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Secured Car Loan
- Security required
- Yes, the vehicle
- Typical terms
- 1 to 7 years
- Balloon available
- Yes
- Best suited to
- Most buyers of newer vehicles
- Turnaround
- Possible same day
Compare car loan rates with one application
A car loan lets you buy a new or used car and pay it off over one to seven years, with the car usually used as security. You can buy from a dealer or a private seller, and no deposit options are available. Employed and self-employed buyers are both welcome.
Buying new, used, or refinancing? Morella Finance compares car loan rates across Australia's banks and specialist lenders so you get the right deal, first time.
Car loans from 6.20% p.a. Comparison rate 6.63% p.a.*
Operating under the National Consumer Credit Protection Act · No-obligation quote · Fast turnaround
Some of the lenders on our panel
THE DIFFERENCE
Why use a broker instead of your bank
Broker vs bank,
a real comparison
FeatureYour bank
Choice of lenderTheir own products only
Credit checksOften a hard enquiry at enquiry stage
Self-employedStandard income checks
Loan structureTheir standard products
Process supportUsually you navigate it yourself
FeatureThrough a broker
Choice of lenderMultiple lenders, compared for you
Credit checksEnquiry does not affect your credit file
Self-employedLenders with self-employed policies
Loan structureStructured around your purchase
Process supportWe manage it for you
One application, the whole panel compared
Instead of applying to multiple lenders and damaging your credit score with repeated checks, we do one assessment and compare the full panel for you.
We find the right structure, not just the cheapest rate
Rate is one factor. Loan structure, balloon payments, early repayment terms and tax treatment all affect the real cost of your finance. We look at the full picture.
Self-employed and low-doc welcome
Banks often decline self-employed borrowers who don't fit their rigid income criteria. We have access to specialist lenders who understand non-traditional income.
No credit impact to enquire
Sending an enquiry doesn't affect your credit file. We tell you before any lender check happens.
Finance first.
Then the car.
Your broker compares the market against your car, your deposit and your profile, so any offer you are shown becomes something you can measure rather than something you have to accept.
New, used, private sale or refinance
The process
How getting a car loan works
Tell us what you need
A 2-minute online form about you and the car you want.
We compare the market
Your broker compares options for your profile.
You choose your offer
Review terms side by side and pick what suits you.
We settle the loan
Paperwork, PPSR checks and dealer payment handled for you.
Car loan repayment calculator
Estimate your repayments. Adjust the sliders to match your situation.
Loan amount
$10,000$750,000
Interest rate (% p.a.)
3%25%
Loan term
1 yr7 yrs
Balloon payment (%)
0%40%
Monthly repayment
$580
per month
Weekly
$134
Total repayment
$34,799
Estimates only. Your actual rate depends on your profile and lender. Get a real comparison.
Get my quoteAbout the starting rate
6.00% p.a. is a starting point for estimating repayments only. It is not a quote, not an offer of finance, and not a rate available to every applicant. Your actual rate depends on the lender, the asset, the loan term, the loan amount and your circumstances. Adjust to model scenarios.
What do lenders look at for a car loan?
The car matters as much as the borrower. These are the things that narrow the lender panel before your income is even looked at.
Compare car loan types side by side
The three most common structures we arrange, and where each fits.
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Unsecured Car Loan
- Security required
- No
- Typical terms
- 1 to 7 years
- Balloon available
- No
- Best suited to
- Older cars and unlisted assets
- Turnaround
- Fastest. No asset documents needed.
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Low-Doc (ABN)
- Security required
- Yes, the vehicle
- Typical terms
- 1 to 5 years
- Balloon available
- Yes
- Best suited to
- Self-employed and ABN holders
- Turnaround
- Possible same day
Finance for the car you actually want
Step 1 of 5
Understand the basics of car finance
A car loan is a fixed-term agreement where a lender advances the purchase price and you repay it in instalments, usually weekly, fortnightly or monthly over one to seven years. The lender registers an interest in the vehicle, which lowers their risk and is the main reason secured loans typically cost less than unsecured alternatives.
The repayment you see advertised is only part of the picture. Loan term, balloon or residual amount, and the loan structure all change what you actually pay over the life of the loan. Two loans with an identical repayment can differ by thousands in total cost, which is why comparing on repayment alone is a mistake.
Car finance also splits by purpose. Personal-use vehicles are financed under consumer credit with the protections of the National Credit Code. Business-use vehicles for ABN holders are usually financed under a chattel mortgage, which changes the tax treatment and the paperwork the lender asks for.
The benefits of financing rather than paying cash
Financing keeps your cash available. A car loses value from the day you buy it, and tying up savings in one leaves less buffer for emergencies, investments or your business. A loan lets you match the cost of the car to the years you use it.
Financing through a broker also widens where you can buy. Pre-approval works for dealer stock, private sales and online listings alike, so you can negotiate like a cash buyer wherever the right car turns up.
For business buyers, a chattel mortgage may allow the GST on the purchase price to be claimed upfront and interest and depreciation claimed as expenses. The right structure depends on your situation, and your accountant should confirm the tax outcome.
How to choose the right car loan
Start with the structure, not the rate. Secured or unsecured, fixed or variable, balloon or no balloon, consumer or commercial. These decisions set the range of lenders available to you and the total cost far more than small rate differences do.
Then match the lender to the car and to you. Every lender has its own rules on vehicle age, kilometres, purchase channel and borrower profile. The lender that suits a new dual-cab bought from a dealer is rarely the one that suits a nine-year-old import from a private seller.
