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.
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.
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.
Including Demo, Fixed, Secured
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.67% would cost $34,096.76 including fees.
Low fixed car loan rate for purchasing new and demo vehicles from dealers. There is no monthly or ongoing fees and early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^.
Low fixed car loan rate for purchasing new and demo vehicles from dealers. There is no monthly or ongoing fees and early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^.
Read our Mozo Review to learn more about the loans.com.au New Car Loan
Fixed, Unsecured
Terms from 2 to 3 years. Representative example: a 3 year $10,000 loan at 6.99% would cost $11,450.06 including fees.
Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.
Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.
Read our Mozo Review to learn more about the SocietyOne Car Loan - Excellent Credit
Fixed
Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 4.89% would cost $34,276.58 including fees.
Enjoy competitively low rate car loans from 4.89% (comparison rate 5.44% p.a.) between $10,000 and $100,000 for new, demo and used vehicles. Take advantage of flexible 3, 5 or 7 year loan terms. No early repayment or exit fees. You must be 21 years or over to qualify and earn above $35,000.
Enjoy competitively low rate car loans from 4.89% (comparison rate 5.44% p.a.) between $10,000 and $100,000 for new, demo and used vehicles. Take advantage of flexible 3, 5 or 7 year loan terms. No early repayment or exit fees. You must be 21 years or over to qualify and earn above $35,000.
Read our Mozo Review to learn more about the Plenti New Car Loan
Fixed, Secured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.99% would cost $35,820.67 including fees.
Offering loans from $3,000 at a fixed rate for the life of the loan. You can check your personal loan interest rate before applying in 3 minutes with no impact to your credit score. Repayments can be made weekly, fortnightly or monthly and extra repayments are accepted.
Offering loans from $3,000 at a fixed rate for the life of the loan. You can check your personal loan interest rate before applying in 3 minutes with no impact to your credit score. Repayments can be made weekly, fortnightly or monthly and extra repayments are accepted.
Read our Mozo Review to learn more about the Latitude Personal Loan
Fixed
Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 5.19% would cost $34,320.13 including fees.
Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $63,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!
Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $63,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!
Read our Mozo Review to learn more about the Wisr Secured Car Loan
Up to 5 years old, Fixed, Secured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 4.89% would cost $34,377.58 including fees.
Purchase or refinance a new or used vehicle, up to five years old. Choose a loan term from one to seven years. To be eligible you must be over 18, receiving a regular income and an Australian resident.
Purchase or refinance a new or used vehicle, up to five years old. Choose a loan term from one to seven years. To be eligible you must be over 18, receiving a regular income and an Australian resident.
Read our Mozo Review to learn more about the Heritage Bank Car Loan
Fixed
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.79% would cost $35,729.09 including fees.
Reach your goal sooner without being penalised with $0 early payout fee. $0 monthly fees. Choose to make either monthly, fortnightly or weekly repayments to suit your income and budget. Winners of Australia's Best Large Credit Union in 2020^.
Reach your goal sooner without being penalised with $0 early payout fee. $0 monthly fees. Choose to make either monthly, fortnightly or weekly repayments to suit your income and budget. Winners of Australia's Best Large Credit Union in 2020^.
Read our Mozo Review to learn more about the CUA Secured Car Loan
New, Fixed, Secured
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 3.97% would cost $33,525.38 including fees.
No monthly or ongoing fees. Get a 0.70% discount on your car loan interest rate if you buy a qualifying green car. Winner of Mozo's Experts Choice Green Car Loan 2021 award^.
No monthly or ongoing fees. Get a 0.70% discount on your car loan interest rate if you buy a qualifying green car. Winner of Mozo's Experts Choice Green Car Loan 2021 award^.
Read our Mozo Review to learn more about the loans.com.au Clean Green Car Loan
Variable
Terms from 2 to 5 years. Representative example: a 5 year $30,000 loan at 6.81% would cost $36,280.02 including fees.
Low variable interest rate when you use a car less than seven years old as security. Pay off your loan sooner with no fees for additional repayments. Redraw facility available.
Low variable interest rate when you use a car less than seven years old as security. Pay off your loan sooner with no fees for additional repayments. Redraw facility available.
Read our Mozo Review to learn more about the P&N Bank Car Loan
^See information about the Mozo Experts Choice Car loans Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
How much could you save by switching your car loan? Compare savings from over 500 car loans. Find out in a few clicks.
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:
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.
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.
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:
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.
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
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.
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.
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.
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:
This company is unethical and unprofessional. We had a car written off in a hail storm and they charged $3000 to get out of contract.
Read full reviewThis company is unethical and unprofessional. We had a car written off in a hail storm and they charged $3000 to get out of contract.
Quick loan easily achieved.
Read full reviewI’ve been with Toyota finance for 4 years and very pleased with the service. They have been understanding and accommodating in financial difficulties. Couldn’t be happier.
Read full reviewI’ve been with Toyota finance for 4 years and very pleased with the service. They have been understanding and accommodating in financial difficulties. Couldn’t be happier.
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