New & Used Car Finance
Whether you're picking up a brand-new model from a Gold Coast dealership or buying a pre-owned vehicle privately, Loan Hive sources competitive car loans from a wide panel of banks and non-bank lenders. We take the hassle out of comparing rates, fees and conditions so you can focus on finding the right car.
Car loans are typically available for amounts from $5,000 upwards, with loan terms between 1 and 7 years. The rate you receive will depend on factors such as the age of the vehicle, the loan-to-value ratio, your credit history and the lender's own credit appetite at the time of application.
Fixed vs Variable Rate Car Loans
Most car loans in Australia are offered at a fixed interest rate, which means your repayments stay the same for the life of the loan - making budgeting straightforward. Some lenders do offer variable rate car loans, which can move up or down in line with the cash rate, and may include features such as extra repayments without penalty.
- Fixed rate - Predictable repayments, easier to budget, rate locked in at settlement
- Variable rate - Flexibility to make extra repayments, rate may fall if the cash rate drops
- Comparison rate - Always compare the comparison rate, not just the headline rate, to account for fees
- Secured vs unsecured - Securing the loan against the vehicle typically unlocks a lower rate
Balloon Payments Explained
A balloon payment (sometimes called a residual value) is a lump sum owing at the end of a car loan term. Adding a balloon reduces your monthly repayments during the loan period, but means you will need to pay a larger sum at the end - either from savings, by refinancing, or by selling the car.
Balloon payments are popular with business owners and those who like to upgrade their vehicle regularly. They are not suitable for everyone, and we'll help you understand the full cost comparison before deciding whether a balloon makes sense for you.
What We Look For
When comparing car loans on your behalf, our brokers consider:
- Interest rate and comparison rate across the full panel of lenders
- Establishment fees, monthly account-keeping fees and early payout fees
- Maximum vehicle age restrictions (some lenders won't finance older vehicles)
- Private sale versus dealer sale conditions
- Whether the lender approves loans for your vehicle category (e.g. motorcycles, caravans, boats)
- Ability to include comprehensive insurance in the loan amount