Compare Sydney Car Loans

Whether you’re after finance for a brand new vehicle or a secondhand one, here at Mozo you can compare Sydney car loans available from different lenders.

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sydney car loans

Sydney car loan comparisons on Mozo - last updated 13 June 2024

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  • New Car Loan - Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    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.

    Compare
    Details
  • Used Car Loan

    Fixed, Secured, No vehicle age limit

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured used car loan of up to $75,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. 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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    Details
  • Car Loan

    Up to 7 years old, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.
    6.84% p.a.based on $30,000
    over 5 years

    Purchase or refinance a new or used car, caravan or motorbike, up to 7 years old. Fixed rate with terms from 1 to 7 years. Make additional payments and free redraw. No early payout penalties. No monthly fees. Quick start application in less than 5 minutes online.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,460.64 including fees.

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    Details
  • New Car Loan - Special

    Including Demo, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    8.19% p.a.
    9.30% p.a.based on $30,000
    over 5 years

    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^. 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 8.19% would cost $37,541.41 including fees.

    Compare
    Details
  • New Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. 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.

    Compare
    Details
  • Clean Green Car Loan

    Home Owner, New or Used, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.
    7.61% p.a.based on $30,000
    over 5 years

    Get a 1% 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^. 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 6.49% would cost $36,090.64 including fees.

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    Details
  • Better Car Loan Special Offer

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    6.65% p.a.based on $30,000
    over 5 years

    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 6.24% would cost $35,295.27 including fees.

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    Details
  • Used Car Loan

    Home Owner, Up to 3 years old, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.69% p.a.
    8.80% p.a.based on $30,000
    over 5 years

    Eligible for homeowners only. Low fixed car loan rate for purchasing new and demo vehicles from dealers or private sale. There is no monthly or ongoing fees and early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.69% would cost $37,111.05 including fees.

    Compare
    Details
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^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.

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Car loan resources

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

Getting a car loan: What you’ll need to know

Living in Sydney means that you'll generally need a car to get you from A to B. If you’re planning on buying a new or preloved vehicle, you might consider taking out a car loan to help cover the initial cost of the car so you can pay it back gradually over a set period of time. Plus interest charges and any other fees involved.

What are the key features to consider in a car loan?

  • Interest rate: On top of paying back the loan you’ll also be charged a percentage of interest on the amount you borrow. The lower the interest rate, the less interest you pay - so it’s always important to shop around for a loan with a competitive rate. When picking a car loan you’ll also have a choice between either a variable or fixed interest rate - which we’ll explain more further down.

  • Fees: Depending on the loan you choose, you could be charged some additional fees, such as upfront application fees, ongoing monthly service fees, late payment fees should you miss a payment, or loan termination fees, among others.

  • Comparison rate: The headline rate displayed at the top of a loan generally only tells you what the main interest is for the loan. For a more accurate indication of the total cost of the loan, be sure to check the comparison rate which factors in both the interest rate plus any other additional fees that come with the loan.

  • Features: Handy features to look for in a car loan are flexible repayment options so you can tailor your regular repayments to your budget and pay schedule, the ability to make extra loan repayments and a redraw facility so you can redraw on any extra repayments you’ve made. More features can sometimes mean more fees - so only go for the ones you know you’ll use.

Is a fixed or variable interest rate better?

When you compare car loans interest rates you’ll have the choice between either a fixed or variable interest rate. The type of interest rate you choose will depend on your specific needs. 

  • Fixed interest rate: By choosing a fixed rate loan, you’re essentially locking into one rate for the life of your loan. This could be good if you like having the certainty that your interest rate and repayment amount will never change making it easier to budget around. However, one of the pitfalls of a fixed rate is that you could cop a fee if you try to pay your loan off early.

  • Variable interest rates: Variable interest rates move according to the market, which means your interest rate and car loan repayments could potentially increase or decrease throughout your loan term. But one of the tradeoffs for this sense of uncertainty is that variable rate loans don’t usually charge early repayment or exit fees if you pay your loan off early.

How much will my car loan repayments be?

Your car loan repayments are determined by your interest rate, loan term and repayment frequency, so it all depends. But to get a rough idea of what your repayments might look like, you can crunch the numbers above by selecting the loan amount and number of years you want the loan for or head over to Mozo’s free car loan repayments calculator to compare other options.

Which lenders in Sydney offer car loans?

There are loads of options available if you live in Sydney and are looking to take out a car loan. Not to mention, with most banks offering the ability to apply for a loan online, it won’t necessarily matter where you’re from in Australia. That said, here are some of the main categories you’ll have to choose from:

  • Big banks: If you tend to stick with the big banks then you might opt for a car loan from lenders like NAB, Westpac or the Commonwealth Bank - each of which has many local branches throughout Sydney. Bear in mind however, that the big banks generally offer far less competitive rates than their smaller competitors.

