Your browser is out of date. From Thu 28 April 2022, the Great Southern Bank website will not support your current browser, and you may have a degraded experience or be unable to connect. Update your browser to secure your online experience.

What is a car loan refinance?

If you’re paying too much interest on your car loan, refinancing could be a clever way to get a better deal.

Refinancing your car loan works by applying for a new car loan at a lower rate and using the funds to pay out your existing car loan. You'll then make repayments on your new car loan, but at a lower interest rate.

Switching to a car loan with no ongoing fees can also help you save. Your wallet will thank you later!

Why refinance your car loan?

Refinancing your car loan puts you on the fast-track to lowering your repayments and paying off your car loan sooner.

At Great Southern Bank, our loans go the extra mile for you. When you switch your car loan, you’ll get:

  • A personalised interest rate.
  • $0 monthly account fee.
  • The freedom to make unlimited fee-free extra repayments.
  • Easy access to your additional payments with free redraw.3
  • No penalties for early payout.
Secured loan vs unsecured loan: What’s the difference?

A secured car loan is a loan that is "secured" against your car. If you are unable to repay the loan, the lender can sell the car to cover their costs. The upside is that with an asset attached as security, the interest rate is usually lower than an unsecured loan.

An unsecured personal loan doesn’t require an asset as security. Your income and ability to repay the loan is still assessed, but you don't need an asset to be approved for a loan.

Great Southern Bank offers Secured Fixed Car Loans for vehicles under seven years old.

Unsecured Fixed Personal Loans are available for vehicles of any age.

Refinancing an electric or hybrid vehicle?

Our Green Car Loan offers reduced personalised rates.

When should you refinance?

We want to tell you a little secret. When it comes to getting a good deal on car refinance, timing is everything.

When is the right time we hear you ask? Read on for our top tips and considerations to help you decide.

What to consider when refinancing your car loan

Your current loan contract

It’s time to double-check the fine print. Are there any early payout fees or penalties for cancelling your contract early? These fees won’t stop you from refinancing, but we recommend adding them to the cost of refinance to avoid paying more than you expected.Our personal loan calculators can help you calculate your repayments and compare.

The time left on your car loan

A lower interest rate is the most popular reason for refinancing, but to get the savings you’re seeking, it’s important to keep within your current loan term. A longer loan term may free up your cash now, but you won’t reap the benefits if you’re paying more in interest over the life of the loan.

Whatever your reason for refinancing, remember the golden rule, timing is everything.

The value of your car

Unlike houses, cars depreciate in value. If the value of your car is less than what you owe on your loan, a lender may deem it too risky. Particularly for a secured loan.

Car loan features

If you want to get ahead on your repayments, some extra helpful features will go a long way. How does unlimited extra repayments, free redraw, and no monthly fees sound? You’ll get all of this and more with a car loan from Great Southern Bank.

But don’t just take our word for it, take our personal loan calculator for a spin. They’ll help you compare car loans and find out if we can beat your current car loan today.

Test drive our car loans

Compare car loans and apply online.

Estimate your personalised rate* and repayments

An ideal loan for a range of purposes. Learn about personal loan types
Available for new or used cars and motorbikes up to seven years old. Learn about personal loan types
Available for electric and hybrid cars up to seven years old. Learn about personal loan types
Available for eligible green purchases. Learn about personal loan types
Must be between $5,000 and $100,000.
Loan term (years)
Repayment frequency
Estimate your credit rating
Tell us what you think your credit rating may be and we can estimate your interest rate. What’s a credit score?
Estimated repayments
Interest rate for good credit
Comparison rate1
This estimate is based on information you've provided. Your interest rate and repayments will be confirmed on assessment.
Apply now
Apply in 10 minutes
Your total repayments will be $XX,XXX. Your total interest will be $X,XXX.

The calculations provided are estimates only and are based upon the information entered by the user. The calculations do not include upfront or continuing credit fees and charges and do not constitute a loan application or variation to an existing facility, loan offer or loan approval.

Your contracted personal loan repayments will be set to a monthly frequency, meaning you will need to meet the agreed repayment amount by the due date stated on your loan contract each month. To meet this minimum monthly amount, you can however make repayments weekly or fortnightly.

Can I refinance my car loan?

