Interest rates for car loans in Australia typically range from around 5% to 12% per annum, depending on your credit score, loan term, and whether you're buying new or used. New car loans often attract lower rates, closer to the 5-7% mark, while used car loans might push up towards 10-12%. Beware the fine print: longer terms might lower your monthly payments but increase total interest paid, a classic trap for the unwary. Always shop around with lenders or check platforms like ServiceCentral for competitive rates. Remember, the advertised headline rate might not be what you end up with if your financials are a mess.
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