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Advertised Rate

From

3.25

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5.12

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$542

Loan amount

$5k to $750k

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4.20

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5.95

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5.95

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$579

Loan amount

$5k to $50k

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3.59

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Headline rate From

6.99

% p.a

Variable

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7.91

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Monthly repayment

$594

Loan amount

$5k to $55k

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3.16

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Advertised Rate

Headline rate From

6.99

% p.a

Fixed

Comparison Rate*

7.91

% p.a

Company
Monthly repayment

$594

Loan amount

$5k to $55k

Total repayments
Real Time Rating™

3.02

/ 5
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Advertised Rate

From

5.49

% p.a

Fixed

Comparison Rate*

5.49

% p.a

Company
Monthly repayment

$573

Loan amount

$2.1k to $30k

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3.91

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Learn more about car loans

Car loans in South Australia

Hit the road running with a South Australian car loan. Whether you’re looking for a hatchback to get you from Adelaide to McLaren Vale, a 4WD to handle the conditions up to Cooper Pedy, or a motorbike to cruise from Echunga to Strathalbyn, it's worth comparing car finance options that suit your budget and road trip goals.

If you’re hoping to buy a new car or used car in Adelaide, or anywhere in South Australia, there are a range of Australian car loan lenders offering financing options that may suit your financial needs and budget. Start your comparison today to find the best car loan for you.

How to compare South Australian car loans

Despite what you've been told, there's more to a car loan than searching for a low rate. A lower interest rate doesn't always mean a cheaper car loan. If the car loan has high ongoing fees, it will increase the cost of the loan over time. Whereas a high interest rate car loan with low or no ongoing fees may work out to be more affordable.

Before you hop in the driver's seat, you'll want to make sure you're comparing all factors of a car loan before considering a loan application. Key car loan factors and features to compare include:

  • Interest rate. The interest charged by a lender on the principal of the loan. While not the only factor worth looking at, it's still important to compare car loans via interest rate, as it significantly impacts the total cost of the loan.
  • Comparison rate. A type of interest rate that provides a more "realistic" view of the cost of a car loan, and takes into consideration ongoing fees - based on a 5-year, $20,000 loan.
  • Fees. You may be charged one or more fees by a car loan provider, including upfront fees, application fees, annual fees and more.
  • Interest rate type. You may need to choose between a car loan with a variable rate, in which the rate may fluctuate with market conditions, or a fixed rate loan, in which the rate will remain unchanged for a set period of time.
  • Secured or unsecured.  As a car loan is a type of personal loan, it must either be secured against an asset (the vehicle), or you may opt for an unsecured personal loan. By offering up the car as collateral against the loan, you lower the level of risk to the lender that you may default. Because of this, secured car loans tend to have lower interest rates on average, compared to unsecured loans.
  • Loan repayment type. Choose between making weekly, fortnightly or monthly repayments on your car loan, depending on your financial situation and budget.
  • Loan term. A car loan term refers to the length of time you must make repayments the loan plus interest. A short-term car loan may be 1-4 years, and a long-term car loan may be 5-years or more. The longer your loan term, the more total interest you may pay on top of your original loan amount. 
  • Vehicle status. Your vehicle status may also impact the car loan you choose. It can be easier to find financing options for new cars, but as they're more expensive, choosing a new vehicle may mean taking on a bigger car loan. Whereas used vehicles may be more affordable, but there may be fewer financing options depending on the age of the vehicle. Also, some car loan lenders may define new cars as being up to 2-years old, so keep this in mind.
  • Car loan lender. Much like when you work with a broker to get a home loan, South Australian car dealerships may have pre-relationships with specific lenders. This has its advantages and disadvantages, as obtaining finance from a car dealership may be more convenient, especially if you can get pre-approval or full approval for a car loan then and there. But, you may miss out on nabbing a potentially better deal by shopping around and comparing your car loan lender options, whether from a big four bank, credit union or online lender.

How do I get approved for a car loan in South Australia?

