car mortgage

Ah, the curious case of a "car mortgage"—a term as rare as a V8 Commodore in a hybrid expo. Let’s clear the fog: Australia doesn’t really do "car mortgages." Instead, you have car loans or novated leases.

Car loans typically feature interest rates between 5% and 12%, depending on your credit score and lender. You can snag a new car loan or opt for a used vehicle loan, with terms usually spanning 1 to 7 years. Monthly repayments are your norm, much like a mortgage, but thankfully without decades of commitment or the need to remortgage your driveway.

If you’re hunting for finance options, check out lenders via Tradingpost or CarShowroom for vehicles and ServiceCentral for loan comparisons.