Find and compare VIC car loans
Go to site
Car Loan (New)
$5k to $100k
$5k to $50k
$10k to $150k
Discounted Personal Loan (Car Loan)
$20k to $100k
$2k to $250k
$10k to $100k
$5k to $50k
Used Vehicle Fast Loan Low Rate
Personal Loan Fixed
$5k to $50k
Today's top car loans products
Find popular car loans lenders from a wide range of Australian. View All >
The latest in car loans news
Lenders getting increasingly personal with their car loans
A growing number of car loan lenders are offering personalised interest rates.
Car loans in Victoria
When you need finance to replace your car or buy a new vehicle, you will most likely be checking around for the best personal loans and car finance options available. Of course, there are a lot of big Aussie companies that offer countrywide finance, however, there are also some who target specific geographical areas. So, if you're looking for a car loan in Victoria, don't forget to consider the smaller local organisations that may be able to assist you, and even offer you a better deal.
How do car loans in Victoria work?
Most people seeking finance for a new or replacement vehicle know they will be subject to credit checks. When this will be an issue, for example if you have a blemish on your credit track record from the past, then locating the right lender can be tricky and your options more restricted or more expensive than for individuals with a clean sheet.
Luckily, there are a number of companies that offer competitive rates on car finance, even for those with poor credit ratings, so it's worth checking out a reliable site dealing with car loans in Victoria to get the best possible deal.
What are the main features of car loans in Victoria?
As with a personal loan for any purpose, as a borrower of money to buy a car you will want the cheapest possible loan deal in terms of how much you can borrow and the rate of interest payable. You will also need to check out the other terms and conditions of any loan offered. For example, some loans come with flexible repayment options, so that when you have additional funds available you can pay off your loan more quickly, without incurring any penalty. Some loans have fixed interest rates and some are variable, and you should also pay attention to the comparison rate of interest, which takes loan fees into account.
What are the pros and cons?
When you need a car, it may be for work purposes, to help you organise your domestic life, or both. A good car loan can help you secure the funds for the vehicle you need promptly (including via an online application), which will help you sort out your transport needs. It's important to make sure the terms of your car loan mean you are repaying the sum borrowed at a rate that is affordable for you each month.
Therefore, you must choose the right loan offer so that the interest rates are the lowest you can find and the term of the loan is acceptable to you. You should also consider if you would benefit from flexible repayments and make sure any charges and fees are reasonable. In addition, you should check that there is no penalty if you pay off your loan early.
Always pay attention to the way in which ratings for car loans are presented, as these will help you determine which car loan in Victoria is right for you.
Mark Bristow is a senior financial writer for RateCity and an experienced analyst, researcher, and producer. Working for over ten years, Mark previously wrote and researched commercial real estate at CoreLogic, and has seen articles published at Lifehacker and Business Insider, among others. Most recently, Mark has joined RateCity working across finance as a whole. Whatever the topic, Mark’s goal is always to provide simple solutions to complex problems.
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.
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.
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.
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.
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.
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 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.
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.