Best car loan deal and the lowest rate car loans: Top 20 compared

To make comparing car loans easy, InfoChoice has done the hard work for you and collected the top twenty low-rate variable and fixed rate car loans in one place.

Not only that we’ve gone through the deals now on offer and come up with some editor’s picks for best car loan and great car loans for people with bad credit scores. But first, get on top of the basics of car loans:

Car loan basics:

There are a variety of ways to finance a new or used car purchase. Your credit rating and credit score, your income and expenses, the car you want to buy – these are the factors that will determine what type of loan you get.

A car loan secured to the vehicle might deliver an enticing low rate. But if you are in the market for a cheap used vehicle, lenders may not be interested.

A car loan or a personal loan, with a rate set according to your credit score, might suit you if you can’t get approved by a bank.

InfoChoice now lists car loans and personal loans with rates from 4.19 per cent pa (comparison rate 4.73 per cent pa).

“Car loan rates have fallen over the last year,” said Vadim Taube, CEO of InfoChoice, Australia’s leading financial comparison service since 1993.

“Car loan providers need to compete for each and every borrower.”

Lowest five-year Car Loan rates now on InfoChoice:

InfoChoice Editor’s Pick:

Best Car Loan deal in February/ March 2020.

The best car loans feature low comparison rates, reasonable fees and rules and are available for people with your own credit rating!

“Really low comparison rates, comparable to some home loan rates, are being offered now by the leading car loan providers,” said Vadim Taube from InfoChoice.

“If you are paying 10, 11, 12 per cent for a car loan have a look around at what is on offer, because there are cheaper loans and cheaper lenders actively hunting for business.”

“Some of the lenders that InfoChoice is featuring at the moment include NRMA’s loans for new and used cars which have quick online applications and comparison rates under 8%.”

NRMA’s FAST LOAN for New Car (Satisfaction Guaranteed) has a low rate of 5.69% pa (comparison rate 6.39% pa).

NRMA promote approval within 5 business hours and have a quick online application process. Funding is quick.

Go directly to NRMA Car Loan interest rate and fees information at InfoChoice.

Five Featured Car Loan deals now on InfoChoice:

Compare car loan deals from Australia’s banks, credit unions, neobanks and other lenders at InfoChoice.

Car loans for bad credit

“The online lenders like Harmony and Moneyplace are setting rates according to your own credit score or rating,” said Vadim Taube, CEO of InfoChoice.

“So, they are picking up plenty of borrowers that are getting rejected by the banks.”

If you don’t have an excellent credit rating or are not in the market for a brand-new car, you might be looking for a personal loan, perhaps unsecured, based on your credit score. Harmoney’s Unsecured Personal Loan has an interest rate set according to your own credit score, starting from 6.99% pa (comparison rate 7.69% pa).

Harmoney offers loans up to $70,000 and everything is online.

Go directly to Harmoney’s Loan interest rate and fees information at InfoChoice.

Moneyplace’s Unsecured Personal Loan – Excellent Credit Rating has rates starting from 7.65% (comparison rate 7.65% pa).


Moneyplace fees and rates are based on an individual's credit history. Rates for applicants with an excel