Terms

Loan size

$5,000-$150,000

Loan term

3-7 years

Repayment options

Monthly, fortnightly, weekly

Balloon payment available

Yes, up to 50% for new cars, except on variable rate loans

Redraw

Up to $5,000 a day for variable rates

Fees

The following fees may apply to the loans.com.au car loan

Application fee

$400

Monthly fee

$8

Rates

loans.com.au has several different car loan products with varying rates. Specific rates are subject to change, but in general, products lower down on this list tend to have higher rates.

Loan type

Rate type

Green/Electric car

Fixed

New car/Demo

Variable/Fixed

Used car (< 3 years old)

Variable/Fixed

Private sale (< 3 years old)

Variable/Fixed

Used car (< 5 years old)

Variable/Fixed

Private sale (< 5 years old)

Variable/Fixed

Used (6-7 years old)

Fixed

Private sale (6-7 years old)

Fixed

Approval time

Per the loans.com.au website, the approval time on car loans is typically within 24 hours. As with home loans, this is subject to the borrower providing all necessary documents in the initial application.

Green car loan

loans.com.au offers a discounted rate for cars that qualify for the ‘green’ discount. The vehicle must be electric, with significantly lower CO2 emissions compared to others of a similar size. There are a number of models approved for the green car loan, including manufacturers like Tesla, Mercedes, Toyota and BMW. To find out if the car you want to buy is eligible, loans.com.au recommend contacting a lending specialist, who will be able to tell you.