Firstmac Car Loan Review

Firstmac is Australia’s largest non-bank lender providing competitive car loan rates from as low as 4.47%. They have good policies for customers with limited credit activity, but stricter stances on employment and credit history and don't do private sales

Best for

Firstmac will lend to customers with brand new credit files. So even if this is your first loan, you will still be eligible with FirstMac

Unlike most lenders, your interest rate will not vary based on your credit score. As long as you meet the minimum credit score requirement, you’ll have access to their most competitive rates.

Draw backs

Dealership sales only! If you’re looking to go through a private seller, Firstmac’s not for you

No negative equity allowed if you decide to apply with Firstmac. If you’re looking to pay out and trade in your existing car loan, Firstmac won’t allow for any of the previous loan to be re-financed

Firstmac overview

Firstmac is Australia’s largest non-bank lender, offering a range of financial products. This ranges from home loans to car loans, an investment fund and term deposits. Interestingly, you cannot apply directly for a loan with Firstmac, who rely entirely on providers like Driva for the origination of their loans.

Unlike banks such as ANZ or Commonwealth Bank who use deposits from everyday Australian’s, Firstmac funds their loans through what are called Residential Mortgage Back Securities (RMBS). Firstmac’s RMBS program gives them access to large pools of funding by grouping together thousands of home loans as security over that funding, which then gets used for things like their car loan product.

How to apply for a Firstmac loan

To get access to the low rates available with a Firstmac car loan, you’ll need to be over 18 and have a minimum Equifax credit score of at least 560 - which is the highest of any of the lenders on our panel. You’ll have to be buying a vehicle that is no more than 7 years old, and you’ll need to be buying it from a dealership (no private sales).

Are you interested in financing an electric car? Click here to see your EV loan options.

See if you qualify for a Firstmac loan in minutes

Find my rates
Fixed rates from:

9.29% (10.56% comparison rate*)

Loan amounts:

$5,000 - $100,000

Loan terms:

3-5 years

Loan types:

Secured Car Loans only.

Min. credit score:

560 (based on Comprehensive Score)

Min. income:



Yes (if residing at the same address)

  • Establishment fee: $400
  • Monthly: $0
  • Early termination charges: Starts at $700, and reduces each month (no fees payable in the last 12 months)
  • Brokerage up to $1,210

*Last updated 15/04/24

Big no-no's (automatic declines)

If you’re a contractor, self-employed or casual employee - you’re going to need at least 12 months in the same role to be considered

You’ll need a squeaky clean credit history. This means no defaults, debt collections, or outstanding late payments on things like your credit card

Driva tip: Firstmac are a bit stricter than Driva’s other lenders when it comes to credit history, but that doesn’t mean you have to worry. Driva does all the policy checks for you before your details are shared with Firstmac, to make sure your loan is very likely to be approved before any hit on your credit file.

Other hot tips

If you’re looking at a “green” car (most hybrids or electric cars), you can get a rate discount!

Firstmac - Frequently Asked Questions