You must be

  • At least 18 years of age
  • A permanent resident of Australia
  • Receive a regular income
  • Have not been bankrupt or insolvent in the last five years

You’ll need

  • An email address and contact number
  • Existing Great Southern Bank customer number (if you're already a customer)
  • Australian driver's licence, Medicare or passport details
  • Employment and income details
  • Details of your current car loan, other loans and expenses
How to refinance your car loan
1. Apply online
It should take 10 minutes.
You'll need proof of ID and your current financial information.
2. Approvals
If approved, you will receive your loan contract to accept online.
3. Pay out your current car loan
We use the funds to pay out your existing car loan.
4. Repay your refinanced car loan
You’re now free to make repayments and view your loan in online and mobile banking. Just think of all the money you’ll save!
We've been putting customers first for more than 75 years.
Flexible loan options
Pay it off your way.
Clever features to help you save money

Pay off your loan sooner without being charged a fee.

We’re customer owned

That means no shareholders. Our profits go back into new products and clever ways to help you manage your money.

A personalised rate* tailored to your credit score
Secured Fixed Car Loan
Loans from $5,000 to $100,000 for cars up to 7 years old.
Interest rate from
Comparison rate from1
Used for
Vehicles up to 7 years old
Unsecured Fixed Personal Loan
Loans from $5,000 to $75,000
Interest rate from
Comparison rate from2
Used for
Green Car Loan
Loans from $5,000 to $100,000 for cars up to 7 years old.
Interest rate from
Comparison rate from1
Used for
Green cars up to 7 years old
What's the difference between secured and unsecured loan?
What is a comparison rate?
What is a green loan for?

Car refinance FAQs

Find the answers to frequently asked questions here.

What is a personalised interest rate?

A personalised interest rate is an interest rate based on an assessment of your credit score. If you have an excellent credit score and a good history of repaying loans, credit cards and other bills, you’ll likely be offered a lower interest rate.

When you apply for a personal loan, your individual situation and credit score will be considered when calculating your personalised interest rate.

What is a comparison rate?

A comparison rate is the interest rate, plus additional fees and charges you will be expected to pay over the loan term. As comparison rates indicate the true cost of a loan, they make it easier to decide which is best for you.

What is the difference between a secured vs unsecured personal loan?

A secured loan is 'secured' against the asset you are borrowing for such as a car, or home. If you are unable to repay the loan, the lender can sell the asset to cover the costs of the loan. Most secured personal loans have a lower interest rate when compared to an unsecured personal loan because there is an asset attached.

An unsecured personal loan is a loan that does not require an asset as security. Your income and ability to repay the loan is still assessed, however you don't need an asset to secure the loan.

If you’re buying a green vehicle under seven years old, a Great Southern Bank Green Car Loan may be right for you.

If a vehicle does not meet the green car eligibility criteria, you may be interested in a Secured Fixed Car Loan or an Unsecured Fixed Personal Loan if you’re buying a car older than seven years.

What’s the difference between an Unsecured Fixed Personal Loan, Secured Car Loan and a Green Car Loan? 

The main difference between each of our car loans is the type of vehicle you’re looking for.

All our car loans come with a fixed interest rate, so you’ll have the same regular repayment each month and won’t have to worry about interest rate rises.

Ready to refinance?
Set the wheels in motion and refinance your car loan online today.
Apply now

Learn more about car loans

Handy tips to help you find the loan that's right for you
Must-do Australian road trips for the holidays

Must-do Australian roadtrips for the holidays. We look at the best local driving holidays instead of going overseas.

Read more
Australia’s top six most affordable electric cars for 2022

Thinking about buying an electric car in 2022? They are good for the environment & have lower lifetime running costs. Find out more about the most affordable electric cars in Australia.

Read more
Get in touch
We're here to help.
Call 133 282

Mon - Fri: 8:00am - 7:00pm (AEST)
Sat: 8:00am - 4:00pm (AEST)

Find a branch
Speak to one of our friendly staff at a branch near you.
Connect online
Chat to us or browse help topics and FAQs.
Important Information

Loans are issued by Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions and fees apply.

Rates current as at 9 June 2024 and subject to change.

Your loan contract will state the minimum monthly repayment amount. You can arrange with us to make repayments on a weekly or fortnightly basis.

1. Comparison rate examples are accurate for a personal loan amount of $30,000 secured loan over a term of 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

2. Comparison rate examples are accurate for a personal loan amount of $30,000 unsecured loan over a term of 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

3. A $200 minimum withdrawal amount applies for redraws conducted in-branch. Redraw facility is available for Great Southern Bank Personal Loan products on offer from 6 June 2017.

*The rate you are offered is calculated based on your personal circumstances and credit history. A few different factors are considered, including:

  • Your credit score.
  • Information provided in your application.
  • Existing loans.
  • The loan amount and your perceived ability to repay the loan.

Your personalised rate won’t be confirmed until you receive an offer from us (if approved) and is subject change before your loan settles.