As with any credit product application, you’ll still need to meet strict lending criteria set by a car loan lender, including:

  • Being 18 years or older
  • Being an Australian citizen or permanent resident
  • Meeting minimum income requirements
  • Being employed in one role for a minimum amount of time
  • Having a good to excellent credit score

Whether you prefer face-to-face banking or online applications, each car loan provider will have its own eligibility criteria, so it's worth reviewing this before applying. 

Disclaimer: Keep in mind that having a bad credit score or no credit history doesn't necessarily mean you'll be rejected for a car loan in South Australia. Learn more about your bad credit car loan options here.

Are there any other costs to consider?

It's not just interest rates and fees you'll need to factor into your car loan budget. When searching for your South Australian car loan, it's worth calculating how all the costs of car ownership may impact your personal finances, including:

  • Car insurance
  • Stamp duty
  • Registration
  • Petrol costs
  • Regular services, maintenance and repairs
  • Road tolls

Frequently asked questions

Where can I get a student car loan?

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.

What is a secured car loan?

A secured car loan is a loan that is connected to a form of security, or collateral. Generally, the security for a car loan is the car itself. If you fail to repay the loan, the lender might seize your car, sell it and then use the proceeds to recover their debt.

How to find a great car loan

Historically, finding a great car loan would require excess research ranging from visiting an excess of websites or making phone calls, but technology has moved on. Using RateCity, Australia’s leading financial comparison service, you can check out great deals from a range of lenders on the one site.

To start, select the amount you want to borrow and the length of the loan, narrowing your search to show just fixed or variable interest rate results.

Once you’ve indicated your search criteria, you’ll see an immediate list of lenders, ranked by interest rate or application fees. You’ll also be able to view the monthly repayment amount for each result, helping you to know what you can afford.

Up to six products can be compared side-by-side, complete with more information about each car loan, giving you more information about your options.

When comparing your car loan options, it’s ideal to keep in mind some points find a great car loan for your needs. Consider the following:

  • Choosing a low interest car loan can reduce costs
  • Selecting an option with low fees and charges is ideal, because these can really add up
  • Be aware of penalties, such as early exit penalties if you pay off the loan sooner than expected
  • Consider the features that best suit your situation

There are many ways to ensure that you get a great car loan. Ultimately, you’ll end up with the best deal by doing your research and selecting the most suitable product for you.

What is a guarantor car loan?

A guarantor car loan is a type of loan that features a guarantor on the agreement. The guarantor is a third-party individual, often a friend or relative, who guarantees the loan will be repaid if the borrower defaults on the car loan.

Guarantor car loans are often geared at people who might otherwise struggle being accepted for a secured car loan when purchasing a vehicle. Some of the reasons might include a lack of credit history such as with a student or young person, if there’s bad credit, or age as a factor such as with pensioners.

How do you get a car loan?

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.

What is a guarantor on a car loan?

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.

What is an unsecured car loan?

An unsecured car loan is a loan that is not connected to a form of security, or collateral. Not all lenders provide unsecured car loans – and if they do, they generally charge higher interest rates for their unsecured car loans than their secured car loans.

Can I get a discounted student car loan?

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.

What are the pros and cons of guarantor car loans?

Like all things, there are positives and negatives to guarantor car loans, though one may outweigh the other depending on your needs.

Guarantor car loan pros may include that you’re more likely to be approved for a long if you have no credit or a history with bad credit, that you’re more likely to secure a car loan with a lower interest rate, and that because your guarantor car loan is based on a relationship, you will be more inclined to meet your repayment schedule.

However, there are negatives, as well. Guarantor car loan cons may include leaving a detrimental mark on a personal relationship with added strain if you don’t meet your repayments, and you may take out a loan that you can’t actually afford.

Weighing these pros and cons will give you a greater understanding of whether a guarantor loan is ideal for your circumstances.

What is a loan term?

The loan term is the amount of time the lender gives you to repay the car loan. For example, if you take out a $20,000 car loan with a five-year loan term, you would be expected to pay off the entire $20,000 (plus interest) within five years.

Can I get a car loan with poor credit?

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.

What is a car loan?

