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You may consider dealer finance to be a convenient and simple option if you buy a vehicle from a car dealer - just be aware that this convenience can cost you more money than alternative finance options.

Dealer finance generally has a higher interest rate than the finance products from financial institutions. It can also come with extra terms and conditions, such as a hefty fee for an early pay-out of the loan.

There are many other options - so take the time to shop around before signing anything.

What to look for in a loan

Shop for your loan before you start to look at cars.

Some of the variables you need to consider include:

  • The term of the loan - car loans often have a term of between one and five years, although some can run for up to seven years;
  • Interest rates - these can vary wildly depending on the term of the loan, the financial institution offering the loan, the loan amount and whether you want a variable or fixed rate;
  • Other fees and charges - check the fine print for establishment fees, annual fees, fees for paying out the loan early and fees for defaulting on a payment;
  • Repayments - can you make repayments weekly or fortnightly? This often saves money during the term of the loan; and This may sound obvious, but only commit yourself to a loan that you are confident you can repay.

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Meet our network partners

As part of the carsales network, we have an exclusive panel of specialist lenders and industry partners that will protect and treat you right every step of the way.

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RateSetter

AMMF

Liberty

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ANZ

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Latitude

Redbook

Thorn Group

Bank of Queensland

Carsales

Metro

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