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Car loans in New South Wales
If you're a New South Welshman (or woman) looking for extra moolah to buy a new or second-hand vehicle, you'll be keen to source the best car finance deals available. The good news is there are many companies competing for your business, and as Sydney has the biggest population of any Australian city, living in NSW you ought to be able to get a great loan offer with reasonable rates and few or no strings attached.
How do car loans in NSW work?
When you’re looking for personal loans to buy a car or other vehicle, normally your credit history will be checked thoroughly in case of any past misdemeanours. This can be an uncomfortable experience if you have had credit issues previously, even minor ones. Fortunately, a number of companies today specialise in offering very competitive rates on finance for people in specific circumstances. This includes those who have poor credit ratings or who don't want to undergo a credit check, single parents, pensioners and people looking for low doc solutions so they can quickly sort out their vehicle finances for work or other purposes. No matter your status, there are bound to be car loans in NSW to suit you.
What are the main features of car loans in NSW?
When borrowing money to finance a car purchase, naturally you will want to look for the best possible deals. One good tip is to use the comparison rate when considering a number of different loan options rather than the advertised rate. This allows you to get a good perspective on the true cost of borrowing from a specific lender, as it incorporates all fees and charges pertaining to the loan offer. You will also need to check out any other terms and conditions applied by each lender.
For instance, some loan deals include the opportunity to make flexible repayments. This means that when you have extra money available, you have the chance to pay off your loan more quickly, without being charged any additional fees. Car loans in NSW have either variable or fixed interest rates, so take this into account when making your decision.
What are the pros and cons?
A good deal on a car loan can help you buy your vehicle promptly, particularly if you use an online loan application form. Always make sure the terms of your car loan are reasonable, in that you are repaying the sum you have borrowed at a rate that is affordable to you and won't cause other financial difficulties.
If you believe you could benefit from flexible payments, then seek a loan deal that offers that facility; however, you should always check that there is no penalty if you are in the fortunate position of being able to pay off your loan early.
Always consider the true (comparison) interest rates for car loans, as these will help you determine which car loan in NSW is right for you.
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.
Stamp duty, or motor vehicle duty, is a tax you pay when you transfer a car into your name. Stamp duty applies to both new and used cars. Stamp duty is a state tax, so rates and conditions vary from state to state: New South Wales, Victoria, Queensland, Western Australia, South Australia, Tasmania, ACT and Northern Territory.
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.