Borrow
Car loans uptake ‘mind-blowing’ among Australian investors
Aussies borrowed billions of dollars to purchase new cars in 2018, with total loan interest repayments predicted to be over $500 million this year.
Car loans uptake ‘mind-blowing’ among Australian investors
Aussies borrowed billions of dollars to purchase new cars in 2018, with total loan interest repayments predicted to be over $500 million this year.

Finder’s latest analysis of ABS data has found that Australians borrowed $8.1 billion in car loans last year.
According to the market researchers, 1,175,908 new cars were sold in the 12 months to November 2018, with 19 per cent attached to car loans.
With the average new car loan interest rate close to 6.3 per cent and the average financed car purchased for $36,139, this means that an estimated $513 million will be paid in car loan interest in 2019.
Graham Cook, insights manager at Finder, said the figures suggest a new car is bought in Australia every 27 seconds and a car loan is taken out every 2.5 minutes.

“It’s mind-blowing to think that more than $1.4 million in interest is paid back on these new cars every single day. That’s around the same value as 39 new cars,” he said.
He recommended Australians conduct thorough research before taking out a loan, to assess whether the terms are right for them.
“Learn about the car loan rates available online before you go to buy, and remember that in all financing matters, knowledge is power – use it to improve your personal situation,” he said.
He said Australians interested in taking out a car loan should understand that a cheaper interest rate does not necessarily equate to a better deal.
“It is possible for the cheaper rate to cost you more if the upfront or monthly fees are higher,” he said.
He advised that prospective borrowers consider looking into the range of interest rates available on the market, negotiating with their preferred lender and/or borrowing less if they are certain about adopting a car loan.

Loans
The mortgage-regret economy: Why borrower confusion is reshaping Australia’s home-loan playbook
Mortgage regret has become a measurable market force, driving record refinancing, rising arrears off a low base, and a scramble by lenders and brokers to redesign the borrower journey. With the ...Read more

Loans
SME lending becomes the new gold rush as banks shift focus beyond home loans
Mortgage broking is maturing, and the next growth curve is hiding in plain sight: small business credit. With Australia’s SME lending pool topping roughly $631 billion in early 2024 and growing at ...Read more

Loans
First-home buyers' $31k blunder reshapes Australia's mortgage game
Australia’s $11.6 trillion housing market is booming again, but so are regrets among first-time borrowers who moved too quickly. A new wave of early refinances, broker-led interventions and lender ...Read more

Loans
ANZ’s self-employed rethink: mainstreaming cashflow credit in Australian mortgages
ANZ’s policy shift for self-employed borrowers is more than a documentation tweak — it’s a signal that cashflow-based underwriting is moving into the mainstream. Read more

Loans
Navigating the Australian student loan landscape: Options for financing your education
Securing financing for post-secondary education is a significant step for many Australians, offering a pathway to advancing career prospects and achieving personal growth. Read more

Loans
Secured vs. unsecured personal loans: Which is right for you?
When considering a personal loan in Australia, one of the first decisions you'll face is whether to opt for a secured or an unsecured loan. Each type has distinct advantages and drawbacks, and the ...Read more

Loans
Weighing up interest-only home loans: What Australian borrowers need to know
Interest-only home loans have become a topic of considerable interest among Australian borrowers, offering a unique approach to home financing. This type of loan allows borrowers to pay only the ...Read more

Loans
Bridging loans demystified: Navigating your next property purchase in Australia
Navigating the property market can be daunting, especially when timing issues arise between selling your current home and purchasing a new one. Bridging loans offers a solution, providing the ...Read more

Loans
The mortgage-regret economy: Why borrower confusion is reshaping Australia’s home-loan playbook
Mortgage regret has become a measurable market force, driving record refinancing, rising arrears off a low base, and a scramble by lenders and brokers to redesign the borrower journey. With the ...Read more

Loans
SME lending becomes the new gold rush as banks shift focus beyond home loans
Mortgage broking is maturing, and the next growth curve is hiding in plain sight: small business credit. With Australia’s SME lending pool topping roughly $631 billion in early 2024 and growing at ...Read more

Loans
First-home buyers' $31k blunder reshapes Australia's mortgage game
Australia’s $11.6 trillion housing market is booming again, but so are regrets among first-time borrowers who moved too quickly. A new wave of early refinances, broker-led interventions and lender ...Read more

Loans
ANZ’s self-employed rethink: mainstreaming cashflow credit in Australian mortgages
ANZ’s policy shift for self-employed borrowers is more than a documentation tweak — it’s a signal that cashflow-based underwriting is moving into the mainstream. Read more

Loans
Navigating the Australian student loan landscape: Options for financing your education
Securing financing for post-secondary education is a significant step for many Australians, offering a pathway to advancing career prospects and achieving personal growth. Read more

Loans
Secured vs. unsecured personal loans: Which is right for you?
When considering a personal loan in Australia, one of the first decisions you'll face is whether to opt for a secured or an unsecured loan. Each type has distinct advantages and drawbacks, and the ...Read more

Loans
Weighing up interest-only home loans: What Australian borrowers need to know
Interest-only home loans have become a topic of considerable interest among Australian borrowers, offering a unique approach to home financing. This type of loan allows borrowers to pay only the ...Read more

Loans
Bridging loans demystified: Navigating your next property purchase in Australia
Navigating the property market can be daunting, especially when timing issues arise between selling your current home and purchasing a new one. Bridging loans offers a solution, providing the ...Read more