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Green Car Loan (Fixed)

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Winner of Best Green Car Loans, RateCity Gold Awards 2022

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Winner of Best Green Car Loans, RateCity Gold Awards 2022

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5.90

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Used Car Loan (< 5 years, Dealer Only) (Fixed)

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2.82

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Winner of Best Used Car Loans, RateCity Gold Awards 2022

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7.04

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Winner of Best Used Car Loans, RateCity Gold Awards 2022

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Used Car Loan

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2.68

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Green Car Loan - Green Car Loan

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2.76

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7.04

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$587

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2.76

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New Vehicle Fast Loan Low Rate

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2.58

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7.59

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$594

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Used Vehicle Fast Loan Low Rate

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2.32

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8.60

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Monthly repayment

$608

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2.32

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Can you get a car loan in Adelaide?

If you live in South Australia and you're planning to buy a new or used car, you may be wondering what car finance options are available to you. While there are a number of South Australian financial institutions such as Adelaide Bank and BankSA, there is also a wide range of online lenders and nationwide banks that offer car loans to residents of Adelaide, Gawler, Mount Gambier and beyond.

Where can you get a car loan in Adelaide?

When it comes to securing finance for your vehicle purchase, there are three main avenues South Australians can choose to take:

  1. Accept dealership finance - This might be your most convenient option, but it's unlikely to be the most competitive.
  2. Go direct-to-lender - If you are a long-standing customer of a bank that offers car loans, you may be tempted to stick with what you know. But keep in mind, you may be missing out on products that offer better value or more closely suit your needs.
  3. Use a comparison website, such as RateCity, to research options - Weighing up your options allows you to make an educated decision, which is important when you're taking on a big financial commitment like a car loan.

If you decide to take your car loan search into your own hands and make a comprehensive comparison, RateCity's comparison tools can help you on your way. But first, you'll need to decide what type of car loan will suit your needs - starting with the credit provider.

For those looking for a bank branch where you can go in person to discuss your finance options, Adelaide offers branches of the big four banks (Commonwealth Bank, Westpac, ANZ and NAB), Bendigo Bank, Bank Australia, BankSA, Adelaide Bank and plenty more.

But if you're happy to manage your finances online, you'll have a much greater variety to choose from. RateCity has a database of over 90 car loan lenders, many of which provide personal finance Australia wide.

And if you're looking for some local guidance, you might like to consider reaching out to an Adelaide-based finance broker who can offer you financial expertise paired with valuable localised knowledge.

What are the benefits and risks of Adelaide car loans?

Whenever you make a significant financial decision, like taking out a new car loan, it's important to weigh up the benefits with any potential risks in order to make an informed choice. Here are some of the key pros and cons associated with car loans in Adelaide:

Pros

  • A car loan may help you afford the right car for your needs, rather than having to settle for something less suitable.
  • Car loans tend to offer more competitive rates than other types of personal loans, as they can be secured against the car you are buying.
  • Adelaide offers a wide range of car loan lenders, from long-standing local branches to flexible online lenders, making it simple to find the right provider for you.

Cons

  • Although you may secure a competitive interest rate with a car loan, you'll still be paying interest on your borrow amount over the life of the loan.
  • In a general sense, buying a car in Adelaide can come with its own set of risks, such as getting into an accident, incurring damage from a hailstorm or bushfire, or having it stolen. Which is why it's important ensure you have a car insurance policy that covers you.

How do you compare Adelaide car loans?

Searching and comparing car loan options is a key part of the borrowing process, and RateCity's comparison tools can considerably reduce the time it takes for you to do your research. Here are some of the tools available and what they can offer you:

Comparison tables

Our car loan comparison tables can be a great place to start when comparing car loan options as they can help you compare apples with apples. Simply enter the amount you want to borrow along with your preferred loan term, and then filter down your loan options based on the features that fit your needs. Then you can compare your options side by side to see how they stack up on several factors, including interest rate, monthly repayments, and Real Time Ratings™ score.

Repayment Calculator

Once you have a short list of car loan options, you may want to see how they might work with your budget. One way to do so is to use RateCity’s car loan calculator, which allows you to enter in a car loan’s details and repayment frequency to see how much loan repayments may cost you. It's as simple as entering your preferred loan amount, interest rate, loan term and credit rating for an estimate of your repayments and total interest charges.

Real Time Ratings™

Real Time Ratings™ is RateCity’s rating system that ranks personal loans. As the name suggests, Real Time Ratings™ results are calculated in real time, so they are as up to date as possible. Each car loan product is given a score out of five, based on loan costs and flexibility, which can assist you in narrowing down your shortlist of car loan options.

What car loan rates can you get in Adelaide?

It makes sense to look for loan products with the most competitive interest rates, but it's important to understand why different types of car loans may offer different rates. There are a number of factors that influence a loan's interest rate, including the following:

Secured vs unsecured loans

Most lenders typically offer two types of car loans - secured car loans, in which the vehicle itself is used as collateral on the loan, and unsecured car loans, where no collateral is provided. 

