$50,000 Car Loans

Considering splurging $50,000 on a new set of wheels? Mozo compares car loans from Australia’s bank and non-bank lenders to help you save time and money when shopping around. Check out our comparison table below to compare rates and fees and find one that meets your needs.

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What will the monthly repayments be on a $50,000 car loan? 

The amount of money you’ll need to make in repayments depends on a few factors, which is why Mozo’s car loan comparison tool allows you to choose the car loan term as well as loan amount. Once you’ve entered this information, we’ll give you an estimated monthly repayment amount so that you’ll be able to compare the cost of each car loan and work out what loan term works best for your budget. 

Does Mozo compare all car loan providers? 

We won’t have every single car loan option in the market on our site but we do have an extensive database of lenders on Mozo covering a range of lenders from Australia’s big banks, credit unions and even online-only lenders. 

How can I compare car loans on Mozo? 

In addition to all the important factors like interest rates, comparison rates and repayment amounts, the comparison listings here on Mozo also include information like the fees that you’ll have to pay, minimum and maximum loan amounts, min and max loan terms as well as whether you’ll need any security for the loan.

$50,000 car loan comparisons on Mozo  - page last updated November 13, 2019

interest rate
comparison rate*
monthly repayment**

I want to borrow

years

  • 5.50% p.a.

    5.85% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.50% would cost $34,632.09 including fees.

      Compare
    Details
  • mozo-experts-choice-2018

    4.89% p.a.

    5.44% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.89% would cost $34,277.58 including fees.

      Compare
    Details
  • mozo-experts-choice-2018

    4.19% p.a.

    4.73% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.19% would cost $33,704.30 including fees.

      Compare
    Details
  • 4.89% p.a.

    5.44% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.89% would cost $34,277.58 including fees.

      Compare
    Details
  • 6.79% p.a.

    7.16% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.79% would cost $35,729.09 including fees.

      Compare
    Details
  • 4.69% p.a.

    6.03% p.a.based on $30,000
    over 5 years

    Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 4.69% would cost $34,752.17 including fees.

      Compare
    Details

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*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

**Representative example figures and monthly repayment figures are estimates only, based on the advertised rate, mandatory fees, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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Reviews, news, tips and guides to help find the best car loan for you.

Getting loan approval for $50,000

When you are borrowing a large amount of money to purchase a new car, there are a number of factors that you need to first think through before submitting your application to a lender. 

You may have the income to pay off a $50,000 car loan, but does that mean you should fork out hundreds of dollars every month for repayments? Will a new car for half the price do the same job? Carry the same number of passengers? Have the same amount of boot space? To get started on comparing car loans and their affordability, use Mozo’s loan repayments comparison calculator to see where you stand.

If you are still keen to proceed with the loan, here are some of the common things you could be asked to provide: 

  • Your current income: Lenders will ask to see previous bank statements or payslips as assurance that you’ll be able to repay the $50,000 car loan through a steady income.
  • - Your savings: You’ll need to show proof of genuine savings, so the lenders knows you’re responsible with your money. 
  • - Assets and liabilities: Lenders will also look at any other assets you own or debt you might have, like a credit card or your mortgage.

If you don't qualify for a large loan, you may need to do some work on your budgeting to be a more responsible borrower, or ask yourself if a different car and a smaller loan, for say $30,000, would do.

Choosing the best loan term

Every car loan will have a minimum and maximum loan term, and these usually range between 1 to 7 years. 

The loan period you choose will ultimately depend on your individual needs and financial situation. For those who urgently need a $50,000 car loan but don’t have much income flowing into their bank account at the moment, choosing a longer loan period - say, 6 years or 7 years - could make their monthly repayments more affordable. But the downside of that is, you’ll have to factor in higher interest, and sometimes that adds up to thousands of dollars.   

So if you are able to afford the higher repayments every month, taking out a $50,000 car loan over a shorter period - say, 3 years or 5 years - could be a better choice, as it carries the benefit of reducing the interest you’ll have to pay in the long run. 

Still confused? Don’t worry - Let’s assume you will be paying a car loan interest rate of 7%, we’ve broken it down for you in a table: 

In other words, a longer loan period means smaller repayments to meet every month, which could be helpful when you’re tight on money. But at the same time, you could expect to hand over $2,000 more in interest for every extra year you spend paying off the $50,000 car loan.