Finally, compare like with like. Look at the total amount repayable over the term, not just the repayment. A longer term or a bigger balloon lowers the monthly figure while raising the true cost.
A quick and easy application process
One enquiry with Morella Finance puts your profile in front of a panel of lenders without a separate application to each. Your broker matches your situation to the lenders most likely to approve it on strong terms, so you avoid the repeated credit enquiries that damage your score.
Pre-approval is possible the same day for many straightforward applications. You will need your driver's licence, proof of income and, once you have found the car, its details and the seller's information. Your broker handles lender paperwork, settlement and payment to the dealer or seller.
Tips for comparing car finance
Get pre-approved before you shop. It fixes your budget, strengthens your negotiating position and takes dealer finance pressure off the table entirely.
Size any balloon against the car's realistic future value, and check your credit report before applying. Have your documents ready too, because clean, complete applications are the ones that move fastest.
Car finance at a glance
- Secured car loans generally cost less than unsecured because the vehicle backs the loan
- Structure, term and balloon size drive total cost more than small rate differences
- One enquiry compares the market without repeated credit checks
- Pre-approval is possible the same day for many straightforward applications
- Business buyers can use a chattel mortgage, with the tax treatment confirmed by your accountant
18 years or older
Australian citizen, permanent resident, or eligible visa holder
Regular income (PAYG, self-employed or Centrelink considered)
Valid driver's licence and ID
Credit history reviewed holistically. Past issues don't automatically disqualify you.
Who we help
Who we help with car finance
The First Car Buyer
Finding your first loan without the jargon.
The Upgrading Family
Moving to a bigger, newer, safer vehicle.
The Tradie / ABN Holder
Needing a ute or van financed around irregular income.
The Private Sale Buyer
Purchasing from Carsales, Marketplace or a private seller.
The Refinancer
Already have a loan but know the rate isn't right.
Car finance guides
Written by a licensed broker for Australian borrowers.
10 guidesCar financeNew, used, refinance and private sale car loans for employed and self-employed buyers.Explore car finance
Buying a Car Privately: How Finance Works for Private SalesPrivate sales often mean better prices, but the finance process differs from a dealer purchase. Here is how private sale car loans work, step by step.
Comparison Rate vs Interest Rate: What's the Difference?Two rates appear on every Australian loan ad, and they rarely match. What the comparison rate includes, why it exists and which one to compare on.
Car Finance for Self-Employed and ABN HoldersNo payslips does not mean no car loan. How self-employed Australians and ABN holders get car finance, what documents lenders accept.
How Your Credit Score Affects Your Car LoanYour credit file shapes which lenders will approve you and on what terms. How scores work in Australia, what lenders actually look at.See all 10 car finance guidesCar loan questions
Rates on our panel start from 6.20% p.a. (comparison rate 6.63% p.a.)*. The rate you're offered depends on your credit history, the car's age and the loan term. Tell us what you're buying and we'll compare lenders to find you the best rate we can. The comparison rate example and warning are at the bottom of this page.
We arrange car loans from $10,000 up to $150,000 or more, depending on your income, credit profile and the vehicle's value. Lenders generally require your total loan repayments to be comfortable relative to your income. Your broker will assess your borrowing capacity before comparing lenders so you know exactly what your ceiling is before you start shopping.
Often, yes. A number of specialist lenders on our panel specifically cater for applicants with defaults, late payments or a thin credit history. The key is full disclosure upfront. Lenders assess the full picture, including how long ago the issue occurred and whether it has been resolved. Your broker will match you to the most appropriate lenders for your specific situation.
A secured car loan uses the vehicle as security. If you default, the lender can repossess the car. Because the lender holds security, rates are typically sharper. An unsecured car loan has no asset tied to it. Rates are generally higher to reflect the lender's increased risk, but there's more flexibility around what you can purchase. Most standard car finance is secured.
Pre-approval is possible the same day for many straightforward applications. Complex applications, such as those involving adverse credit or unusual asset types, can take longer. Once pre-approved, formal settlement typically follows within one to three business days.
Yes. Most lenders on our panel will finance private sale purchases through platforms like Carsales or Marketplace. Some restrictions apply to vehicle age and condition. Your broker will confirm lender requirements based on the specific vehicle you're looking at before you proceed.
Most car finance in Australia does not require a cash deposit. However, a deposit can reduce your loan amount and improve your rate in some cases. For applicants with adverse credit, some lenders may require a contribution. Your broker will advise whether a deposit is beneficial or required for your specific application.
Yes. Most secured car lenders offer balloon structures, typically between 20 and 50 percent of the purchase price depending on the vehicle and term. A balloon lowers the monthly repayment but defers a lump sum to the end, so it should be sized against the car's realistic future value.
Sooner than most people think. Some lenders will refinance a loan that has been active for just 1 month, while others prefer a longer history. Your broker weighs any exit costs against the projected saving before recommending a switch.
Yes. If your tax returns are current, many mainstream lenders assess you normally. If not, low-doc lenders on our panel can often assess you on your driver's licence alone, with banking only needed in some cases if your ABN is under 6 months old.
Most car loans run between 1 and 7 years. Shorter terms cost less overall, longer terms lower the repayment but increase total interest. The right term usually matches how long you plan to keep the car.
We call you within one business day, generally within the hour, to talk through your options in plain English, with no obligation. Pre-approval is possible the same day for many straightforward applications.