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variable rate
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| Brand | Car loan(s) | Can you repay early without penalty? | Fees that apply |
|---|---|---|---|
| Aussie | Aussie Car Loan |  | Fees are determined by the lender. The amount will depend on how much you have left on your loan term and how much you still owe. |
| Bankwest | Bankwest Car Loan |  | An early repayment fee applies if the loan is paid off in the first 24 months. |
| BankSA | BankSA Secured Personal Loan | | $150 if paid off within first 12 months, $100 if paid off after first the first 12 months and before the end of the term. Break costs also apply as determined by BankSA. |
| Bendigo Bank | Bendigo Bank Secured Car Loan | | $20 fee for paying your loan back early. |
| Beyond Bank | Beyond Bank Special Low Rate, Low Rate, Fee Free and Flexi Car Loan | | No fee applies. |
| CommBank | CommBank Secured Car Loan | | You will be charged an early repayment adjustment if you repay your loan early. |
| CUA | CUA Fixed Rate Car Loan | | No fee applies. |
| Esanda | Esanda Car Loan | | $50 administration fee plus $680 pro rata for unrecovered costs of providing the loan. Break costs may also apply. |
| Gateway Bank | Gateway Bank New Car Loan, Car up to 5 years and over 5 years | | No fee applies. |
| IMB | IMB New Car Loan, IMB Secured Personal Loan | | No fee applies. |
| loans.com.au | loans.com.au Car Loan | | Early repayment fee applies if the loan is paid off before the last 12 months of the loan term. |
| NRMA | NRMA Car Loan | | $200 or 2% of the outstanding balance (whichever the greater) at the time the final payment is made. Applies for the first 75% of the original loan term only. |
| RACQ | RACQ Car Loan | | 2% or minimum $200 if paid before 75% of the loan term, otherwise $0. |
| RACV | RACV Car Loan | | The fee is $160 or 1.25% of your remaining loan amount, whichever is greater. |
| Westpac | Westpac Car Loan | | $175 fee applies if you choose a term greater than 2 years and pay it out in less than 2 years. This fee is waived if you pay out your car loan by refinancing to another Westpac personal loan. |
Compare car loan interest rates in under a minute
Paying off your car loan early usually means contacting your lender for a "payout figure". This includes the remaining balance plus any interest accrued since your last repayment plus any fees your lender charges for closing the account early.
There's a difference between fixed and variable rate loans:
You may also need to provide written notice if you're repaying the full amount early.
If you are not in a position to completely repay the loan, but want to knock some off it you could make additional repayments. These are made during the loan term and do not result in your loan being repaid in full. Lenders still may place restrictions on these payments, especially with fixed rate loans. On variable rate loans, you will find fewer restrictions and you may also be able to redraw additional payments using a redraw facility.
Before you rush to pay out your loan, get familiar with these potential charges:
| Fee Type | Description |
|---|---|
| Early termination fee | A fee for ending the loan before its scheduled end date |
| Break fee | Common with fixed loans. Compensates the lender for lost interest |
| Discharge or closure fee | A final admin fee for closing your account |
| Additional repayment fee | Some loans charge if you pay too much above your regular instalments |
Always ask for a payout figure to see the true cost of ending your loan early.
Jason borrowed $25,000 for a car in 2021 with a fixed rate of 6.49% over 5 years. After receiving a work bonus in 2024, he asked his lender for a payout figure. They quoted him $15,230 including a $250 break fee and $200 discharge fee.
Jason compared that to what he'd pay if he stuck to the original loan: $16,820 in repayments over the next two years. By paying early, he saved $1,590 in interest. After fees, he came out $940 ahead and knocked two years off his loan.
| Response | WA | VIC | SA | QLD | NSW |
|---|---|---|---|---|---|
| No | 56.78% | 67.58% | 54.67% | 53.68% | 60.4% |
| Yes | 43.22% | 32.42% | 45.33% | 46.32% | 39.6% |
Your car loan repayments will affect how you deal with your loan, so examine them carefully. Before you send through an application, make sure you have considered:
Making additional repayments on your car loan can be a helpful option that can help you save down the track, but it's not the only feature that lenders have on offer. Remember to compare car loans across all fees, features and rates to find the right one for you.
We currently don't have that product, but here are others to consider:
How we picked theseTo make comparing car loans even easier we came up with the Finder Score. Interest rates, fees and features across 200+ car loan products and 100+ lenders are all weighted and scaled to produce a score out of 10. The higher the score, the more competitive the product.
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Hi I’ve just paid off my car loan three years earlier and now I received final payment paperwork with a admin fees add in to it and it’s over $500.00.my question is; was I supposed to pay that admin fee when I pay my loan off early?
Hi Oliver,
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
That would depend on your lender. As you can see on the table above, different lenders have different policies. You may review your loan policy or contact your lender directly to verify.
I hope this helps.
Cheers,
Danielle