Making car loan repayments

Whether you're borrowing $50,000 or taking out a $5,000 car loan, knowing what your repayments are going to be is vital. Although monthly repayments are generally the default for car loans, some lenders may also give you the option to make fortnightly or weekly repayments. 

Making more frequent repayments will mean that you pay less interest if you are on a variable interest rate as interest is calculated according to the amount you owe. 

For example, a $50,000 car loan over 5 years with a 7% interest rate means:

  • - Monthly repayments: would mean you pay $9,404 in interest over the life of the loan
  • - Fortnightly repayments would cut the interest down to $9,267,
  • - Weekly repayments would trim that figure even further (although not by much) to $9,226. 

Many car loans these days will also give you the ability to make additional repayments at any point during the loan term. Just be aware that some fixed rate loans will have a set limit for how much extra you can pay in the loan term.

To make sure that you don’t accidentally miss a payment or make a late payment on your loan, it is best at the start of the loan period to set up an automatic direct debit on the due date. Not only will this limit any late fees that you will pay, it will also ensure that you maintain a good credit score, which will help you in the future if you want to borrow money for something like a house or investment property.   

Features your $50,000 car loan should have 

With any loan, the lower the interest rate the cheaper the loan is going to be, so of course, it is important to find a low-rate loan that will meet your needs. 

Other key features to look at will be:

1. Few to zero fees

Some car loans may have a relatively low interest rate - but if they also charge initial upfront and monthly fees, those costs could quickly build up and eat a huge chunk out of your savings. 

So it’s important that you factor in all the costs that come with the car loan. One easy way to figure out how much you’ll actually pay for the loan is to check the comparison rate. This rate takes into account the interest rate plus fees and charges so that you can compare the true cost of a loan. You can check what the comparison rate is for each loan here on Mozo by scrolling up. 

2. Extra repayments

Perhaps in a few months’ time, you decide to give up on your daily $4 coffee habit and end up with $120 more in savings than usual. If you’ve got a loan that allows for extra repayments you can pump those savings into the loan and reduce the amount of interest you’ll be paying over the life of the loan. 

3. Free redraw

While the goal should be to pay off your loan as fast as possible, many loans that allow you to make extra repayments also come with a redraw facility. This means that if you do make an extra repayment but later on you need access to that money you can redraw it without having to pay fees. 

4. Early repayment

If you choose to take out a fixed rate car loan, be sure to look into the conditions around early repayments. While most variable rate loans do not have any fees for paying out the loan early, some fixed rate loans might have conditions or break fees that could make it a more expensive option to pay out early.

Written by: Katherine O’Chee, Mozo Money Writer


Other FAQs

Can I refinance $50,000 car loan? 

You can - and for those who haven’t bagged one of the best deals on the market, refinancing your $50,000 car loan could save you hundreds, if not thousands, of bucks, not to mention cut down the time it will take to pay off your loan. 

Sometimes you car loan rate may no longer be as sweet as it once was. So if you’re hoping to snatch up a better value loan, comparing your current offer with other provider products and potentially switching over to more competitive rates could be the way to go. Head over to Mozo’s Switch and Save calculator to see how much you could be saving by swapping to a lower rate $50,000 car loan. 

But keep in mind you may need to pay break cost, signup or ongoing fees if you swap out one loan for another. Not all car providers charge those costs, but for those that do, you could be looking at hundreds of dollars in fees. 

If I have bad credit, can I still get a $50,000 car loan? 

Bad credit may not completely rule you out if you’re looking to take out a $50,000 car loan - but you can certainly expect fewer options and possibly higher interest rates than for those with a good credit history. 

If you know that you’ve got a bad credit score, one of the best things you can do before applying for a new loan, is to make sure that you are demonstrating new good money habits. With comprehensive credit reporting now in play here in Australia, banks and lenders are able to see if you’ve been making bill payments on time, whether you are making more than the minimum repayments on credit cards or other loans. See our guide on how to improve your credit score to learn more. 

What calculators on Mozo will help me compare $50,000 car loan repayments? 

Knowing how much you’ll need to repay is just a click away! Punch your numbers into Mozo’s car loan repayment calculator, or if you’re interested in finding out how different $50,000 car loan deals stack up against each other, go to our car loan comparison calculator.

Can I apply for a $50,000 car loan online? 

Yes, of course - and approval can take as little as a few hours or even minutes. All of the lenders on Mozo take car loan applications online.

But make sure you’ve prepared all your documents before applying. This includes:

  • 100 points of ID
  • proof of income
  • details of your assets and liabilities

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