New Car Finance | 15+ Lenders

Compare New Car Loan Rates Across 15+ Lenders

Buying a brand new car? We compare new car loan options from major banks, specialist lenders, and credit unions to help you find the right fit. Rates from 5.49% for well-qualified borrowers. All approvals subject to lender assessment.

5.49%

Rates from*

Deposit Options

7 yrs

Max Loan Term

Compare New Car Loan Options Broker vs Dealer Finance

*Rate for well-qualified borrowers. Actual rate depends on your circumstances. Subject to lender approval.

Important Information

Esteb and Co provides credit assistance services. We are licensed credit representatives (ASIC Credit Rep #574070) who help you compare loan options from our panel of lenders. We do not lend money directly. All loan approvals are made by lenders, subject to their criteria and responsible lending assessments. Our service is free to you - we receive commissions from lenders. Read our Credit Guide

Why Choose a New Car Loan?

Brand new vehicles unlock the best rates and longest terms

Lower Interest Rates

New cars attract the lowest interest rates in the car finance market. Because lenders face less risk on a depreciating asset that still holds strong value, they pass on savings through lower rates -- typically 5.49% to 7.00% for well-qualified borrowers.

Rates typically 1-2% lower than used car loans
Fixed and variable rate options available
Competitive rates from banks, credit unions, and specialist lenders

Longer Loan Terms

Most Australian lenders offer terms up to 7 years for new vehicles, giving you maximum flexibility on your monthly repayments. Shorter terms (3-5 years) mean you pay less interest overall.

Terms from 1 to 7 years
No early exit fees with most lenders
Choose a term that fits your budget

No Deposit Required

Many lenders offer up to 100% LVR on new cars, meaning you may not need a deposit at all. Some lenders will even finance on-road costs (stamp duty, registration, insurance) above the vehicle value.

100% financing available with strong credit
On-road costs can be included
Trade-in equity counts as deposit

Dealer Finance vs Broker Finance

Understanding your options before you visit the dealership

Feature	Dealer Finance	Broker Finance (Us)
Interest Rates	7-12% typical	5.49-8% typical
Lenders Compared	1 (their partner)	15+ lenders
Negotiation Power	Limited	Compare multiple offers
Pre-Approval	Usually at point of sale	Get approved before you shop
Pressure to Add Extras	Common (insurance, warranties)	Independent advice
Cost to You	Dealer earns commission	Free* (lender pays us)

*Our service is free to you. We receive commissions from lenders when your loan settles. Rates shown are indicative only.

Understanding New Car Depreciation

What every new car buyer in Australia should know

The Depreciation Reality

New cars typically lose 20-30% of their value in the first year and up to 50% over three years. This matters because it affects your equity position and trade-in value. Some brands hold value better than others -- Toyota, Mazda, and Subaru tend to depreciate slower in Australia.

How It Affects Your Loan

If your car depreciates faster than you pay down the loan, you could end up "upside down" -- owing more than the car is worth. To minimise this risk:

Put down a deposit (even 10-20% helps)
Choose a shorter loan term (3-5 years)
Avoid balloon payments unless you plan to trade up
Consider brands with strong resale value

Balloon Payments Explained

A balloon (or residual) payment reduces your monthly repayments by deferring a lump sum to the end of the loan. Popular with new car buyers, but be aware:

You owe a lump sum at end of term
You pay more interest overall
Best if you plan to trade in or refinance
Commonly 20-30% of purchase price

How to Get a New Car Loan

Four simple steps from application to driving away

Complete Our Quick Assessment

Takes 2 minutes. Tell us about your income, employment, and the type of new car you want. No credit check at this stage.

Review Your Matched Lenders

Our algorithm compares your profile against 15+ lenders and shows you indicative rates, terms, and estimated monthly repayments.

Get Pre-Approved

Choose a lender and we handle the application. Pre-approval gives you buying power at the dealership -- you know your budget before you negotiate.

Settle and Drive Away

Once you find your car, we finalise the loan. Settlement is typically 24-48 hours for new vehicles. Funds go directly to the dealer.

Start New Car Loan Assessment

New Car Loan FAQs

Common questions about financing a new car in Australia

What is the current average new car loan rate in Australia?

As of early 2026, new car loan rates from lenders on our panel range from approximately 5.49% to 9.00% depending on your credit profile, deposit, and loan term. Rates for borrowers with excellent credit and a deposit are at the lower end. These are indicative only and subject to lender assessment.

Should I get finance through the dealership or a broker?

Dealer finance is convenient but typically comes with higher rates (7-12%). A broker compares multiple lenders, potentially saving you thousands over the loan term. Getting pre-approved through a broker also gives you negotiating power at the dealership -- the dealer knows you can walk away.

Do I need a deposit for a new car loan?

Not necessarily. Many Australian lenders offer 100% financing on new vehicles for borrowers with good credit and stable employment. However, putting down a deposit (even 10-20%) typically gets you a better interest rate and means you pay less over the life of the loan.

What about manufacturer finance offers (0% or low-rate deals)?

Manufacturer finance (e.g., Toyota Finance, BMW Financial Services) sometimes offers promotional rates. However, these deals often have restrictions -- specific models only, shorter terms, higher drive-away prices, or limited flexibility. Always compare the total cost of the manufacturer deal against a broker-sourced loan before committing.

How long does approval take for a new car loan?

Pre-approval can be obtained in 24-48 hours with most lenders on our panel. Once you have found your vehicle and provided the purchase details, final approval and settlement typically takes another 1-3 business days. Some lenders offer same-day settlement for straightforward applications.

Richard (Ricky) Esteb

Licensed Mortgage Broker & Founder

Credit Rep #574071 ACN 681 636 056 83+ Lender Panel

With direct experience helping Australians secure home loans, car finance, and business funding, Ricky founded Esteb and Co to bring transparency and technology to mortgage broking. Every piece of content is written from real-world lending experience.

Verified & Last Reviewed: March 2026 | Content meets ASIC regulatory requirements