Personal Loans made easy

Credit made for you

Cheapest Car Loans

SocietyOne / Cheapest Car Loans


Award winning personal loans


Easily calculate your loan repayments

Getting a personal loan with SocietyOne is quick and easy.

Learn more

Total repayment (inc. interest and fees)
Total interest
8.20% p.a.
Example interest rate*
8.27% p.a.
Comparison rate*

Cheapest Car Loans

On average, one in five cars on the road is financed through some form of credit, and people are always looking for auto finance lenders who can offer the cheapest car loans around. Auto loans are attractive to young adults and families, especially because such loans give them more leeway in how they can pay for their desired vehicle.

That being said, the cheapest car loan may not be the best value car loan or the most affordable car loan – some car loan lenders may offer low-interest rates but have hidden fees or early repayment penalties.

Financing companies for cars have their criteria for borrowers, just as any other credit providers in the market. Here are a few points to look out for when you’re considering online car financing.

What's the cheapest amount you can finance a car?

The answer will depend on the auto finance lenders you choose. If you compare car loans Australia from any two lenders, you may find that they differ in almost everything, from interest rates, type of interest, additional fees or penalties, and even loan terms.

Because of this, you must enquire as much as you can about what your car loan financing will entail. Ask if the loan payout will be as a lump sum or in tranches, and ask if it will be paid out to you directly or the seller or car dealership instead.

Consider the type of loan as well. Car loan offers usually come in two types: secured and unsecured. Secured loans require collateral, while unsecured loans do not.

At SocietyOne, our secured car finance loans have a minimum loanable amount of $5,000 and a maximum of $70,000, and you can choose repayment terms for up to seven years. Because this loan type requires pledged assets to secure them, documentary proof of property or asset ownership will be required during the application process.

If you don’t have any assets that you want to put up as collateral but still want to apply for some of the cheapest car loans for car financing, we also have unsecured car loan options.

Our unsecured loans have a $5,000 minimum also, and a loan ceiling of $50,000. Unsecured loans are also available as green loans for electric or hybrid cars or as motorbike loans. Loan term options are two years, three years, and five years for unsecured loans.

Our car finance interest rates are fixed, and we also don’t have any monthly or early repayment fees. All amounts disclosed in your loan agreement are what you’re required to fulfil, so you can plan your repayments with the reassurance that there won’t be any hidden charges on your account.

The best car loan deals are the ones that consider your financing requirements, so don’t be shy to ask around. Many online car financing providers will be more than happy to walk you through your options, us included.

Are interest rates on car loans negotiable?

There are two main factors to consider with this question.

The first is the auto loans provider – negotiating for a lower or more competitive rate for the cheapest car loans is moot if they don’t allow it in the first place.

Most credit providers do offer several options for what you can borrow, be it through fixed rate ranges or flexible payment schemes. However, if you find yourself with a lender that only offers one product, you may be out of luck where negotiations are concerned.

Another factor is your credit score. A higher credit score will give you more bargaining power, whether it’s to lower your interest rate or have more comfortable loan terms or payment schedules. The healthier your credit score, the more willing most credit providers will be to work out a loan offer that meets your needs.

Good credit history also opens you up to more credit opportunities than just the cheapest car loans in the market – your credit score is among the first things looked into when you apply for housing properties or rentals, as well as commercial credit lines. At SocietyOne, our risk-based pricing model allows us to offer you better loan options the better your credit standing is.

What is considered a cheap car loan?

The cheapest car loans are the ones that meet your unique requirements. That’s the beauty of credit – they can be adjusted or customised to meet individual preferences, and you’ll never run out of options.

We believe this at SocietyOne as well, which is why we incentivise good credit with low-interest rate loans and personalised online loaning offers. Our fixed rates for auto car loans are among the most competitive in the lending market – you can determine this personally through our loan repayment calculator and comparison rate tables.

Maintain good borrowing habits with the Credit Score Club

If you’re worried about your credit score but don’t know where to start, the Credit Score tool can help you identify the problem areas in your credit history.

The Credit Score tool is an exclusive service we offer registered SocietyOne users who want to check their credit scores and credit history first before sending an application. Through our credit reporting partner Experian, club members can preview their profile and rating as frequently as needed to track their progress. Just find the ‘Get My Score’ button on our site, click it, and follow the steps.

The club also contains a wealth of tips for responsible credit management. It’s also obligation-free, meaning you don’t have to commit to any of our cheapest car loans to sign up. We encourage you to take advantage of the resources here so you can take control of your credit.

Join the SocietyOne community

SocietyOne is a licenced and registered lending platform that offers multi-awarded unsecured and guarantor personal loans to thousands of clients every year since we first started lending in 2012. We’ve also diversified our services into consumer lending, giving interested parties and individuals the option to broker or invest in loans with us.

As part of the MONEYME Group, SocietyOne is committed to being transparent about our credit products. If you have any questions about your loan eligibility or the application process, contact us through email at or through phone call at either 1300 144 221 or 02 8397 9700. Our phone support is active Mondays to Fridays, from 9.00 a.m. to 5.00 p.m. AEDT.

Experience effective and efficient credit service with us. Apply for your first personal loan today!


Don't just take our word for it...