Compare Car Loans

One size rarely ever fits all, so why should a car loan? Compare car finance deals from around Australia and save with us today.

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

Last updated on April 21st, 2022 at 03:39 pm by Thomas Perrotta

Compare car loans

Compare over 25 lenders

One size rarely ever fits all. So why should your car loan? Car loans should fit your needs – not the other way around. Many Australians are unaware that car loans can be shaped to fit your situation, your budget and your goals – Savvy helps you compare car loans from over 25 of Australia’s most trusted lenders and get the best deal.

Savvy helps you compare car loans with a range of options and benefits including comparing car loans starting from as little as 4.49% p.a. (5.39% comparison rate).

Savvy uses the latest technology and best expertise so you can compare car loans from top Australian lenders faster and easier. Gain the Savvy advantage and compare your next car loan today. There’s no obligation to apply.

Compare and save

With Savvy, we help you compare car loans with flexible repayment options; pay extra on your terms, or choose from weekly, fortnightly or monthly repayments.

Find out how much you can save with a Green Loan for cars with low environmental impact; or how a trade-in or security can reduce your loan repayments over the length of your loan.

We can help you find loans with a balloon payment, giving you opportunities to trade-in, settle or start a new loan.

As always, you have the power to choose from variable or fixed rate car loans; buy from a private seller, dealer or used car wholesaler; and buy new, used and certified used car sales – the freedom is yours.

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Car loan repayments calculator

Your estimated repayments


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

Learn more about car loan interest rates

Why do I need to look at a comparison rate?

Calculating how much a car loan costs can prove difficult as some car loans do not advertise the full cost of taking out a loan. You can only know how much a loan will cost when a lender or bank shows you the comparison rate, which includes most fees and charges you’ll pay over the length of a loan term – account keeping fees for example – shown as a percentage.

For example, let’s say you are looking for a car loan of about $25,000. You have two car loan offers in front of you, which both have five-year terms. Proposal A has a base interest rate of 4.95%. Proposal B has a comparison rate of 6.25%. Though on paper Proposal A has the lower interest rate, you’re then told by the lender Proposal A has about $40 in fees every month added on top. Which comes out ahead?

By the end of loan term with A, you will have paid $5,673 in interest. Proposal B, despite having a higher percentage compared to A, leaves you $1,499 better off ($4,174 in interest.)

Loan A Loan B
Advertised Rate
4.95% (Base)
6.25% (Comparison)
Monthly Repayment
Total Interest

Comparison rates give you a better understanding of how much you’ll pay without having to factor in fees and charges. It also gives you more freedom in making a car loan calculation, to work out your budget and how much you can afford in repayments.

You must note that a comparison rate does not show are conditional fees, triggered by certain events. these include (but are not limited to) establishment fees, application fees, early exit fees, break fees, discharge fees, and refinancing fees.

How can I make a car loan calculation?

The three figures you need to know to make a car loan calculation or estimate is the:

  • Interest rate,
  • Loan term, and
  • Amount you want to borrow.

car loan calculator will show you how much this will cost you each month or repayment period, as an approximate. However, when you buy a car, you must factor in registration, fuel, insurance, and other maintenance costs too.

With this figure (or figures) you must then see how it fits into your own financial situation. Let’s say you earn $4,000 each month and spend about $2,700 in rent, utilities, groceries, and other items such as entertainment and paying off credit cards. This leaves you $1,300 left over, which is the best-case scenario. When buying a car, you must factor in fuel, registration, and insurance costs: this may leave you with $900 a month left over. If you intend to borrow up to the limit: for example, buying a $45,000 car at 6.25% means an estimated monthly repayment of $875. This leaves you $25 left over in case of emergency bills or urgent purchases. This could put you at a financial disadvantage, and responsible borrowers will refuse to approve your application on this basis (even if you have spotless credit.)

You need to strike a balance between affordability and your wants and needs. Depending on your financial goals, you may want to opt for a lower amount so you can save your money for other purposes such as a house deposit, holiday, or emergency fund. Before making any major financial decisions, it’s best you consult a licenced financial adviser.

What are fixed and variable rates?

A variable rate car loan gives a borrower a flexible interest rate that goes up or down depending on the market. A fixed rate car loan is the opposite: its interest rate stays the same. This allows you to make equal repayments throughout the loan term. A variable rate car loan may have higher or lower repayments depending on the market. Variable rate car loans also allow you to make extra repayments for little or no fee. Fixed rate car loans may end up cheaper or more expensive depending on the market, but they are much more predictable so you can set a fixed budget.

What else do I need to know to make a good car loan comparison?

Some loans have different features which can factor into your comparison. For example, some loans may give you an option to set a balloon payment, which is a lump sum payable at the end of the loan term. This has the effect of lowering monthly repayments; but you will need to pay that lump sum (anywhere between 20-50%) to close out the loan.

Other aspects to look for is secured car loans vs unsecured. Secured car loans use the car as collateral and are more competitive than unsecured loans. The main trade in a secured loan is that a bank or lender can take possession of the car if you default.

Your car finance comparison questions answered

What are the eligibility criteria for car loans?

There are some requirements that will largely apply across the board when it comes to car loan eligibility, including:

  • 18 years or older
  • Australian citizen, permanent resident or valid visa holder
  • Earning at least $26,000 p.a. from a stable, consistent income


There are also other factors that may play into the eligibility criteria that can affect you, such as the income sources accepted as part of your annual earnings and the maximum age of your car. Your Savvy consultant will ensure you’re able to compare the top offers that you’re eligible for.

What’s the difference between new and used car loans?

There isn’t too much of a difference with how new and used car loans are structured. The only real point that separates these products is that new car loans tend to have lower interest rates, but this isn’t always the case depending on the profile of the borrower.

The used car loan comparison process is likely to save you money on the cost of the car itself. Because these cars have depreciated in value, they’re often less expensive and come with more room to negotiate on price.

Can I choose my car’s insurance policy under finance?

Yes – because all cars purchased under finance are required to be covered by a comprehensive insurance policy, you can choose the policy to take out. This is useful if you’re looking to cut down on the cost of your policy, as you can compare between options to find the cheapest and most suitable.

How do 0% interest car loans compare to other offers?

Not overly favourably – you may see 0% finance offered by dealerships, but they’re not as simple as you might think. These deals are often used to increase the purchase price of the car itself and will charge a greater amount in fees to compensate for the lack of interest.

Additionally, interest-free periods may only last 12 months of your repayment agreement, meaning you’ll return to paying a standard or higher rate thereafter and cost you even more money.

What loan term should I choose for my car loan?

Firstly, you should always prioritise lenders that can accommodate your preferred loan term, particularly if you’re looking on the shorter or longer end of the scale. Not all lenders offer the same one-year minimum and seven-year maximum, so your Savvy consultant will ensure you’re matched with one who offers your preferred term.

Additionally, you may also look for car loans who offer flexible repayment schedules and free additional contributions. These are both incredibly useful when it comes to shaping your loan, as they add flexibility and freedom to your instalments to help you save money.

Should I consider the ability to make a deposit when comparing loans?

If you’re able to make a deposit, this could be a great way for you to save money on your car loan. These reduce the interest payable on your loan and can potentially decrease your interest rate by lowering the feeling of risk in your lender. Those in a position to make a deposit can prioritise the ability to do so when comparing loans.

Will I be able to pay my car loan off early?

Yes – we can connect you with lenders who offer the ability to make free additional repayments and don’t charge for early settlements. This can be a great way to add flexibility to your loan and afford you the opportunity to save a meaningful amount in interest and savings across your term. As such, free early repayments could be an important point of comparison for you.