$20,000 Car Loans

Compare a range of offers with Savvy to help you find the best possible $20,000 car loan among our trusted partners.

No obligation. It won't affect your credit score.
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, updated on July 5th, 2023       

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Search, compare and get approved for your $20,000 car loan

Car loans come in all shapes and sizes and are able to be shaped to your needs, no matter what type of car you’re after. A $20,000 loan is highly versatile: it gives you plenty to work with when buying a decent-quality used car or enough to buy a brand-new one (albeit with a decent deposit).

No matter the car you’re after, you can find a great loan to match by applying through Savvy. We give you access to our panel of lenders from all around the country, maximising your options when it comes to finding low-rate finance. Start your application today so that you can hit the road in no time.

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Features of a Savvy $20,000 car loan

Competitive interest rates

By taking out a car loan with one of our lenders, you can gain access to competitive interest rates and save over your loan.

Choose your term

You can repay a car loan over anywhere from one to seven years, giving you a choice between minimising your overall loan cost and saving month-to-month.

Optional deposits

Borrow 100% of the value of your new car or use a deposit or trade-in vehicle if you choose, both of which will reduce the overall cost of your car loan.

Business options available

If you want to use a car for your business, we can help you get approved for a chattel mortgage, car lease or hire purchase.

Finance used vehicles up to 25 years old

Our lending partners are flexible and can help you finance cars up to the age of 25 (at the conclusion of your loan term), with other options even beyond that.

Buy from a dealer or privately

You're not solely restricted to dealerships when it comes to buying a car under finance: we can help you secure financing from private sellers around the country.

Why choose Savvy for your $20,000 car loan?

Your checklist before applying for a $20,000 car loan

Your frequently asked $20,000 car loan questions answered

How quickly can I be approved for car finance?

From your initial quick quote to settlement and having the funds sent to your seller can take just 48 hours in total.

There are a number of factors that can affect this, such as the type and age of the car you’re buying and where you’re buying it from, but our consultants work hard to get you approved quickly.

What are my options when buying a car for my business?

The commercial equivalent of a car loan is a product called a chattel mortgage. It’s a low-cost way to finance the purchase of a vehicle and comes with some excellent tax benefits. Car leases are an alternative if you don’t wish to own the car straight away, which offer fully tax-deductible repayments, while hire purchases are similar and are designed to suit businesses who conduct their accounting on an accrual basis.

Is it worth getting pre-approved for a car loan?

Yes – getting pre-approved for a car loan is an excellent idea if you’ve yet to find the vehicle you wish to buy. This is because it gives you a solid hand with which to negotiate on price with your seller, and gives them a ceiling over which you can’t really afford to purchase the vehicle. As such, it can help you save on the purchase price overall.

Can I pay out my car loan early?

Yes – many of our lending partners offer borrowers the ability to repay their loan in full ahead of schedule without incurring any fees for doing so.

However, some do, with early repayment fees potentially rising to as much as $600 to $900 depending on how long is left to run on your deal.

Finding a lender who doesn’t charge for early repayments is a highly effective way of saving money on your loan, so you can discuss your preferences with your Savvy consultant during the comparison process.

What will my car loan cost?

There are several fees that you may encounter when taking out your car loan. It's important to note that we can connect you with lenders who are willing to waive some of these charges under certain circumstances, so you’ll be able to make affordable comparisons throughout. The main fees you may incur include:

  • Ongoing fees: $0 to $20 per month
  • Application fee: $0 to $600
  • Late payment fees: $25 to $50
Can I get $20,000 car finance with bad credit?

Yes – we're partnered with flexible lenders who offer specialised bad credit car loan options for borrowers that have had problems with credit in the past.

You’ll pay a higher interest rate for such a car loan, but it can be one of the first steps you take to regaining a healthy credit score as your score improves with every timely payment made.

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