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Mozo can help you compare $10,000 car loan options from lenders big and small and help get you on the road sooner.
Protect your credit score and get personalised help from an expert. Fido Finance does the comparing for you to help find top rate and repayment loan options from a range of trusted lenders. They receive high average review ratings by their customers. Getting in touch costs you nothing and commits you to nothing.
Fixed, Secured, No vehicle age limit, $5,000-$100,000
Get a competitive fixed interest rate on a secured used car loan of up to $100,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
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Variable, Secured
Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.
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Fixed, Secured, $5,000-$100,000
Get a competitive fixed interest rate on a secured new car loan of up to $100,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
Read reviews and learn more about OurMoneyMarket car loans
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Up to 5 years old, Variable, Secured
Used Car Loan with no monthly or ongoing fees, with a fixed rate for the life of the loan. Fast online application. Good credit history. Stable employment history and Australian citizenship or PR required.
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.39% would cost $36,854.29 including fees.
Read reviews and learn more about loans.com.au car loans
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Fixed, Secured
Get a fixed rate car loan for amounts over $20,000 with Police Credit Union. Make additional repayments at any time without penalty. Free online redraw. Available for new and used cars. Can also be used for motorcycles, boats, caravans, trailers or any registrable vehicle.
Repayment terms from 1 year to 5 years. Representative example: a 5 year $30,000 loan at 6.48% would cost $35,497.21 including fees.
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Mozo has partnered with one of Australia’s leading car finance brokers, Fido Finance, to help you find a car loan match.
Sound good? To get started, simply provide a few details on what you’re looking for and Fido Finance can help you lock in a great car loan rate.
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The best car loan for your needs will depend on a range of factors, such as the age of your car, what sort of flexible loan features you're after and the amount you want to borrow.
Just like personal loans, there's a huge range of car loans out there vying for your attention from a range of bank and non bank lenders. One sure way to find out whether the best car loan for you would be a low rate loan that does the job for less, or a jam-packed one with plenty of features... is to read this guide!
If you've done a little car loan comparing already, you may have seen the terms "fixed rate" and "variable rate" scattered about. Don't just pick one at random though, as your choice can majorly influence how many dollars you end up paying back in interest or fees. Ultimately, the rate type you opt for should depend on how you intend to use your car loan.
Let's look at fixed rate car loans first, where the interest rate is guaranteed to stay that way for the entire loan term. So long as you follow your loan repayment plan, you will know exactly how much money will go to your provider in interest. On the downside, most fixed rate loan providers charge a fee when the total loan amount is repaid early, and many have limits on how much extra you can repay. This is why, when choosing a fixed rate loan, it's important to select a term that aligns with how many years you want to spend paying off your loan.
Unlike the stability that comes with fixed rate car loans, the interest rate with variable rate loans can change over the course of your loan term in or against your favour. Don't let that put you off, as they will rarely involve early loan repayment fees. So if your budget can handle a slight rate change, plus you want the opportunity to clear your debt whenever it suits, a variable rate car loan could right for you.
Many car loans come with convenient features to make your life easier while paying them off, such as optional additional loan repayments and redraw facilities. Below is a run through of these aspects and more that you'll find in a top car loan.
We could go on and on about why the interest rate is important when you take out a car loan, but instead we'll run you through the following scenario...
Sarah has just secured her full licence after learning how to drive in her parent's car. Now she has a stable income, Sarah's ready to take out a car loan and buy one of her own. But which one should she choose?
Using Mozo's car loan comparison table, Sarah compares loans from a range of bank and non bank lenders against a car loan from her current banking provider. She soon narrows down her choices to a competitively priced loan from a new lender vs sticking with her current bank. Both have the features she's looking for in a car loan, like the flexibility to choose how frequently she can make repayments.
Say Sarah picks old favourite with a 12.74% interest rate on offer. She'll hand over $15,488 in interest for her $30k car loan over a 7 year loan term (on a monthly loan repayment plan). On the other hand, ditching bank loyalty and going for one of the lowest rates at the time of writing of 5.14%, means she'll fork out $9,705 less. It just goes to show you how much that one number can affect your hip pocket!
Individually, monthly fees and signup costs may appear small, but they really do add up. One easy way to factor in all the costs involved with a potential car loan product, is to look at the comparison rate. This rate type is made up of overheads like the headline rate, application and ongoing fees.
Just remember, that even if you settle on a car loan with low fees, most providers will bill you more for making a late repayment.
Whether or not a car loan needs to have a minimal or no early loan repayment penalty will depend on who you ask and the interest rate you choose. Some people like sticking to the original loan repayment schedule as it suits their financial situation best, while others prefer keeping their early loan repayment options open.
If making extra repayments suits your style and you use the feature efficiently, you'll end up paying less in interest, as the rate is only applied to how much you owe.
Another top car loan feature is none other than having a nifty redraw facility to dip into extra repayments. You can use a redraw facility to pay for things when other life expenses crop up, then make extra loan repayments when you have cash to spare.