A car loan, also known as vehicle finance, is money that a consumer borrows with the express purpose of buying a vehicle, such as a car, motorbike, van, truck or campervan. Car loans can be used for both new and used vehicles.

How to apply for pre-approval of a car loan from RACV?

If you’re planning to apply for a car loan with RACV, the best way to start is by having a clear picture of your requirements. By getting pre-approval on your car loan, you’ll be able to go shopping for your new car with a definite budget that will help you narrow your search. Once you’ve decided to buy a car with the help of a loan, you may have even identified the type of car you would like to purchase, you can seek pre-approval on a car loan from RACV. 

You can apply for pre-approval by filling out a form online and uploading the relevant documentation regarding your identification, income, debt and credit history. Once you submit your application, RACV will review and verify the documents. If you meet their eligibility criteria, you will get pre-approval for the amount they are willing to lend to you. With this pre-approval, you can go car shopping with the confidence of knowing what you can afford.

What is the role of a guarantor on a car loan?

The role of a guarantor on a car loan is to meet repayments if the borrower of the loan were to default for any reason, such as not being able to afford it.

Useful for loan applicants with poor or bad credit, a guarantor makes it possible for these loans to be made secure, because there’s less risk for a lender overall.

Companies will likely give fair warning before they charge a guarantor for the costs of the loan, or before they repossess anything of the guarantor’s that may have been used as security. Still, it is important for a car loan guarantor to fully understand their responsibilities before they commit to the transaction.

How to get pre-approval for your ANZ car loan?

Getting pre-approval on your car loan can give you a good idea of how much you may be allowed to borrow. This will help you set your limits while selecting your car. You can apply for pre-approval for an ANZ car loan by filling out a simple online application form, where you’ll have to submit relevant identity, employment and income documentation. 

ANZ will then conduct a credit check based on your application and documentation. It’s important to note that this could have an impact on your credit history. Based on your credit and income documentation analysis, ANZ will provide an amount they are willing to give you as a loan. After this, you can find the right car that matches the proposed loan amount and send it through your final loan application. 

It’s important to remember that pre-approval gives you an indication of how much you can borrow from ANZ to purchase your car, but it doesn’t guarantee the final approval. 

What is collateral?

Collateral, or security, is an asset you agree to surrender to a lender if you fail to repay a loan. Generally, the collateral for a car loan is the car itself. So if you fail to repay the loan, the lender might seize your car, sell it and then use the proceeds to recover their debt.

What is a loan-to-value ratio?

The loan-to-value ratio, or LVR, is a percentage that expresses the amount of money owed on the car compared to the value of the car. For example, if you take out a $15,000 loan to buy a $20,000 car, you have a loan-to-value ratio of 75 per cent. Loan-to-value ratios change over time as you pay off your loan and your car depreciates in value. For example, two years later you might now owe $10,000 on your car, which might now be worth $15,000. In that case, although there would still be a $5,000 difference between the size of the outstanding loan and the value of the car, the loan-to-value ratio would now be 67 per cent.

Can I get a car loan with bad credit?

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.

How to get pre-approved for a credit union car loan?

Getting pre-approval for a credit union car loan can make the process and paperwork required to buy a car more streamlined and less stressful. You can apply for pre-approval for a credit union car loan, online or contact your credit union. You’ll be asked to provide relevant documentation regarding your income. After you submit your application, your credit union will review and evaluate it along with the documents you submitted. If you meet the eligibility criteria, your loan will be pre-approved for a specific amount.

With pre-approval for a credit union car loan in hand, you can negotiate your new car’s price with peace of mind you have the funds.

How to get a chattel mortgage?

Both businesses and individuals may use a chattel mortgage, provided that the car is being used predominantly for business purposes. 

To apply for a chattel mortgage, you need to first consider your options and choose a suitable lender that meets your requirements. Once you have selected a lender, you can apply for the loan online by filling out a form. If the lender doesn’t offer an online application process, you can either call them or visit their nearest branch. 

After you’ve applied, the lender will ask you to supply documents that confirm your identification, income, job profile, etc. If everything is in order, most lenders will arrange the loan’s settlement, so all you need to do is pick up your car!