Car & personal details
Give us the details of the vehicle you’re looking at and your personal profile
We check your profile against thousands of lender policies to find your matches. No impact on credit score!
Approval can take anywhere from 2 hours to 2 days depending on which lender you’ve chosen.
Pick up your car!
The fun part. Search private sales and dealerships - or ask Driva to match you with a dealer!
We search far & wide for your best rate, so you don’t have to!
Compare loan rates from over 30 lenders
|Lender||Loan Amount||Loan Term||Interest Rate (APR)||Comparison Rate (APR)|
|$5,000 - $250,000||1-7 years||3.69%||4.90%||Find my rates|
|$10,000 - $250,000||1-7 years||3.99%||4.79%||Find my rates|
|$5,000 - $80,000||3-7 years||4.84%||6.75%||Find my rates|
|$10,000 - $100,000||1-7 years||4.89%||5.44%||Find my rates|
|$5,000 - $100,000||3-5 years||4.97%||6.89%||Find my rates|
|$5,000 - $65,000||3-7 years||5.59%||7.31%||Find my rates|
|$5,000 - $60,000||1-7 years||5.75%||6.82%||Find my rates|
|$10,000 - $100,000||1-5 years||5.99%||7.64%||Find my rates|
|$5,000 - $100,000||1-7 years||5.99%||7.51%||Find my rates|
|$5,000 - varies||1-7 years||5.99%||6.85%||Find my rates|
|varies - $50,000||1-5 years||6.25%||7.42%||Find my rates|
|$10,000 - $150,000||1-5 years||6.49%||7.53%||Find my rates|
|$5,000 - $100,000||2-7 years||6.49%||8.40%||Find my rates|
|$10,000 - $100,000||3-7 years||6.75%||8.51%||Find my rates|
|$5,000 - $50,000||3-5 years||6.99%||8.69%||Find my rates|
|$5,000 - $50,000||3-5 years||11.99%||14.20%||Find my rates|
|$5,000 - $75,000||3-7 years||19.95%||23.45%||Find my rates|
|$2,000 - $50,000||1-7 years||19.95%||26.64%||Find my rates|
|$8,000 - $50,000||3-5 years||22.99%||25.21%||Find my rates|
Learn more about New & Used Car Finance
What is a car loan?
A car loan is a form of credit under which an individual borrows money from a financial institution to purchase his or her vehicle. The main characteristics of a car loan include an interest rate (which is generally fixed rate), a monthly repayment amount and a loan term. A secured car loan uses the vehicle as security, which allows borrowers to access lower rates because they can repossess the car in the event of non-payment. By comparison, an unsecured loan will have a higher interest rate and leave the lender with no recourse to the underlying vehicle.
3 benefits of obtaining car finance
1. You can borrow the full amount of the car’s purchase price & avoid dipping into your savings with new car finance
Whether you're purchasing a used or new car, borrowing 100% of the purchase price can be advantageous. As you don’t have to wait until you’ve saved all or even part of the money and can get on the road sooner. If you're able to afford the monthly loan repayments, then obtaining finance is a good option.
2. Expanded choice of vehicles
A new car loan can help you buy a more modern or reliable vehicle than you might be able to afford otherwise. An expanded vehicle choice is beneficial in helping you find the perfect car for now and the future, and likely means less expensive visits to the repair shop that come with a cheaper second-hand car.
3. Low rates & monthly repayments
Secured car loans come with very low rates as your car is used as collateral. These rates are typically lower than unsecured personal loans and other types of financing (like a credit card) because you're borrowing against an asset that will retain value over time.
In addition, monthly payments for a car loan are also lower than other financial products as the loan is paid back over a longer period of time (up to seven years).
Learn More: '6 Benefits Of Buying A Car On Finance'
Top tips on how you can get the best car loan
Get your finances in order
The first thing to do before financing a car (as with any loan or credit situation) is to rectify any finance-related issues.
Credit reports will impact your car loan interest rate and the funds available to you, which is why it is so important to deal with any past agreements before getting a new loan.
For example, consider paying off any existing loans and credit cards, as well as removing any financial commitments that are no longer needed.
With Driva our smart platform and dedicated team of vehicle finance experts will protect your credit score by making sure you’re extremely likely to be approved before sharing any personal information with your chosen lender. We’ll also be able to tell you ways to improve your credit health so that you can secure the lowest rate possible.
