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Car Loan (New)
$5k to $100k
$10k to $150k
$5k to $50k
Discounted Personal Loan (Car Loan)
$20k to $100k
Low Rate Car Loan Special Offer
$25k to $125k
Used Vehicle Fast Loan Low Rate
$2k to $250k
New Car Loan
$2k to $75k
New Car Loan (Non-Home Owner)
$10k to $250k
Used Car Loan Dealership (Home Owner)
$10k to $250k
Personal Loan Fixed
$5k to $50k
$5k to $50k
$5k to $40k
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Top-rated car loans for May 2020
If you’ve been dreaming of buying a car for a long time, it's worth comparing your options with some of Australia's leading car loans for May 2020, as rated by RateCity's Real Time Ratings system.
Which car loans have the lowest interest rates?
Thanks to the coronavirus pandemic, buying a new car may have been the last thing on the minds of many Australians. But with some social distancing restrictions starting to ease in selected areas, some Australians may be in the market for a car loan for their next vehicle purchase.
Brisbane car loans
Brisbane is one of the oldest cities in Australia, as well as one of the most attractive to look at, with its striking and distinctive Queenslander architecture. If you're a Brisbanite or live in some of the other lovely locations in Queensland, you probably enjoy regular car trips to the Gold Coast and the Sunshine Coast, as do many international visitors. After all those clicks, when the time comes to replace your car with a second-hand model or a new one, there are plenty of car loan deals to choose from.
How do car loans in Brisbane work?
Lenders will first check your credit history when you apply for a car loan, with some lenders being willing to accept borrowers with some blemishes on their record. Sometimes interest rates for these loans will be higher than others. Also, there are some lenders that specialise in offering very decent rates on finance for people in nonconforming circumstances, including single parents, those who are searching for low doc solutions, and pensioners. As competition is strong, in most cases, no matter your status or financial track record, there are likely to be car loans to suit you.
What are the main features of car loans in Brisbane?
When borrowing funds to finance your vehicle, you can look for the best possible deal, taking into account fees and charges as well as interest rates. Check out how loan calculators work and always use the comparison rate for Brisbane car loans that is displayed alongside the advertised rate. This helps you to identify the genuine cost of borrowing from your chosen lender, as it includes all additional fees and any charges that could apply to each loan offer.
If you need any particular features, you should also check whether these would incur extra charges. For instance, some lenders offer the opportunity to make bigger repayments from time to time, so that should you have extra money available you can pay a bit more than the minimum amount required. This system offers you the chance to repay your loan early, saving some interest. However, it's worth making sure there are no additional fees to pay, as otherwise these features may not be of benefit to you. When deciding on your preferred lender, check whether you want variable or fixed Interest rates and a secured or unsecured car loan.
What are the pros and cons?
Getting a car loan can help you buy the vehicle of your choice. Most lenders will let you know about your application quickly and in many cases you can complete an online application. Make sure the terms of your car loan are reasonable, and that you are repaying the sum you have borrowed without suffering any financial hardship.
If you come across an extremely low advertised rate, you should always check the comparison rate alongside it, as this takes into account any extra fees and charges.
Mark Bristow is a senior financial writer for RateCity and an experienced analyst, researcher, and producer. Working for over ten years, Mark previously wrote and researched commercial real estate at CoreLogic, and has seen articles published at Lifehacker and Business Insider, among others. Most recently, Mark has joined RateCity working across finance as a whole. Whatever the topic, Mark’s goal is always to provide simple solutions to complex problems.
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Being a student is tough enough, and while you might find the odd student discount on movies and technology, the same can’t be said about car loans, as you can’t really get a discounted student car loan.
Lenders make money on the interest and fees that they charge with loans, and the lowest interest and fees are given to the most reliable credit holders: people with excellent credit history.
As a student, you are unlikely to have enough on your credit report to warrant an excellent history. There are however, ways of getting a lower interest car loan if you can’t get an interest-free loan from the bank of mum and dad. One way of doing this may be through getting a guarantor car loan, which can get you a secured car loan by setting your parents up as guarantors.
Yes, you can get a car loan with bad credit, although you’ll probably find the process trickier and dearer than that experienced by people who have good credit histories.
You can find a number of lenders that specialise in bad credit car loans. However, make sure you compare bad credit car loans before you sign on the dotted line, because not all car loans are alike and having bad credit may mean you are more likely to be hit with higher fees and interest rates.
If you have bad credit, it’s important not to take out a car loan unless you can afford the repayments because a default could further damage your credit rating. Conversely, if you make all the repayments and repay the loan successfully, your credit rating might improve.
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.
If you already own a car, you could potentially bring down the cost by selling your car in the process. Before that happens, though, you’ll need to find out how much your car is worth.
One of the first places to find this value is to research the value of your current car, giving you an idea of roughly how much it’s worth in its peak condition.
There are plenty of websites that offer a free online valuation, allowing you to enter your car’s make, model, year, badge and description, with results listing a price guide based on both selling your car privately and through a dealership.
Of course, dealerships will try to profit on your trade-in by buying it for less than they can sell it, making it highly unlikely that you’ll get the same price selling a car to a dealer as you would selling a car privately.
However, private car sales can be costly and can take months to sell, making car trading more convenient with a guaranteed return, even if you may not be able to realise the total value of your car’s worth.
Remember that everything is negotiable. If the dealership is offering you less for your trade than you wanted, try to negotiate elsewhere to gain that money back. Start by negotiating on the price of the trade and then ask them if they can give you a further discount on your new car.
Even if you’ve been denied a car loan before, you might still be able to get car finance. The key is to make the right application to the right lender.
The ‘right’ application is one that makes you look like an acceptable risk, which might include things like improving your credit score, increasing your savings rate and accumulating a bigger deposit.
The ‘right’ lender is one that deals with borrowers like you. For example, while some car loan lenders only deal with good credit borrowers, there are others that specialise in bad credit or poor credit borrowers.
Student car loans are not a necessarily a product in and of themselves, but what you may be looking for is a guarantor car loan.
A guarantor car loan has a third-party act as a form of guarantee for your loan application, telling the bank or lender that if you default on your loan, someone will pay the loan repayments.
Going guarantor on a car loan is no new thing, and before internet-based credit scores, guarantor car loan applicants would apply for loans with a guarantor or property owner who could vouch for the person borrowing the loan.
To get a guarantor car loan, you’ll need someone willing to act as a guarantor for your car loan.
Lenders that provide bad credit car loans tend to be smaller challenger lenders rather than the bigger banks.
Bad credit car loans are a niche product. The bigger banks tend to focus on mainstream car loan finance for borrowers with better credit histories. That’s why smaller lenders tend to be the ones that provide bad credit car loans.
Bad credit car loans can have high interest rates and fees, so it’s important to compare options before submitting an application.
A bad credit car loan is a car loan for borrowers who have ‘bad credit’ or a bad credit history.
Some lenders refuse to offer bad credit car loans, because they believe there is an excessive risk that bad credit borrowers will not repay their loans. However, other lenders are willing to provide bad credit car loans.
Generally, these lenders charge higher interest rates for bad credit car loans than ‘prime’ car loans, reflecting the higher level of risk. Bad credit car loans may also have higher fees than prime car loans.
However, the big advantage of a bad credit car loan is that it allows borrowers with bad credit to access finance. Another advantage is that it could help bad credit borrowers improve their credit rating, assuming they make all their repayments on time.