$10,000 Car Loans

Looking to get a more cost-effective $10,000 car loan deal and want the ultimate in convenience too? Save money and time when you apply with Savvy!

Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors
, updated on April 29th, 2024       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Car Loans Banner - Young woman leaning out the window of her car with her arm up

$10,000 car loans are generally used for one of two purposes: either to help you purchase a budget new or used vehicle or buy a more expensive car with a larger deposit. Either way, it’s crucial to compare your car finance options thoroughly. That’s where Savvy comes in handy.

With over 40 trusted Australian lenders counted among our panel, we can help you find the best available deal for your needs with more confidence. Our process is 100% online from start to finish, so you can get started with a free, no-obligation quote with us today!

How much will my $10,000 car loan cost?

There’s a variety of factors that can have an affect on the cost of your car loan. Some of the key impacts include:

Interest rate

Perhaps the most obvious cost variable on a car loan is its interest rate. Lower interest rates will lead to greater overall savings, as the table below shows:

Interest rate Repayments Total interest
7.00% p.a.
$199
$1,881
8.00% p.a.
$203
$2,166
9.00% p.a.
$208
$2,456
10.00% p.a.
$213
$2,749
11.00% p.a.
$218
$3,046

Calculations based on a $10,000 car loan repaid monthly over five years.

Although the savings are lower with smaller loan amounts, you can still cut around $300 from your total interest spend with a 1.00% p.a. discount.

Loan term

Another key factor when it comes to cost is the period over which you repay your loan, with longer terms leading to greater overall interest. With a loan as small as $10,000, not all lenders may allow you to take the full seven-year term to repay it, but shortening your agreement can still help you save, as this table demonstrates:

Loan term Repayments Total interest
Five years
$201
$2,023
Four years
$242
$1,606
Three years
$312
$1,199
Two years
$450
$800
One year
$868
$411

Calculations based on a $10,000 car loan repaid monthly with a 7.50% p.a. interest rate.

By choosing a loan term of three years instead of five, you could save over $800 while only paying around $25 per week extra.

Deposit

If you’re in a position to contribute any of your savings towards your car purchase, you can save on your loan overall by paying a deposit. This is because it reduces your loan amount, thus cutting down the interest charged in the process. The table below shows this:

Deposit Repayments Total interest
$0
$201
$2,023
$500
$191
$1,922
$1,000
$181
$1,821
$2,000
$161
$1,619

Calculations based on a $10,000 car loan repaid monthly over five years with a 7.50% p.a. interest rate.

Not everyone is in a position to pay a deposit, but even a $500 up-front contribution to a $10,000 loan would reduce your interest by $100.

Additional repayments

In some cases, you may be able to make free extra repayments above the minimum required amount. This will help you pay down your loan faster and allow you to complete your payments ahead of schedule. Here’s how it works:

Extra payment Total payment Total interest Time saved
$0
$201
$2,023
N/A
$50
$251
$1,541
One year, one month
$100
$301
$1,247
One year, ten months
$200
$401
$907
Two years, eight months

Calculations based on a $10,000 car loan repaid monthly over five years with a 7.50% p.a. interest rate.

It’s worth noting that not all lenders will allow you to do this, while some others may offer free additional repayments, but charge break fees if you pay off your loan early. You should always check with your Savvy consultant and lender to find out whether you have the flexibility to do this before you sign on the dotted line.

Calculate the cost of your $10,000 car loan

You can crunch the numbers here to see how much different loans will cost based on their term, rate, deposit and repayment frequency.

Your estimated repayments

$98.62

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

Why are so many Australians turning to Savvy for their car loan?

How to save on your $10,000 car loan

Common $10,000 car loan questions answered

Can I borrow $10,000 for a car if I’ve never had a loan before?

You can still apply for a first car loan, but you may have to pay a higher interest rate than a seasoned borrower. While some younger vehicle buyers opt to get help from a relative and use a guarantor car loan, there are also benefits of building up your credit rating as you make repayments on your own car loan. Your choice will come down to your budget and priorities.

Can I get car finance if I’m self-employed?

Yes – these days, self-employed Australians have lots of car finance options. You can either opt for a standard car loan (if you can supply the last two years’ worth of tax returns) or choose a commercial car loan. Commercial car finance options may come at lower rates, but require you to use your vehicle for business at least 50% of the time, which won’t suit every car buyer out there.

