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Our personal loan broking service costs nothing. You get the same loan from the same lender at the same rate as going direct.
Compare car loans and personal loan rates from our panel of lenders and get the right finance for your personal goals at no cost to you.
Whether you are looking to finance a vehicle, fund a wedding, plan a holiday, renovate your home, or consolidate existing debt into a single lower-rate repayment, Mates Rates Mortgage Brokers compares car loans and personal loans from across our lender panel to find the most suitable option for your situation. Same loan, same lender, same rate as going direct. No broker fees.
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Both are forms of personal finance, but they differ in how they can be used, the security required, and the interest rates that apply. Here is a quick comparison:
| Car loan | Personal loan | |
|---|---|---|
| Use | Purchasing or refinancing a vehicle only | Car, wedding, holiday, renovation, debt consolidation, and more |
| Security type | Secured (the car is the security). The lender can repossess if you default. | Secured or unsecured, depending on the lender and the loan purpose |
| Interest rate | Generally lower than unsecured personal loans due to security | Lower than credit cards. Un secured personal loans are higher than secured. |
| Vehicle age | Most lenders restrict to new vehicles only | Can be used for new or used vehicles |
If you want to purchase an older or used vehicle, a personal loan is usually the better option, as most car loan lenders restrict eligibility to new vehicles only.
Both car loans and personal loans are available with fixed or variable interest rates. The right choice depends on how you want to manage your repayments.
Repayments remain unchanged, making budgeting straightforward. You know exactly how much will be debited each month for the full term. Usually comes with an early exit fee if you pay off the loan early.
No early exit fee, so you can pay off the loan at any time. Repayments can change if interest rates move, which makes budgeting slightly harder but offers more flexibility.
With so many lenders and loan types available, these are the key factors to assess when comparing your options:
| Factor | What to check |
|---|---|
| Comparison rate | The total cost of the loan, including interest and all fees. This is the most accurate way to compare loans from different lenders. |
| Interest rate type | Fixed rates give you predictable repayments and easier budgeting. Variable rates have no early exit fee, but repayments can change. |
| Loan term | Shorter terms mean higher repayments but less total interest paid. Longer terms lower your repayments but increase the total interest. |
| Secured or unsecured | Secured loans have lower interest rates but require collateral. Unsecured loans are faster to approve but cost more. |
| Application fees | The upfront cost to apply. Some lenders waive this; others charge several hundred dollars. |
| Exit fees | Charged if you pay off the loan early. Common with fixed-rate loans. Check this before committing. |
| Other fees | Monthly service fees, missed payment fees, and redraw fees. Read the fine print carefully. |
| Extra repayments | Can you make additional repayments without penalty? This can significantly reduce your total interest paid. |
| Loan purpose restrictions | Some loans restrict how you can use the funds. Confirm the loan is suitable for your specific purpose before applying. |
Our personal loan broking service costs nothing. You get the same loan from the same lender at the same rate as going direct.
Our brokers assess your financial situation and personal goals to match you with the most suitable loan type and lender from our full panel.
We compare car loans and personal loans across banks and non-bank lenders to find the best rate and terms for your needs.
You get the same interest rate you would receive going directly to the bank, with no broker markup on your personal loan.
We handle the comparison, paperwork, and lender communication so you can focus on your goals rather than the finance process.
We identify the right lender before you apply, reducing the risk of multiple credit enquiries affecting your credit score.
From first enquiry to settlement, a Mates Rates broker manages every step on your behalf.
1
We start with a call to understand your personal finance goal, the loan amount you need, your preferred repayment structure, and your financial situation.
2
We compare car loans and personal loans across our lender panel, assessing rates, fees, loan terms, and repayment flexibility to find the most suitable option for you.
3
We prepare and lodge your application with all required documentation and liaise with the lender through to formal approval.
4
Your loan settles and funds are available, or in the case of a car loan, the vehicle purchase is completed directly with the dealer or seller.
We arrange personal finance across every major loan type available:
Most personal loans are for amounts under $50,000. You can generally borrow more with a secured personal loan than with an unsecured one, as the security reduces the lender’s risk. The exact amount you can borrow will depend on your income, expenses, credit history, and the lender’s assessment criteria. A Mates Rates broker will identify which lenders are likely to approve your application for the amount you need.
Yes. Debt consolidation is one of the most common uses for a personal loan. A personal loan typically carries a significantly lower interest rate than a credit card, and consolidating multiple debts into a single fixed repayment over a set term makes budgeting simpler. You know exactly how much you owe, what your repayment will be, and when the debt will be cleared.
Lenders assess your debt-to-income ratio to determine whether you have enough income to comfortably cover the loan repayments after your existing financial commitments. They will also consider your credit score and credit history, the stability of your employment, and whether your application is complete and includes all required documentation. A Mates Rates broker will help you identify the lenders most likely to approve your application before you apply, avoiding unnecessary credit enquiries.
Talk to a Mates Rates broker about your personal finance needs. We compare loans from our full lender panel, handle the research and application, and work in your interests at no cost to you.
Most personal loans are for amounts under $50,000. You can generally borrow more with a secured personal loan than with an unsecured one, as the security reduces the lender’s risk. The exact amount you can borrow will depend on your income, expenses, credit history, and the lender’s assessment criteria. A Mates Rates broker will identify which lenders are likely to approve your application for the amount you need.
Yes. Debt consolidation is one of the most common uses for a personal loan. A personal loan typically carries a significantly lower interest rate than a credit card, and consolidating multiple debts into a single fixed repayment over a set term makes budgeting simpler. You know exactly how much you owe, what your repayment will be, and when the debt will be cleared.
Lenders assess your debt-to-income ratio to determine whether you have enough income to comfortably cover the loan repayments after your existing financial commitments. They will also consider your credit score and credit history, the stability of your employment, and whether your application is complete and includes all required documentation. A Mates Rates broker will help you identify the lenders most likely to approve your application before you apply, avoiding unnecessary credit enquiries.
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