  • Customer-owned banks & credit unions: Smaller mutual banks and credit unions are generally very customer-focused and tend to offer better rates than the big banks as they often choose to put their profits back into giving lower rate products to their customers. 

  • Peer to peer lenders: Harmoney and Society One are two examples of Aussie peer to peer lenders that currently offer car loans. Peer to peer lenders often offer different rate tiers based on your credit history, so you could potentially score a better rate for having a good credit history.

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JP Pelosi
RG146
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

Sydney Car Loan FAQs

How can I increase my chances of being approved for a car loan?

While you can’t guarantee the outcome of your car loan application, there are a few different things that you can do to increase your chances of being approved, such as:

  • Clean up your credit history: Your lender will check your credit history to help determine whether or not you should be approved for a car loan. So it’s super important to get it into good shape before filling out an application if you want to better your chances of being approved.

  • Prove that you’re a good borrower: Before applying for a loan you’ll want to have at least a few months of good financial practice under your belt to show the lender that you’re a good borrower that’s worth taking a risk on. Things like paying your bills on time or making regular deposits into your savings account each month to prove that you’re responsible with money.

  • Shop around: Shop around and compare car loans and only fill out an application if you feel confident that you’ll be approved. Use Mozo’s Rate Matcher tool to compare loans based on your credit score so you can get a better idea of which loans you’ll likely be eligible for.

What do I need to apply for a car loan?

Once you’ve compared and found your car loan match and are ready to apply, you’ll likely need to supply the lender with the following information upon submitting your loan application:

  • Proof of income: This might include bank statements or payslips in order to show the lender that your current financial circumstances will allow you to commit to repaying the loan.

  • Proof of savings: The lender might want to see proof of genuine savings to ensure that you can manage your money responsibly.

  • Proof of liabilities: This could be any debt you’ve accumulated from a credit card or home loan.

  • Proof of insurance: Some lenders won’t approve you for a car loan unless you’ve taken out comprehensive car insurance. Use our car insurance comparison tool to compare policies.

  • Identification: You’ll likely need to show your driver’s license, proof of age card, passport, utility bills, one-to-two year’s worth of tax returns and bank statements or another form of identification.

Other additional information that you might need to provide is:

  • Car VIN number (to verify that the car’s not stolen/has money owing on it)

  • Registration plate 

  • Motor number 

  • Car make, year and model


How much will my car loan repayments be?

Your car loan repayments are determined by your interest rate, loan term and repayment frequency, so it all depends. But to get a rough idea of what your repayments might look like, crunch the numbers above or try Mozo’s free car loan repayments calculator.

I don’t live in Sydney, what are my options for getting a car loan?

Given that most lenders now offer car loans online, location usually doesn’t matter a great deal when it comes to taking out a car loan. That being said, at Mozo you can do a city-based search to find car loans available to you locally. You can check out our Melbourne and Brisbane car loan comparison pages.

Car Loan Reviews

Latitude Car Loan
Overall 1/10
Worst finance provider

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 review

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

Price
1/10
Features
1/10
Customer service
6/10
Convenience
1/10
Trust
1/10
Less
Jaz, Victoria, reviewed 2 months ago
Toyota Insurance Car Loan
Overall 10/10
Easy and quick!!!

We recently took our a car loan with our local toyota dealer. The turnaround was insanely quick. Our car arrived much quicker than anticipated and we approached a broker regarding a loan. The amount of documentation they required seemed excessive however we trusted our broker. I started to compile all of the required documents when the dealer reached out again. They matched the rate offered by the broker and had us approved same day. We decided to proceed with the dealer as they made the process incredibly smooth. The monthly fees seemed reasonable compared to other loans offered. This loan had $8 p/month fee whereas Macquarie was $15 per month. Ideally I would've liked a more flexible car loan however, we agreed to lock in a fixed price and put any additional money we had into our home loan instead.

Read full review

We recently took our a car loan with our local toyota dealer. The turnaround was insanely quick. Our car arrived much quicker than anticipated and we approached a broker regarding a loan. The amount of documentation they required seemed excessive however we trusted our broker. I started to compile all of the required documents when the dealer reached out again. They matched the rate offered by the broker and had us approved same day. We decided to proceed with the dealer as they made the process incredibly smooth. The monthly fees seemed reasonable compared to other loans offered. This loan had $8 p/month fee whereas Macquarie was $15 per month. Ideally I would've liked a more flexible car loan however, we agreed to lock in a fixed price and put any additional money we had into our home loan instead.

Price
10/10
Features
7/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Billie, Victoria, reviewed 3 months ago
ANZ Unsecured Personal Loan
Overall 7/10
The bank is very useful and helpful.

The bank is very useful and helpful.

Read full review

The bank is very useful and helpful.

Price
8/10
Features
8/10
Customer service
8/10
Convenience
8/10
Trust
8/10
Less
Leah, Victoria, reviewed 3 months ago

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