And even if you have never taken out a loan before or your credit is not the best, Driva may still have loan options for you or at the very least, be able to recommend ways to improve your credit rating for the future.
Understand your affordability
Be realistic with your finances before the car shopping process, it is important to know how much you can afford. That means taking into account how you will repay the loan and what your ongoing commitments are. For example, having a budget for repayments that is more than your monthly income may be unsustainable in the long term. Work out a comfortable finance term with car loan repayments you can afford without compromising any lifestyle essentials.
Driva will be able to tell you the maximum amount you are eligible to borrow so that you can shop with confidence! You can get started by using our car loan calculator to get an idea of the finance options available to you.
Learn more: ‘How Much Should You Spend On A Car?’
At Driva we're able to find you the best car loan deal by helping you compare more than 30, lenders negotiating on your behalf, then obtaining an indicative pre-approval rate of interest for you, which we can then hold on ‘standby’ until you find your perfect new or used car.
This pre-approval can speed up the car-buying process considerably because it means that all financial checks are done before purchase and you can shop with complete confidence knowing exactly how much you can afford.
Looking for a particular make?
Don’t take our word for it
We always recommend a second opinion. Read our customer reviews.
The Driva Promise
100% transparency on fees
We break fees down so you can understand them
No impact on credit score
We don’t share your information with lenders until we know you’re going to be approved
The rates we quote won’t change later in the process
Looking for something else?
Have a question?
How long does the process take for used or new car finance?
Getting an online finance quote only takes just a few minutes and the entire process (from approval to your chosen seller receiving funds in their account for the car purchase) can be done as quickly as within 24 hours. That said, actual turnaround times will vary fairly significantly depending on your chosen lender as they each have their own unique lending criteria.
Our short and simple online application only takes 2 minutes to fill out, and you can see your car loan options from within your Driva Dashboard instantly, you can get started and apply online here now.
Once you’ve picked your lender and provided a few other details (like income, employment and expenses), we will work with your chosen lender to lodge your finance application. This is usually done within 3 business hours, but we might require some additional information or have a few extra questions for you before we can finalise your application and lodge it with your chosen lender.
Approval of our online car loans can then take anywhere from a couple of hours to 48 hours, then it’s time to go car shopping. The Driva team is closely aligned with our lending partners to make this as fast a process as possible, and in some cases, we even have guaranteed turnaround times in place so that you can be on the road in your new car in no time.
You can also use our car loan calculator to get an indication of how much a car loan might cost you.
How much can I borrow with a car loan?
Loan amounts for any type of finance will vary from customer to customer, depending on their personal situation and preferred loan terms. Things like living expenses, income sources, living situation, your credit score and your credit history will all contribute to your maximum loan amount and estimated car loan repayments.
Adjusting your loan term (e.g. from 5 years to 7 years) can also help with your maximum borrowing amount, and Driva's smart online platform and expert team will give you the appropriate professional advice you need to find out the maximum amount of car finance and type of car loans you could be approved for.
If you need assistance in determining how much to spend on a new vehicle, check out our resource, ‘How Much To Spend On A Car - A Complete Guide,’ for more information.
Do you do commercial loans?
Whether you're buying your next car through your business, or want to take out a personal loan for a used car, are self-employed or a contractor, Driva has a car loan solution with low interest rates to suit your needs.
In fact, in some cases, Driva's commercial car loan lenders are able to offer lower interest rates than if you were to acquire a car through a personal loan. Enabling you as a business owner to get a great deal on a company car with a tailored business loan solution from us.
The most popular vehicle finance option for business purposes offered by Driva is a chattel mortgage. This is a car finance product where a financier lends the money to buy a car and the customer makes regular monthly repayments. The business assumes ownership of the vehicle but the financier has a ‘mortgage’ over it (secured loan) until the loan is paid, including any balloon payment. A balloon payment is where you make smaller monthly payments and a larger lump sum payment at the end of your loan term.
What is a secured car loan?
Secured car loans are where the vehicle that is being purchased is used as collateral in the event of loan default. It gives lenders additional comfort that they will be able to recoup the money lent, and as a result, generally will be accompanied by a lower interest rate and cost savings vs unsecured loans.