Keep in mind that some providers set redraw minimums and have redraw fees, which may cost more than what the flexibility is worth to you. Also we should mention that generally speaking redraw facilities only come with variable rate loans.
Written by: Kelly Emmerton, Mozo Money Editor
Whether it’s your first set of wheels or your next vehicle in a long line of cars you’ve owned before, if you need to borrow $10,000, you want to make sure that the car loan you get has a great interest rate and features that will help you to save. Read on as we go through the FAQs you need know about.
There are a bunch of car loans available to a variety of different borrowers, whether it’s for a brand new or used car.
When borrowing $10,000 for a car, you might have the option to choose between an unsecured or a secured loan. With a secured loan, you’ll be using your car as collateral. The upside to this is that lenders usually offer lower interest rates on secured loans.
In addition to this, you’ll have the option to choose between a fixed rate car loan or a variable rate loan. If you have never borrowed money for a car before, on a fixed rate loan, your interest rate and repayments stay the same for the loan period. On a variable rate loan, the interest rates can go up or down, depending on the lender or market.
Depending on the cost of your vehicle (and how much money you already have saved) will determine how much you need to borrow. For example, a $10,000 car loan may be more suitable for someone looking to buy a used car as opposed to a $50,000 car loan which is better suited for something new.
Keep in mind, the big banks aren’t the only places to look when considering taking out a car loan, you can also borrow from other smaller lenders or even online peer-to-peer platforms. Check out our table above for all the providers we compare.
When considering which car loan is best for you, there are a handful of features you should be mindful of like flexible repayment options, low interest or minimal fees.
For example, if you are a borrower who wants to pay your car loan off quickly and minimise the amount you pay in interest over the life of your loan, the option to make extra repayments without penalty could be a good feature to consider. Similarly, if you need even more flexibility, a redraw facility could be an important option if you want to make extra repayments so that you can access your extra funds later on if you need.
While some lenders may approve you on the same day you apply online for a car loan, others may take a few business days.
Generally, the process follows these steps:
Also keep in mind, there are a few things that could delay your car loan approval. These include not submitting the right documentation, not providing the correct information about your car or applying after the instant response cut-off time.
There’s no simple answer as there is no one term for a $10,000 car loan that’ll suit every borrower. Like other personal loans, when taking out a car loan it’s all about assessing what will work best for your situation by considering the cost of the vehicle you want to buy and weighing it up with your financial situation now and how likely you are to make your repayments in the future.
Generally, car loans range from 1 to 7 years. The longer your loan, the more you pay in interest long term, but the smaller your repayments will be month to month. While a 1 year car loan may seem like the easiest way to avoid paying more in interest, if paying back $10,000 in one year is going to really stretch your budget it is better to go for a longer loan term initially and make extra repayments. Check out our budget calculator to see where you sit financially.
Even if you have a low credit score, you may still be able to get a $10,000 car loan. Just keep in mind though, you may end up facing a higher interest rate than someone with a healthier credit profile as some lenders have tiered interest rates. Approval criteria varies between lenders so make sure you read the fine print before you apply.
There are some car loans where the minimum loan amount will be above $10,000 but the vast majority of lenders in our database will have a car loan for $10,000 or even less. Many lenders start their borrowing limits with a $5,00 car loan and go up as high as $50,000, or even $100,000 in some cases.
When choosing a lender, don’t limit yourself to big bank brands, there are a number of very competitive online lenders that have great rates and low fee car loans that are suitable for small loans.
These days with online lenders and online applications, getting a car loan approved and funded can be fast, even next day fast. Some of the bigger banks or more traditional banks might have longer application and approval processes so it could take longer if you choose to go with them for your car loan. It is usually a good idea to have your funds lined up well in advance of shopping around for a car. That way you’ll be able to know exactly how much you’ll be able to afford or offer before falling in love with a particular car make/model.
Yes, you’ll need to fill out an application form and make sure that you have all the ID, proof of income and details about your assets and liabilities before you apply.
It is also a good idea before making any application for credit that you do a check of your credit score to make sure that there are not any errors in it that could affect your chances of getting approved and that $10,000 in your account.
When you are buying a car, it’s not just the cost of the car you need to factor in. There is the cost of stamp duty, rego, car insurance, petrol and maintenance to consider as well. You can read our in depth guide on the costs of buying a car to make sure that you’ve got all the expenses covered.
Poor service misleading advice, do not waste your time
Read full reviewPoor service misleading advice, do not waste your time
The staff at RACQ bank are extremely accommodating. Products and Services are hassle free and communication is prompt and helpful. I am coming to the end of my 5 year loan term and would definitely use their services in future.
Read full reviewThe staff at RACQ bank are extremely accommodating. Products and Services are hassle free and communication is prompt and helpful. I am coming to the end of my 5 year loan term and would definitely use their services in future.
One of the worst finance provider. They offered me 24% interest rate for a car loan, while RACV offered 10%. Clearly they are just here to rob people
Read full reviewOne of the worst finance provider. They offered me 24% interest rate for a car loan, while RACV offered 10%. Clearly they are just here to rob people
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