Search and compare Tasmania car loans

Hop in the driver’s seat with a car loan in Tasmania. Whether you need an SUV to take you up to Cradle Mountain, want a motorcycle to cruise from Hobart to Port Arthur, or a comfortable hatchback to get from Launceston to Burnie, car finance may help you secure a vehicle so you can achieve your goals.

There are a range of Australian car loan lenders looking to offer financing options for new cars or used cars in Tasmania. Let’s explore how to compare these vehicle financing options to find one that may suit your needs and budget.  

There are a range of features and factors of a car loan to compare that may impact the total cost of the loan and how it may suit you before you begin a loan application.

• Interest rate. This is rate of interest that is charged on top of the principal loan amount. It is one of the biggest influences to the total cost of the loan. Keep in mind a lower interest rate isn't the only indicator of a competitive loan, and if the car loan has costly fees, it may not be as affordable as expected.
• Comparison rate. An interest rate gives borrowers a more in-depth rate for the ongoing costs of a car loan, and takes into consideration ongoing fees, based on a 5-year, $20,000 loan. This mean two loans with the same interest rate may have different comparison rates.
• Fees. There are a range of fees a car loan or personal loan provider may charge, including application fees, annual fees and more.
• Interest rate type. Choose between a car loan with a variable interest rate, which may fluctuate with market conditions, or a fixed interest rate, that will not move over the loan term.
• Secured or unsecured. Much like a personal loan, a car loan will either be secured against an asset (the vehicle), or unsecured. Secured loans are more common, as car loans are typically secured against the vehicle being purchased.
• Loan repayment type. You may want to choose between making weekly, fortnightly or monthly repayments on your car loan, depending on your budget and financial situation.
• Loan term. The length of the car loan, typically 2-5 years. Generally speaking, the longer the car loan, the more interest you'll pay over time.
• Vehicle status. Choosing between new car or a used car may impact the car loan cost. New cars are understandably more expensive than used cars, but you may find that car loan issuers only offer financing up to a certain number of years. Meaning, some used car loans may not include the vehicle you have your eye on. 
• Car loan lender. When you're looking for your next car, you'll find that Tasmanian car dealerships may have relationships with specific lenders. While this may be more convenient, it's still worth comparing your options through comparison sites like RateCity, and using comparison tools like tables and calculators, to see which car loans may suit you across a wider segment of the market.

Before you make the decision to purchase a new or used vehicle, you may have come across the option of car leasing. This allows customers who are in need of a car the option of renting one without committing to the upfront cost of buying outright, or ongoing costs of a loan.

However, it's generally considered to be more expensive to lease a car than to buy it. They say "rent money is dead money", and much like when you rent over buying, leasing a car involves forking out a lot of cash to use an asset you never own outright. 

If you're considering car leasing instead of full vehicle financing because you're unsure you can afford a car loan, it may be worth speaking to a finance broker. They may be able to look at your financial needs and provide financial advice and information about car loan options that may suit. Finance brokers may also have car loan options that aren't advertised on lender's websites, helping you to get a step closer to driving away with your dream car.