Secured loans generally will require the vehicle to be 12 years or under, which means if you're buying a car older than this you'll have to opt for an unsecured loan.
Learn more: ‘ ‘Secured vs. Unsecured Car Loans.’
Does applying for quotes with Driva impact my credit score?
No. Getting your rates with Driva won't affect your credit score.
Only once you've chosen your preferred lender, submitted your final application to us, have been vetted by the Driva team and provided consent, then your application will be shared with your chosen lender and a full credit report run. This way we make sure you don’t have unnecessary credit enquiries on your file - only once it is clear that you meet the criteria for approval and are happy to proceed do we give lenders authority to run the required checks!
Even if you’re not happy with your current credit score, Driva might be able to help you with a bad credit car loan. We have the right car loan options to suit your unique circumstances.
What is a comparison rate?
When shopping around for online car finance, you can use comparison rates to help work out the true cost of a loan. This is because it accounts for all of the fees and charges a lender is paid for originating car loans.
Driva clearly specifies the comparison rate of every quote we provide to you so you can quickly see which car loans will cost you less. Our tip is to rely on either the comparison rate or monthly repayment figure instead of the quoted annual percentage rate or interest rate, as these can be very misleading!
For example, some lenders might lead with an exceptionally low interest rate to appeal to new customers looking for the best car finance deal. But these same lenders often have high establishment, monthly or termination fees associated with their car loans which then lead to a significantly higher comparison rate.
It's important to take caution when relying on online resources like a car loan calculator, which might not accurately account for all fees associated with a particular new or used car loan. This might lead to a rate comparison made on an interest rate, instead of a comparison rate, and overall a poorer outcome for the consumer.
Learn more: ‘Car Finance Terminology Explained.’
Which lenders do you work with?
We work with over 30 different lenders in order to provide you with the ability to find the perfect car loan for your desired vehicle and personal situation.
We realise not all lenders are created equal. That’s why we work with a select few that have great response times and support functions to support our vision of a seamless customer experience and great rates across a range of different scenarios. You can view a complete list of our current lending partners here and compare car loans.
Can I pay out my car loan early?
You can always pay out your existing car loan, but some lenders may charge you what's called an early termination fee in addition to the outstanding loan amount to do this.
Using Driva's online loan matching tool, you can find out which of your eligible lender options will penalise you for making an early repayment on your vehicle loan.
While we consider monthly car loan repayments (inclusive of all fees) as the most important factor to consider when assessing your Driva quotes, it is also important to consider early termination fees and early repayment fees if you intend to pay out your loan early. In some cases, it may be worth choosing a lender with a slightly higher monthly repayment to avoid early termination fees and charges if you want the flexibility of reducing your interest and paying off your car sooner.
Can I get a car loan pre-approved?
Yes - Driva can help you get a pre-approved flexible fixed rate car loan so that you can start shopping for your dream vehicle (including caravans, motorcycles or an electric car!) with a set limit of what you can spend.
Can I get finance for another type of vehicle?
Can I refinance my car loan through Driva?
Yes, Driva works with many lenders that offer car loan refinancing. If you have a car loan from an existing lender and would like to compare your options or if you want to find out what your monthly regular repayments would look like at another institution, we are here to help!
What’s the difference between variable vs fixed rate car loans?
Fixed Rate Car Loans
Fixed rate car loans are where the interest rate charged on the loan amount is the same for the entire loan term. A fixed rate car loan will stay the same whether the Reserve Bank of Australia (RBA) cash rate goes up or down. The majority of new or used car loans are at a fixed rate.
Fixed rate car loans make your finance more reliable in terms of repayments. Your repayments will stay the same throughout the entire car loan term, so there’s no surprises if the interest rate fluctuates.
Variable Rate Car Loans
A variable rate car loan is as the name suggests, it has a variable rate of interest, so your repayments may fluctuate if the market interest rates change. This means your rate may increase or decrease over the course of the loan term, with the chance of averaging a low rate throughout the car loan term compared to a fixed rate.
However, a variable rate car loan also comes with increased repayment flexibility when compared to a fixed rate car loan. Variable rate car loans usually don't have an early exit fee. This might be better if you're planning to make extra repayments and pay the car loan back early.