Car loans: Your options to fund a top small vehicle in Australia right now

woman in new small car grabbing keys

Is a small vehicle on the cards for your next car purchase? If so, you’ve come to the right place. 

According to Carsales’ Best Small Car 2021 list, Mazda3 was named the best small car option for Australian consumers right now. 

Based on a number of categories like safety, technology, comfort and convenience, driving performance and ownership costs, there were nine winners in total this year. 

The 2021 Carsales list is as follows: 

  • Mazda3
  • Volkswagen Golf  
  • Kia Cerato 
  • Skoda Scala 
  • Toyota Corolla 
  • Hyundai 
  • Ford Focus 
  • Honda Civic 
  • Subaru Impreza 

So, what are my loan options to fund a small car?

In the abovementioned list, prices range between $25,590 and $41,790, according to Carsales. So when it comes to funding one of these top vehicles, it’s important to know exactly how much it costs so that you can borrow accordingly. 

It’s also crucial to do your homework when selecting the right loan to suit you. You must consider things like interest rates, fees, loan terms, borrowing amounts and repayment features.  

Not sure where to start? That’s where we come in. 

We’ve rounded up some hot small vehicle car loans that may be what you need to get your hands on the keys. Read on and find out more or find a low interest car loan

Compare car loans for small vehicles

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 89 car loans.
Last updated 21 July 2024 Important disclosures and comparison rate warning* New Car Loan
  • Borrow amounts from $5,000 to $100,000
  • Low 4.67% p.a. fixed rate (5.22% p.a. comparison rate*)
  • 2021 Mozo Experts Choice Award^ winner for Best Car Loan
Find out more

If an award-winning loan is what you’re looking for to fund a small car, has a product that might be worth considering. The New Car Loan allows customers to borrow between $5,000 and $100,000, and offers a competitive fixed rate of 4.67% p.a. (5.22% p.a. comparison rate*). Loan terms range from three to five years and repayments can be made on a weekly, fortnightly or monthly basis. Plus, allows borrowers to make extra repayments whenever they like, just bear in mind though no redraws are allowed on this loan and you may face a $700 early repayment penalty for paying off your loan ahead of time. And on the topic of fees, while there is no ongoing monthly service charge there is an upfront application cost of $400.

Wisr Secured Car Loan
  • Borrowing amounts from $5,000 to $64,000
  • Fixed rates from 4.74% p.a. (5.01% p.a. comparison rate*)
  • Flexible repayment options
Find out more

Wisr’s Secured Car Loan offers a range of borrowing amounts and terms, competitive rates and flexible repayment options. Borrowers can take out a loan between $5,000 and $64,000 to cover the cost of a small car and pay it back over three to seven years. Based on a customer’s credit rating, Wisr offers fixed rates that start  at a low 4.74% p.a. (5.01% p.a. comparison rate*). Borrowers can choose from weekly, fortnightly or monthly repayments as well as make extra repayments too (no redraws allowed). And for customers that pay off their balance early, the good news is there is no early repayment penalty. There is also no ongoing service fee attached to this loan however there is a $195 upfront application fee to budget for.

SocietyOne Car Loan - Excellent Credit
  • Borrowing amounts from $5,000 to $50,000
  • Fixed rates from 5.95% p.a. (5.95% p.a. comparison rate*)
  • Extra repayments allowed
Find out more

Looking to fund a small car with the perfect loan? Also got an excellent credit score? Say hello to the SocietyOne Car Loan. With this loan, SocietyOne offers a risk-based pricing model, with fixed rates starting at 5.95% p.a. (5.95% p.a. comparison rate*) based on a customer’s credit rating. Loan amounts are from $5,000 up to $50,000, and loan terms are between two and five years. SocietyOne allows customers to make repayments fortnightly or monthly, and offers them the ability to make extra repayments too with no fear of being charged an early repayment penalty. It’s worth noting though, there is no redraw facility attached to this product. Also be aware that there is an upfront application fee of up to a hefty $595, based on a customer’s credit history. There is no ongoing service fee.

OurMoneyMarket Car Loan
  • Borrowing amounts from $2,000 to $75,000
  • 5.35% p.a. fixed rate (5.65% p.a. comparison rate*)
  • Flexible repayment schedule

Choosing the right car loan to fund a small vehicle is crucial. OurMoneyMarket’s Car Loan could be a great choice, as it offers a low fixed rate, a range of loan amounts and flexibility when making repayments. This loan not only offers a low 5.35% p.a. fixed rate (5.65% p.a. comparison rate*), there are also no ongoing or early repayment fees to worry about. OurMoneyMarket offers loans between $2,000 and $75,000, as well as loan terms between one and seven years. When it comes to making repayments, there is the choice of a weekly, fortnightly or monthly repayment schedule and the ability to make extra repayments. Bear in mind though, no redraws are allowed on this loan and there is an upfront application cost of $250.

If you’re not sure that these options are right for you, simply jump over to our car loan comparison hub to find more top car loan products.

* WARNING: 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. 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.

^See information about the Mozo Experts Choice Personal Loan 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.