Compare Car leases

Compare Car lease - Data last updated on 18 Jun 2018

Compare Car leases

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New Vehicle Fast Loan Low Rate
Advertised Rate
5.99%fixed
Comparison Rate
6.53%
Monthly Repayment
$580
Upfront Fee
$380
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New Car Loan - RACV Silver Members
Advertised Rate
5.39%fixed
Comparison Rate
5.93%
Monthly Repayment
$572
Upfront Fee
$380
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Discounted Personal Loan (Car Loan)
Advertised Rate
5.64%fixed
Comparison Rate
5.99%
Monthly Repayment
$575
Upfront Fee
$250
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New Car Loan
Advertised Rate
5.99%fixed
Comparison Rate
6.34%
Monthly Repayment
$580
Upfront Fee
$250
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New Car Loan
Advertised Rate
5.99%fixed
Comparison Rate
6.53%
Monthly Repayment
$580
Upfront Fee
$380
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Secured Car Loan Fixed
Advertised Rate
6.79%fixed
Comparison Rate
6.92%
Monthly Repayment
$591
Upfront Fee
$0
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Low Rate Car Loan (New and Used Car < 5 Years)
Advertised Rate
6.99%variable
Comparison Rate
7.91%
Monthly Repayment
$594
Upfront Fee
$250
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Used Vehicle Fast Loan Low Rate
Advertised Rate
7.49%fixed
Comparison Rate
8.04%
Monthly Repayment
$601
Upfront Fee
$380
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Used Car Loan
Advertised Rate
7.49%fixed
Comparison Rate
8.04%
Monthly Repayment
$601
Upfront Fee
$380
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Motor Loan
Advertised Rate
from6.99%fixed
Comparison Rate
8.10%
Monthly Repayment
$594
Upfront Fee
$295
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Secured Personal Loan (Car < 2 Years)
Advertised Rate
7.99%variable
Comparison Rate
8.96%
Monthly Repayment
$608
Upfront Fee
$200
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Unsecured Personal Loan - Diamond (Excellent Credit)
Advertised Rate
8.50%fixed
Comparison Rate
9.36%
Monthly Repayment
$615
Upfront Fee
$595
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Car LoanSpecialReceive a $200 fuel voucher with a Westpac Car Loan for new or used car. Offer ends 28 June 2018.
Advertised Rate
8.49%fixed
Comparison Rate
9.67%
Monthly Repayment
$615
Upfront Fee
$250
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Personal Loan Fixed Rate
Advertised Rate
from9.50%fixed
Comparison Rate
10.06%
Monthly Repayment
$630
Upfront Fee
$150
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Unsecured Car Loan
Advertised Rate
9.95%variable
Comparison Rate
10.09%
Monthly Repayment
$637
Upfront Fee
$100
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Secured Personal Loan (Car 2-7 Years)
Advertised Rate
9.49%variable
Comparison Rate
10.45%
Monthly Repayment
$630
Upfront Fee
$200
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Unsecured Personal Loan
Advertised Rate
12.99%variable
Comparison Rate
13.95%
Monthly Repayment
$682
Upfront Fee
$200
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Unsecured Personal Loan
Advertised Rate
12.99%fixed
Comparison Rate
14.15%
Monthly Repayment
$682
Upfront Fee
$250
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Car lease

With cars being an essential part of many employees' working lives and a crucial part of any business operation, leasing is a popular way of funding the necessary vehicles. Leasing is different to taking out a personal loan, where you borrow a lump sum and pay it back with interest and any other fees or charges stipulated. Effectively, a lease is just like renting a car, but lasts for longer than the usual holiday type rental, usually between two and five years. Unlike most personal loans – though there are exceptions – there will be a residual payment at the end of the lease period. If there is a lump sum to pay, you can pay it off, or refinance to get some more time to repay.

How does a car lease work?

There are two ways of getting a car lease: a novated lease or a standard car lease. They work in similar ways in that you will be renting a car rather than owning it like when you take out a personal loan – although if you fail to make loan repayments the car is likely to be repossessed. With a lease, you make regular payments over an agreed period of time based on the purchase price of the car, with interest added along with any fees or charges. When the agreed time period is up, you can choose to trade the car in, pay the residual amount remaining and own it outright, or refinance for another loan or lease.

Why do people use a car lease?

A car lease can be a cheaper way to finance a new car, both for individuals and for businesses. You know what the repayments will be each month, as these will have been agreed with the lender. Depending on your circumstances, you may be able to own the car outright at the end of the lease period, or enter into another arrangement with the finance company.

What are the main features?

A novated lease can help you to effectively reduce your taxable income with the Australian tax authorities. In tandem with your employer and a supplier, you choose your car and organise a lease. With this type of lease, your employer takes on the responsibility for making your lease payments by deducting them from your salary prior to you being paid, thus reducing your taxable income.

An ordinary car lease works in a similar way to a novated lease, except the agreement is between you and the lender and there is not a tax-deductible advantage in the same way.

What are the pros and cons of car lease?

Repayments for a leased car may be cheaper than if you took out a personal loan, and so are useful if you have difficulty making large monthly repayments. You need to plan for what happens at the end of the lease in terms of paying a residual amount to own the car, taking out another lease, or refinancing to get more time to pay.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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