Compare refinancing car loans Australia
The table below displays a selection of used car loans from our Online Partners that could be used to refinance. Conditions may apply.
Updated 10 Nov, 2025
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6.28%
Fixed
6.28%
$389.27
Canstar Outstanding Value Award Winner - Personal Loans
Used Cars with no vehicle age limit, Borrow between $5,000 - $100,000
No early repayment, exit or monthly fees
24hr approval available
5.99%
Fixed
6.34%
$386.56
Get a great rate, no penalties for early pay-out.
Apply Online in 10 Minutes
No monthly fees.
24hr approval available
5.99%
Variable
7.12%
$386.56
Available for used vehicles up to 12 y/o
Get a personalised rate, won't impact your credit score
Borrow from $5k to $150k, 3 to 7 yr loan term
24hr approval available
6.35%
up to 20%
Fixed
6.90%
up to 20.63%
$389.92
up to $529.88
Over 25 years asset finance experience
Our panel of 35 lenders are here to help you!
Application fee displayed is inclusive of broker fee, broker fee may vary.
24hr approval available
6.28%
Fixed
6.28%
$389.27
24hr approval available
5.99%
Fixed
6.34%
$386.56
24hr approval available
5.99%
Variable
7.12%
$386.56
24hr approval available
6.84%
Fixed
7.19%
$394.52
24hr approval available
7.99%
Fixed
8.27%
$405.43
12.99%
Variable
13.36%
$454.96
24hr approval available
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Canstar Star Rating
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The initial results in the table above are sorted by Star Rating (High-Low) , then Comparison rate^ p.a. (Low-High) , then Provider Name (Alphabetical) . Additional filters may have been applied, which impact the results displayed in the table - filters can be applied or removed at any time.
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Car Loans
What is a refinance car loan?
A refinance car loan is simply a new car loan used to replace your current one. Almost any car loan can work for refinancing if it offers interest rates, fees, or features that better suit your needs. For example, you may switch to a car loan with lower interest rates and/or fees that help you save on repayments.
If your existing loan is secured by your vehicle, refinancing can be more complex. A new lender may not accept the vehicle as security if its value has dropped, or if it is over a certain age. As an alternative, you could consider an unsecured car loan, though these often have higher rates than secured loans.
Can you refinance a car loan?
You can refinance a car loan by replacing your existing loan with a new loan under new terms. Refinancing may help you save money and offer greater flexibility with repayments.
However, there are costs and risks to be aware of, such as paying extra fees or extending the length of your loan, which can increase the total interest paid. Before you apply for a car loan refinance, consider how it could affect your budget, and whether refinancing would be worth it in the long run.
How does refinancing a car loan work?
Refinancing your car loan by switching to another provider is similar to the process of applying for any other used car or new car loan:
- Compare deals to find a car loan that suits your needs.
- Complete your application, bearing in mind you may need to provide your new lender with the details of your existing loan.
- Once the new loan is approved, you’ll enter into a new loan contract with the new lender.
- The money you borrow from the new lender is used to pay off your previous car loan’s remaining balance.
- Check with your previous lender that the account you held with them is closed after the balance has been paid and your loan has been transferred.
Remember that the cheapest car loan may not always be the best choice for you. Fees make a difference, so pay attention to the loan’s comparison rate, which combines a loan’s interest rate with its standard fees to give you a better idea of its total cost.
If you’re getting a car loan refinance to save money, check that switching fees don’t cancel out your potential savings. Compare hundreds of different car loan options with Canstar before refinancing.
Does refinancing a car loan hurt your credit score?
Refinancing a car loan doesn’t hurt your credit score. But, as with any loan application, it may hurt your credit score if you make too many applications within a short space of time or if you miss any required repayments on either your old or new loan.
Every time you apply for a car loan in Australia, including when you refinance an existing loan, your new lender will perform a credit check on you before deciding whether to approve or decline your application. This will typically involve looking into your borrowing history to try and work out how reliable you are as a borrower.
The better your credit score, the more likely it is you will be approved to refinance with your chosen lender. Many lenders also reserve their cheapest rates for borrowers with a high credit score.
You can check your credit score for free with Canstar and get tips on how to help you improve your score.
What are the pros of refinancing a car loan?
- Switching to a lower interest rate could mean lower repayments and more savings in your pocket.
- Getting a lower interest rate but keeping your repayments the same could help you pay off the car loan sooner and save money in total interest over the long term.
- You could get a car loan with features and benefits that better suit your circumstances, such as the flexibility to make additional repayments or the option to redraw money when you need it.
What are the cons of refinancing a car loan?
- You might end up paying more interest over the life of your loan if you negotiate a longer loan term than the time left on your existing loan, even if the interest rate is lower
- You may have to pay a fee for exiting your previous car loan, and possibly an application fee and ongoing fees for the new loan as well.
- Switching to a car loan with a lower interest rate could mean losing access to features and tools from your current loan that help you more easily manage repayments.
Tips to consider when refinancing your car loan
- Before you refinance, check that your loan costs will be lower than on your previous loan. Consider the interest rate and any fees that may apply, including any early exit fees.
- Check that you won’t end up paying more interest over the life of the loan. While a longer loan term may reduce your monthly repayments, you could end up paying more interest in the long run, even if your interest rate is the same or lower.
- Make sure the new loan has the features you want, such as the flexibility to make additional repayments without penalty, or having a redraw facility to withdraw extra repayments if you need to.
- Make sure you are in a strong position to refinance before applying for the new loan.
Frequently Asked Questions about Refinancing Car Loans
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Vidhu Bajaj10 October
Canstar Car Loans Star Ratings and Awards
Looking for an award-winning car loan or to switch lenders? Canstar rates products based on price and features in our Personal and Car Loans Star Ratings and Awards. Our expert Research team shares insights about which products offer 5-Star value and which providers offer outstanding value overall.
Canstar rates a range of financial products, covering banking, insurance and investment. We also reveal which providers have the most satisfied customers in our dedicated Customer Satisfaction Awards.
About the authors
Mark Bristow, Senior Finance Writer
Joshua Sale, GM, Research
Important information
For those that love the detail
This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.