Loan providers will typically charge higher interest rates for unsecured car loans because they regard them as riskier than secured car loans. Secured car loans, however, usually have restrictions on the type of car you can buy, including its age and condition.

Fixed vs variable interest rates

There are two interest rate types - fixed rates or variable rates. With a fixed rate loan, your repayments will be the same throughout the life of the loan, which could make budgeting more manageable. If you choose a variable rate, however, the rate can fluctuate based on the market during the loan’s term, meaning your repayments could potentially increase or decrease at certain points in time.

Credit score

Your credit history plays an important part in determining the interest rate a lender may be willing to offer you. The most competitive interest rates are typically reserved for borrowers with good to excellent credit scores, as their credit history demonstrates positive borrowing behaviours. On the other hand, borrowers with sub-par credit ratings will generally be offered higher interest rates as they can be seen as higher risk.

If your credit score has room for improvement, you might like to consider working towards boosting it before applying for a car loan. You can check your credit scores for free by visiting RateCity's credit score hub.

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What are the other features of Adelaide car loans?

There's more to a South Australia car loan than its interest rate, so be sure to weigh up all of the following factors before you start narrowing down your shortlist:

Interest rates - An obvious place to start, the car loan's interest rate will determine how much you pay in total interest charges. But be mindful that lenders often charge fees in addition to interest charges, so it's important to factor both into your calculations.

Fees - The kinds of upfront and ongoing fees you may be charged can vary from one lender to the next, but may include any number of the following: 

  • Loan application fees
  • Establishment fees
  • Monthly fees
  • Late payment fees
  • Early repayment fees
  • Exit fees

Comparison rates - To get a better idea of the total cost of the loan, consider the different comparison rates on offer. A loan's comparison rate includes the interest rate plus any standard fees that may be payable.

Extra features - Some lenders offer extra features that may be beneficial to your needs, such as the option to make extra repayments in order to pay down your loan faster, and a redraw facility that will allow you to redraw any additional repayments you've made - if or when you need to.

Loan term - The loan term is the length of time you have to pay off the total borrow amount plus interest charges. Car loans tend to have loan terms of three to five years, but some lenders may offer longer or shorter terms. Generally speaking, the longer the loan term, the cheaper the repayments, but the more you'll likely pay in total interest charges.

Find out how much your car loan repayments could cost

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Calculate what your repayments could be on your car loan.

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Can you get help with car financing in Adelaide?

If you're looking for a little extra help on your car loan comparison journey, you might like to consider a car finance broker. Car finance brokers are experts in the field who help connect South Australians buying cars with banks and lenders offering a wide range car loan products. 

Similar to mortgage brokers, car loan brokers can help you find a vehicle finance option that suits your individual financial needs, and can help guide you through the car loan application process with personalised information and advice.

How do you get a car loan?

There are four different ways you can get a car loan. You can go straight to a lender. You can get a finance broker to organise a car loan for you. You can get ‘dealer finance’ – which is when the car dealer organises a car loan for you. Or you can organise your own car loan through a comparison website, like RateCity.

Whichever method you choose, you will need to provide proof of identification, proof of income and proof of savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. You might also be asked to provide proof of insurance.

How do you get pre-approval for a Commonwealth Bank car loan?

You can apply for a CommBank car loan pre-approval online, over the phone or by visiting a branch. The steps to apply for CommBank car loan pre-approval are similar to any other car loan application and include the following:

  1. Consider checking your credit rating before applying for the loan. The lender uses your credit score and credit history to help determine your creditworthiness, and decide if you should be granted approval. Your credit score will likely also be used to determine what interest rate they are prepared to offer you.
  2. Gather all the required documents and your personal information. This should include proof of income, identity and residency.
  3. Review all the terms and conditions, interest rate and additional fees related to the loan to ensure it meets your requirements.
  4. Submit your application to CommBank for approval.

Commonwealth Bank will then review and confirm all your details and, if successful, offer you pre-approval. Once you receive the pre-approval for the car loan from Commonwealth Bank, you can start shopping around for a new car with the knowledge you have finances secured.

What is a loan term?

The loan term is the amount of time the lender gives you to repay the car loan. For example, if you take out a $20,000 car loan with a five-year loan term, you would be expected to pay off the entire $20,000 (plus interest) within five years.

What is a dealership?

A dealership is a car yard or a place where cars are sold.

What is a loan-to-value ratio?

The loan-to-value ratio, or LVR, is a percentage that expresses the amount of money owed on the car compared to the value of the car. For example, if you take out a $15,000 loan to buy a $20,000 car, you have a loan-to-value ratio of 75 per cent. Loan-to-value ratios change over time as you pay off your loan and your car depreciates in value. For example, two years later you might now owe $10,000 on your car, which might now be worth $15,000. In that case, although there would still be a $5,000 difference between the size of the outstanding loan and the value of the car, the loan-to-value ratio would now be 67 per cent.

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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