What’s the difference between a personal loan and a car loan?

The primary difference between a personal loan and a car loan is in the way that funds can be utilised. While car loans can only be used for the purchase of your vehicle, personal loans are essentially unrestricted in what they can be used for. This means you can borrow a sum to pay for your car, other household bills and even your next holiday.

Additionally, you don’t typically need to provide any security for personal loans, so the interest rate is higher than those of car loans.

Can I borrow $10,000 for a car on a temporary visa?

Generally, borrowers should be Australian citizens or residents to apply for a car loan. However, some lenders may consider applications from borrowers on selected temporary visas as long as their loan term finishes at least a couple of months before their visa expires.

Can I take out a car loan if I have bad credit?

Yes – we're partnered with specialist lenders who can accommodate borrowers who have struggled with credit in the past. These loans are more restrictive when it comes to loan amounts and charge higher interest rates and fees, but $10,000 is well within the parameters available for many borrowers in this position.

How old can my car be under finance?

We’re partnered with a range of flexible lenders who can offer financing for cars up to 25 years old at the end of your term. However, if you want to buy older than this, you can take out a personal loan instead. If you’re buying a vintage vehicle, we can also help you get approved for this with a specialised classic car loan product.

Can I buy a car from a private seller?

Yes – provided the car meets one of our lender’s criteria, we can help you finance a car from a private sale, rather than just dealership purchases. Speak with your Savvy consultant about the requirements for a used car purchased from a private sale.

What income sources are accepted for $10,000 car loans?

We’re partnered with lenders who can work with a wide range of applicants, including those earning money in the following ways (you can speak with one of our consultants for the specifics on each):

  • Full-time employment
  • Part-time employment
  • Casual employment (stable hours and pay)
  • Self-employment (must have at least one to two years of tax returns)
  • Centrelink benefits (fixed benefits such as age, disability and veterans’ pensions, single parent payment and carer payments)

Brands you can trust

anz logo
Plenti logo
liberty logo
finance one logo
wisr logo
firstmac logo
Macquarie logo
Now Finance Logo
SocietyOne
logo money3
Commonwealth Bank logo
Capital finance logo
Moula logo
prospa logo
BOQ logo
Angle Finance Logo
Westpac Logo
liberty logo
finance one logo
Macquarie logo
firstmac logo
Now Finance Logo
logo money3
Westpac car insurance
Capital finance logo
Moula logo
prospa logo
Angle Finance Logo

Helpful guides on car loans

Rideshare driver in car with passenger

4 Ways You Can Make Money with Your Car

For many Australians, owning a car isn't a luxury, it's a necessity. It's the key to getting to work, running errands, and more. However, the cost-of-living crisis is putting pressure...

Selling car at the dealership

How to Sell Your Car

Selling your car is an important decision, whether you're upgrading to a new model or simply looking to free up some space and funds. However, navigating the selling process can...

Happy couple driving in car

Best Way To Finance A Car In Australia

There are many options open to Australians when it comes to purchasing vehicles, which is why it’s important to consider each of them to help you find out what the...

Car Loans Banner - Man smiling holding the keys to his new car

How to Transfer Car Ownership

Transferring the ownership and registration of a car is a process that varies depending on which Australian state or territory you live in. It’s important to know what steps to...

Cars parked in a row outdoors

The 5 Best Budget Cars in Australia in 2024

If you’re on a budget, finding a car that ticks all the boxes can feel like a challenge. However, there’s still a wide range of new car options available on...

Tips For Getting The Best Car Loan in Australia

Tips for Buying a New Car in Australia

Purchasing a new car is an exciting and significant investment. With so many options available on the market, from different makes and models to various features and pricing packages, it's...

Car finance broker at desk wearing headset

What Is a Car Finance Broker?

When it comes to buying a car, many Australians turn to car loans to help complete the purchase. Indeed, in 2023, the value of new fixed term loan commitments for...

Man in suit driving car for work

Motor Vehicle Tax Deductions Explained

Owning a car in Australia comes with a range of expenses, but did you know you might be eligible to claim some of these costs on your tax return? This...