The search for the best deal in car finance » Car Money

The search for the best deal in car finance

Finding the right car loan for your needs is about more than interest rate. It’s about getting finance that’s structured to suit your budget and goals. Here are some key things to consider if you’re looking for the best option for your car loan needs.

1. Understand your budget

If you want to put yourself in the best financial position, a good place to start is having a look at your budget. Take a good look at your monthly income and expenses. By subtracting one from the other you can work out what funds you have available to pay for your car loan every month. Remember to be conservative; it’s best to give yourself room for unexpected costs when working out how much you have available for new debt.

2. Focus on speed

No matter how fast the car you’re buying, finding the most cost-effective car finance is all about focusing on speed. That’s because the faster you repay your car loan the lower your total interest costs are likely to be. When you’re structuring your finance, try to focus on paying your car loan off as quickly as possible.

3. How important is flexibility to your finance?

Making extra payments is a great way to speed up repayment and reduce the life of your loan. Including the flexibility to make lump sum payments could be the best way to structure your car finance if you expect to have extra funds available.

4. How can you balance repayments and the household budget?

Opting for higher repayments over a shorter time will pay off your car loan faster. But while it’s always a good idea to pay off debt as quickly as possible, it’s also important to consider the household budget. Take a moment to work out the best balance for your needs, that is, a repayment term that will both pay off your car loan as fast as possible and work with the others costs you have each month.

5. Choose a provider you trust

However you choose to structure your finances, a trustworthy financial provider is an important consideration. A car loan can often take a while to pay off, so it’s important that you trust your provider not to disappear or charge you inflated interest rates or hidden fees and extras.

Finding the best deal in car finance is about finding the right fit for your financial position and lifestyle. And that means thinking about your household budget and how long you should reasonably carry the car loan debt. Talk to the team at CarMoney about your car loan needs today.

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Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure the content is correct, the information provided is subject to continuous change. Please use your discretion and seek independent guidance before making any decisions based on the information provided in this article.


1.*Fixed interest rates range from 9.95% p.a. to a maximum of 29.95% p.a. on a minimum 12 month to a maximum 60 month loan term. The actual interest rate charged to you will depend on your circumstances, the type of lending required, the security provided, and is determined by the lender.

2. Fees apply, including an establishment fee of up to $450 and an introducer fee of up to $995. A loan of $5,000 over 12 months at 10.95% p.a. has fees totalling $495 and a total repayment of $5,832.00 equating to 12 monthly payments of $486.00.

3. Approval is subject to meeting lending criteria, and affordability test applies. Our lender will independently assess whether you are eligible for a loan. We don't provide advice on whether a particular car loan offered by a lender is suitable for you.

4. One hour application decision subject to affordability test, the applicant meeting the lending criteria and supplying all the required information to process the loan application.

5. Same day payout subject to the applicant meeting the above conditions and completing loan documentation by 12pm.