displays to your lender that you’re a trustworthy borrower who can handle the responsibility of loan repayments.

Car loans explained further

Market update for car loans: May 2022

The start of May has seen the first big shift in the finance market for a long time in Australia, with the increase in the national cash rate by 25 basis points to 0.35% set to see interest increase across car finance products.

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.

April saw a significant drop in terms of car sales, with 81,065 vehicles purchased throughout the month to represent a 12.2% decrease in units sold compared to the corresponding period last year and a 3.5% drop on year to date (YTD) figures.

The Australian Bureau of Statistics (ABS) also released their lending indicators for March of this year, revealing a 2.2% drop in the value of new loan commitments for the purchase of vehicles amid an overall decrease in the total value of new personal finance agreements compared to February.

You can get the wheels in motion on your car loan application by getting a quick quote with us today and be approved and funded 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