Live in Sydney and are on the lookout for a car loan to help get you behind the wheels of your dream car? Whether you’re after finance for a brand new vehicle or a secondhand one, here at Mozo you can compare car loans available to Sydney-siders and find one with a competitive rate and all the right features for you!
Including Demo, Fixed, Secured
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.99% would cost $34,359.97 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^.
Read our Mozo Review to learn more about the loans.com.au New Car Loan
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.
Read our Mozo Review to learn more about the Plenti Car Loan
Fixed
Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 4.74% would cost $33,949.23 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 $64,000. 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
Fixed, Unsecured
Terms from 2 to 5 years. Representative example: a 3 year $10,000 loan at 5.95% would cost $11,538.74 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.
Read our Mozo Review to learn more about the SocietyOne Car Loan - Excellent Credit
Fixed, Secured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,507.61 including fees.
Available for all New and Used cars up to 7 years. A quick and easy, 100% online application with loans up to $75,000. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.
Read our Mozo Review to learn more about the OurMoneyMarket Car Loan
Dealer Only, Up to 5 years old, Fixed, Secured
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.99% would cost $34,359.97 including fees.
Used Car Loan with no monthly or ongoing fees, with a fixed rate for the life of the loan. Fast online application.
Read our Mozo Review to learn more about the loans.com.au Used Car Loan
Fixed, Secured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 4.69% would cost $33,888.17 including fees.
Beyond Bank’s Car Loan offers super low rates with no ongoing service fee, and flexible features to help you save over the term of your loan. Winner of Mozo’s Experts Choice Car Loan 2021 Award.
Read our Mozo Review to learn more about the Beyond Bank Low Rate Car Loan Special Offer
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.
Read our Mozo Review to learn more about the Great Southern Bank Secured Car Loan
New or Used, Fixed, Secured
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.29% would cost $33,785.83 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^.
Read our Mozo Review to learn more about the loans.com.au Clean Green 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.
Read our Mozo Review to learn more about the Heritage 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.
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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.
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.
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.
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.
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.
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.
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
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.
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.
I have had a great deal of experience with various lenders, and I must admit that Pepper were absolutely brilliant to deal with. They offered a competitive product, they provided a very high level of customer service and were very very fair to deal with from start to finish. No waiting on the phone on hold for hours, in my 5 years that I dealt with Pepper on the approximately dozen occasions I phoned them my call was answered within 5 minutes and I was off the phone and completely satisfied within 15 minutes! When Covid hit and many people immediately found themselves in difficult and somewhat uncertain times, Pepper offered their customers immediate support by halting repayments until a broader plan was able to implemented. There were no penalties or fees applied to the halt of payments, which I would normally expect be the case from other lenders. Pepper offered good old fashioned customer service - and for that I say Thank-you Pepper and I will most certainly be back when I next require finance!
Read full reviewI have had a great deal of experience with various lenders, and I must admit that Pepper were absolutely brilliant to deal with. They offered a competitive product, they provided a very high level of customer service and were very very fair to deal with from start to finish. No waiting on the phone on hold for hours, in my 5 years that I dealt with Pepper on the approximately dozen occasions I phoned them my call was answered within 5 minutes and I was off the phone and completely satisfied within 15 minutes! When Covid hit and many people immediately found themselves in difficult and somewhat uncertain times, Pepper offered their customers immediate support by halting repayments until a broader plan was able to implemented. There were no penalties or fees applied to the halt of payments, which I would normally expect be the case from other lenders. Pepper offered good old fashioned customer service - and for that I say Thank-you Pepper and I will most certainly be back when I next require finance!
I have a declined application that I haven't applied for and now has giving me a strike against my name.
Read full reviewI have a declined application that I haven't applied for and now has giving me a strike against my name.
Applied for a car loan and waited for their promise to have results within 7 working hours and it DIDN’T HAPPEN! Have to call them and have to tell all my circumstances and at the end being told that we can’t afford it coz we didn’t have previous loan of the certain amount! Never go to this institution as I’m afraid it will just ruin your credit history! So sad and so disappointing!
Read full reviewApplied for a car loan and waited for their promise to have results within 7 working hours and it DIDN’T HAPPEN! Have to call them and have to tell all my circumstances and at the end being told that we can’t afford it coz we didn’t have previous loan of the certain amount! Never go to this institution as I’m afraid it will just ruin your credit history! So sad and so disappointing!
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