Compare Car loans in darwin
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Car loans in Darwin
The freedom of the open road is part and parcel of being Australian, so even if the public transport in your city is good, it won't help to get out to those remote beaches or the bush. In Darwin, having a car is very handy when it comes to shopping and ferrying around the kids too, so you want a vehicle that's comfortable and reliable. Therefore, if you’re looking for a new car, but need help paying for it, car loans in Darwin could be just the ticket.
How do car loans in Darwin work?
If you need to borrow money to afford the car you want, a personal loan designed specifically for that purpose is the best way of doing so.
Firstly, look into what types of car loans are available, as you may find some banks and other financial institutions don’t have products you consider suitable. When you decide to borrow money to buy a new car, you have a range of options, but have extensive this is will depend on how much you want to borrow and your financial status, as lenders will want to be sure the loan will be repaid on time.
Examine the interest rates of each loan, and how long you will be given to pay each one off. Remember that if you choose a longer-term loan, perhaps because the car you want is relatively expensive, you will be paying more interest over that period than you would be on a shorter repayment schedule.
Why do people use car loans in Darwin?
If you haven't got enough money to buy a new car outright, then car loans are the answer for some people. If you've saved up a deposit and have a car you can part exchange, you can significantly reduce the amount you need to borrow. That will bring down the cost of your monthly repayments, yet still get you the car you want.
What are the main features?
When you’ve decided what car you want, you’ll want to get on with buying it as quickly as possible. Your chosen lender, if satisfied with your financial credentials, will make a rapid decision, so the money will quickly be yours. Car loans are more often than not given with a fixed rate of interest, giving you the security of knowing your repayments won't vary, enabling you to budget appropriately.
All car loans offer different features, for example no penalty for early repayment, but compare all the loans on offer to identify the most suitable options before making a decision.
What are the pros and cons of car loans in Darwin?
Taking out a car loan means you can supplement your savings in order to acquire the car that suits you best needs. As with any personal loan, if you fail to keep up with your agreed repayments you’re likely to lose the car as well as the money you have repaid up until then, so don’t fall into the trap of borrowing more than you can afford.
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
Poor credit doesn’t necessarily mean you won’t be able to get finance for your car purchase, though your options aren’t likely to be the same as someone with good credit.
In fact, a number of specialist lenders exist offering car finance for customers with poor credit, able to provide access to bad credit car loans.
However having a history of poor credit will likely mark you as a potential risk to lenders, so your car financing needs could see higher fees and interest rates. Alternatively, consider a secured car loan, which is a type of loan that uses the car you purchase as collateral, reducing the risk.
Other options include getting someone close to act as a guarantor for your car loan, or to talk to a broker about a personalised rate specific to your circumstances.
A guarantor on a car loan is a third party, usually a relative or friend, who guarantees to meet the repayments of a loan for the purchase of a car, if the borrower/owner of the car defaults on the loan.
Guarantor car loans can be useful for people who would otherwise struggle in being accepted for credit to purchase a vehicle. These may include people with bad credit, students and young people who may have no credit history, as well as some pensioners.
Many lenders offer guarantor car loans, guarantor personal loans and guarantor home loans, because of the significantly reduced risk to the lender.
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.
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.
You may be able to get a no credit check car loan in certain circumstances, although it’s important to weigh up your options before doing so.
Most lenders refuse to provide no credit check car loans, because they don’t want to give loans to borrowers without first confirming that they have a track record of repaying debts. So any lenders that do provide no credit check car loans would take measures to protect themselves against the risk of default.
That’s why no credit check car loans have higher interest rates than other car loans. Also, borrowers often have to provide security and put down a larger deposit.
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.
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.
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.