The table below shows variable rate car loans from our Online Partners, sorted by Star Rating.
Updated 19 Jul, 2025
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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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Looking to buy your first car or upgrade your current vehicle? Buying a car is often one of the largest financial commitments you’ll make, so many Aussies look to financing, in the form of a car loan, to secure their new set of wheels. The interest you pay on a car loan usually comes at a fixed rate, variable rate or split rate. So what is a variable rate when it comes to car loans?
A variable rate car loan is a car loan that is subject to a variable interest rate. This means the interest rate (%) you pay on the outstanding loan amount can change throughout the life of the loan, and your lender is free to raise or lower it, typically due to changes in market conditions. This also means that the amount you regularly repay towards the loan, and the amount you pay in interest, is not guaranteed to be the same in each payment period.
The type of car loan you have, be it a secured car loan or unsecured car loan, can have an impact on the interest rate that your lender decides to offer you, with rates for unsecured loans typically being higher.
Secured car loans refer to loans where an asset, usually the vehicle itself, is being used as collateral for the loan. This means that if you can’t make the repayments on your loan, the lender can seize the asset and sell it to recoup the outstanding debt. As secured car loans offer less risk to the lender than unsecured loans, the interest rate will typically be lower.
Unsecured car loans, in the strictest sense, are actually unsecured personal loans that you take out for the purpose of buying a car. Personal loans have a broader application than car loans, as borrowers may use them to fund home renovations, larger purchases or even debt consolidation. As the name suggests, unsecured loans have no collateral attached to the loan, meaning lenders cannot repossess your assets if they need to recoup the debt. For this reason, lenders may consider unsecured loans to be riskier than secured ones and charge a higher average interest rate as a result.
The differences between variable and fixed rate car loans are:
A car loan redraw facility allows you to access or ‘redraw’ the additional repayments you have made towards your loan, outside of your regular ongoing repayments. This works in a similar way to a home loan redraw facility, where borrowers may be able to access their additionally deposited funds at a later date, depending on eligibility requirements and lending criteria.
Being able to dip into your funds that have been deposited into a redraw facility when needed can make this a useful feature. For example, if you needed to pay for major mechanical repairs to your vehicle, or if your registration or car insurance bill was higher than expected, a redraw facility may offer financial relief.
A redraw facility is more likely to be offered for variable rate car loans than for fixed rate loans, however, not all lenders will offer this feature. Redraw facilities can also come with usage fees and minimum redraw caps. For this reason, it’s important to check the loan’s Product Disclosure Statement (PDS), Target Market Determination (TMD) and other relevant documentation to better understand how this feature works, and make sure it will represent value for money for you.
Looking for an award-winning product or to switch providers or brands? Canstar rates products based on price and features in our Star Ratings and Awards. Our expert Research team shares insights about which products offer 5-Star value and which providers offer outstanding value overall. We also reveal which providers have the most satisfied customers in our dedicated Customer Satisfaction Awards.
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This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.
Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more. Payment of fees for ads does not influence our Star Ratings or Awards.
The Car and/or Personal Loan Star Ratings identified in the tables are updated monthly. The results don’t include every provider in the market and we may not compare all features relevant to you. Current rates and fees are displayed and may be different to what was rated. You can find a description of the initial sort order below the table. You can use the sort buttons at the top of each column to re-order the display. Learn more about our Car Loans Star Rating Methodology. The rating shown is only one factor to take into account when considering products.
The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands (e.g. income, loan amount or monthly spend), but sometimes a single methodology, without any categories or bands, is applied. The results will show the products that most closely match your selection, based on our profiles. If you are unsure about any terms used in the comparison table please refer to the glossary.
What is a Target Market Determination?
A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.
Why do product issuers provide Target Market Determinations?
From 5 October 2021, TMDs are compulsory for most financial products.
Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.
We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.
Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. Canstar provides information about credit products. We’re not suggesting or recommending a particular credit product for you. If you decide to apply for a loan, you will deal directly with the provider, not with Canstar. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. It’s important you check rates and product information directly with the provider. For more information, read our Detailed Disclosure. ^Read the Comparison Rate Warning.
Canstar is not providing a recommendation for your individual circumstances. We cannot and do not recommend that any particular product is suitable for you.
We provide links to our Online Partners. These are brands that may pay Canstar a fee for referring you. Our tables default to display only our Online Partners’ products initially, you can adjust the Online Partner Filter to see all of the products available for comparison on Canstar’s website. We provide these links so that you can click through to the product provider’s website to get more information. The provision of these links does not constitute a recommendation by Canstar.
Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more.
Any advice provided on this website is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the Product Disclosure Statement and Target Market Determination before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917. You must not reproduce, transmit, disseminate, sell, or publish information on this website without prior written permission from Canstar.
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