Car Loan Refinance

Refinancing a car loan means replacing an existing car loan with a new agreement so the old loan is paid out and you start a new loan contract.

There are many reasons why you may decide to refinance your car loan, but many people start to explore new loan options (sometimes with different lenders), when there is a change in their personal or financial situation.

Refinancing your car loan may be a good option for you if:

  • Your credit score has improved
  • The interest rate has reduced
  • Your current repayments prevent you from saving or making other purchases
  • You did not use a broker when you first took out the loan and therefore
    are unsure if there are better options out there for you

The new loan may offer terms that better suit your requirements and your situation. These new terms may include lower interest rates, lower repayment options, lower fees and/or a new term. For some people, refinancing their car is a great way to ease financial stress and manage their expenses more effectively.

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Full Online Process

It happens all online, from requesting a quote to accepting a deal and getting the dream car paid.

Expert Support

Our team of car finance ninjas are here to help you with any problems or questions you may have.

Personalised Rates

Interest rates are calculated on your personal circumstances so that they meet your needs with the right loan.

Whatever your reason for exploring car loan refinance options, CarMoney is here for you.

We’ll work hard to compare car loan options from more than 30 lenders across Australia to find the right one for you.

Speak to one of our finance ninjas (that’s what we call our car loan brokers) about your options and see how much you can save!

Oh, but before you jump to it, it’s important to mention that refinancing your car loan won’t be an option for you if:

  • You’re behind on your current loan’s repayments
  • You owe more than your vehicle is worth
  • Your vehicle is too old.
  • Otherwise, you should be good to go!

Contact our independent team to discuss your needs or use our car loan calculator to see what initial options may be available.


Yes, there are many reasons why you might decide to refinance a loan.

Refinancing a loan means that you replace an existing loan with a new agreement so that the old loan is paid out, and you start a new loan contract, possibly with a lower interest rate, lower repayment and/or a new term.

Refinancing a loan can help you get a better rate and lower repayment if your circumstances have changed, and your credit score has significantly improved, or available interest rates have dropped. It is important to note that refinancing won’t be available if you’re behind on your repayments, owe more than your vehicle is worth, or if your vehicle is too old.

There are many scenarios where it may be of benefit to refinance an existing loan.

Your credit score has improved.
Since you signed up for your car loan, your credit score improved, so you may qualify for a lower interest rate, meaning you can pay less every month and save money.

The interest rate dropped.
If the market offers lower interest rates than when you signed for your original loan, you may be able to save money by refinancing.

You did not compare different car loan options.
When you took out your current loan, you did not use a broker to search the market to compare several lenders offers that were available to you. Perhaps you took your loan out with your bank or car dealer that have only their own products to offer, whereas a broker such as CarMoney has access to over 30 lenders, many of whom could have more competitive offers for you.

Your current repayments prevent you from saving or from making other purchases.
Refinancing a loan can ease financial stress with lower repayments. However, it is important to look at the structure of your refinance proposal to ensure that it meets your short-term and long-term financial goals.

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