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Top car loans to help you finance your 2023 car purchase

Alex Ritchie avatar
Alex Ritchie
- 3 min read
Top car loans to help you finance your 2023 car purchase

New year, new car? If you’re considering purchasing a new or used vehicle this year, it’s crucial that you compare your loan options carefully to ensure you choose the best option for your needs and budget. 

The start of the new year is considered one of the more popular times to purchase a new or used vehicle. This is because dealerships will often offer clearance sales for the previous year’s models, as these “older” models become less attractive to buyers by February/March.  

Whether you’re considering purchasing a Ute for your business, or a hatchback to get you around your city, it’s worthwhile comparing a range of vehicle and financing options before you sign on the dotted line for your next car. 

Most popular cars of 2022

If you’re still in the research phase of your next car purchase, you may be curious to know which vehicles were the most popular of the last year.

The Federal Chamber of Automotive Industries (FCAI) has released its 2022 car sales data. For both brand and models, Toyota has proven to be Australia’s most loved car manufacturer.

Highest car brand sales in 2022 (FCAI)

  1. Toyota – 231,050
  2. Mazda – 95,718
  3. Kia – 78,330
  4. Mitsubishi – 76,991
  5. Hyundai – 73,345

Highest car model sales in 2022 (FCAI)

  1. Toyota Hi-Lux – 64,391
  2. Ford Ranger – 47,479
  3. Toyota Rav 4 – 34,845
  4. Mitsubishi Triton – 27,346
  5. Mazda CX-5 – 27,063

Top-rated car loans for January 2023

There are more car loan options available than the one offered by your childhood bank. In fact, by comparing a wide range of options, you may be more likely to nab a loan with a lower rate or fewer fees, that better suits your needs. 

To help you easily compare car loan options, RateCity has ranked the top-rated car loans on our Leaderboard page, using our comprehensive, Real Time Ratings™ system.

Real Time Ratings™ gives each car loan a score out of five, based on cost and flexibility. But unlike other ratings systems that rank their products once or twice a year, our Real Time Ratings™ system ranks products live as you use the site, helping you make a more relevant short list.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

Top-rated used car loans

The top-rated car loans today for those borrowing to buy a used vehicle two years and older. Based on a secured $20,000 loan on a 36-month loan term.

Top-rated new car loans

The top-rated car loans today for those borrowing to buy a new vehicle up to two years old. Based on a secured $30,000 loan on a 60-month loan term.

Compare car loans in Australia

Product database updated 23 Jul, 2024

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

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