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General information only: This guide does not consider your objectives, financial situation or needs and is not financial advice. Credit eligibility, rates and terms depend on the lender's assessment.
Build one comparison profile before requesting figures
Pricing cannot be compared fairly when the vehicle price, deposit, amount financed, term or balloon changes between options. Record one intended structure first, then ask for figures based on that same structure.
Also record the borrower and vehicle facts that can change policy fit: employment and income stability, existing commitments, credit history, vehicle age, seller type and intended loan purpose.
- Vehicle price and deposit or trade-in
- Exact amount financed and proposed term
- Any balloon or residual amount
- Vehicle year, kilometres and seller type
- Borrower income, commitments and credit profile
Separate policy fit from the price comparison
A low advertised rate may apply only to a narrow borrower, vehicle or product profile. Confirm that the option can actually accommodate the requested amount, term, vehicle and purchase type before treating its rate as comparable.
Use the car-loan rates authority page for the explanation of personalised, advertised and comparison rates. This checklist is for preparing consistent inputs and comparing the resulting figures.
Compare the complete output, not one percentage
For each eligible option, record the interest rate, statutory comparison rate, establishment and ongoing fees, repayment, total amount repayable and any early-payout costs. A longer term can lower the scheduled repayment while increasing total interest.
- Keep the amount, term and balloon identical
- Check which fees are included in the comparison rate
- Compare total repayments as well as the regular repayment
- Record conditions that could change the quoted figures
Sources and further reading
Primary sources checked when this guide was reviewed:
Read BaseRate's editorial policy and calculator methodology.