Car finance options.
Not every car loan is the same. A first car loan without credit history looks different from refinancing an existing loan or financing as a self-employed borrower. Each type has its own page with realistic rates and the process steps.
First car finance
Smaller loan, shorter term, limited or no credit history. Guarantor may help.
Typical rate around 9% p.a.
Electric car loan
Finance for a BEV or PHEV. Lower running costs, often priced as a "green" loan.
Typical rate around 6.5% p.a.
Bad credit car loan
Harder to get approved, rates typically higher. Clear affordability matters more.
Typical rate around 16% p.a.
Self-employed car finance
Lenders will want 2 years of IR3 income, often with an accountant summary.
Typical rate around 8% p.a.
Used car finance
Finance for a pre-owned vehicle. Rate often reflects the car's age and mileage.
Typical rate around 8.5% p.a.
Refinance a car loan
Roll an existing car loan to a lower rate or shorter term. Worth the maths.
Typical rate around 7% p.a.
No deposit car finance
Full purchase price financed, nothing upfront. Higher end of the rate range, starts underwater.
Typical rate around 9.5% p.a.
Why loan type matters
Same arithmetic, different conversation.
The maths of a car loan does not care what kind of borrower you are. A $20,000 loan at 9% over 5 years runs at roughly $102 a week whether it is your first loan or your fifth, whether you are employed or self-employed, whether the car is an EV or a diesel ute. What changes by loan type is the rate you are offered, the documentation the lender asks for, and the parts of the conversation that matter most.
A first-car loan runs off a thin or empty credit file, so rates are higher (9 to 14%) and a guarantor or deposit is often the deciding factor. A bad-credit loan is assessed under CCCFA responsible-lending obligations that ask for more paperwork at this tier, not less, and the practical goal is usually a 12-month stepping stone before refinancing to a mainstream lender. A self-employed loan requires two years of IR3 returns or an accountant's letter, and for heavy business-use vehicles a chattel mortgage may be a cleaner structure than a consumer car loan. An EV loan has to account for battery state-of-health on used examples and sometimes unlocks green-loan pricing on new ones. A used-car loan tightens up with age and kilometre caps, and a refinance only pays off once you have subtracted any break fee and modelled the remaining-term interest savings.
Each loan-type page below covers the realistic rate band, the documentation you will be asked for, and the specific pitfalls that catch out borrowers in that category. Whichever one matches your situation, the underlying calculator stays the same.
Know your type? Run the numbers.
Each loan-type page opens the calculator with a realistic rate already in place, and our finance partner handles the formal estimate from there.