Drive your car with a better deal!
A car loan is a type of personal loan used for buying a motor vehicle such as a car, ute, 4WD, motorbike, or other road vehicles. A car loan is helpful when you don’t have enough savings to afford the vehicle of your choice, but you can afford to repay a loan in monthly instalments.
New car loan: Available for buying cars that are brand new, and some lenders will let you use a new car loan for a car that is 1, 2, or even 3 years old. A new car loan will usually be secured by the car, and the interest rate may be lower the more the car is worth.
Used car loan: Available for buying cars that are up to 5 or 6 years old and do not qualify for a new car loan. A used car loan is usually secured by the value of the car.
Unsecured car loan: Available for buying cars older than 5 or 6 years old that do not qualify for a used car loan. Unsecured car loans typically have higher interest rates than secured car loans.