Find your best Ford Ranger finance rate with Driva

When lenders are assessing and pricing your loan, often one of the main factors they’ll consider is your credit score. The higher your credit score, the lower interest rates you’ll likely be eligible for. 

For other lenders though, there are other factors that are more important than your credit score. These might include your employment status and history, your living situation and whether you’re putting down a deposit or not. 

It’s always a good idea to check your credit score online before you start applying for loans so you can ensure that there are no errors on your credit report (and get an idea of what interest rates you might qualify for). You can check out our car loan calculator to figure out what your Ford Ranger repayments might look like. Or, if you’re ready to get started, you can calculate your personalised rates in less than a minute.

Driva works with more than 30 lenders in order to give you the best chance of getting approved for a loan that works for you.

When it comes to financing your new Ford Ranger, there are a number of finance options available to you.

Cash

Buying outright is the most straightforward (and overall cheapest) way to get your hands on a Ranger. However, buying a Ford Ranger with cash isn’t an option for everyone. You’ll also miss out on the benefits that come with purchasing on finance, like the opportunity to improve your credit score and the expanded choice of vehicles.

Secured car loan

A secured loan requires you to use your car as collateral against the loan, which will normally allow you to access a lower interest rate. This is because you’ll be viewed as a lower risk customer since the lender would be able to repossess your car in the event that you could no longer meet your loan repayments. Secured loans are normally used for newer cars (ie: 2013 or newer).

Unsecured car loan

By comparison, an unsecured car loan doesn’t require you to use your new car (or any other asset) as collateral - which means you’ll likely end up paying a higher interest rate. If you were to default on your loan, your lender wouldn’t immediately be able to repossess your car, but you might face legal action (which would be a messy process!).

Commercial loan options

If you’re after a Ranger to use for business purposes, Driva also has a range of commercial loan options available:

• Chattel mortgage. A chattel mortgage is a commercial loan product that works in the same way as a traditional fixed-rate mortgage. 
• Finance lease. With a finance lease, you’ll pay a lender to use a vehicle for a specific amount of time, similar to a long-term rental agreement. At the end of the lease, you’ll have the option to either pay the residual value of the vehicle or return the asset to the lender.
• Novated lease. A novated lease is a unique employee-benefit arrangement involving you, your employee and a financier. It’s a form of salary packaging where loan repayments are made from an employee’s pre-tax salary. 
• Operating lease. Operating leases are similar to finance leases, except they’re usually used for shorter terms, and the car must be returned at the end of the loan 

There are both petrol and diesel options available in the Ford Ranger, including the ​​2.0-litre four-cylinder turbo-diesel and the 3.0-litre EcoBoost twin-turbo petrol V6.

Ford’s 4x4 Rangers have developed a reputation for having impressive off-road capabilities. After they’ve been fitted with good off-road tyres, a suspension lift and a few other minor revisions, they’re able to go drive anywhere that a traditional 4x4 would. If you're after something a bit more family friendly that can still handle the off-road, check out our list of Australia's Best 4WDs.

The BiTurbo 2.0-litre diesel engine combines fuel efficiency with remarkable power outputs and is one of the best Ford Ranger engines around.

The prices for the 2022 models range from the $35,930 for the XL single-cab-chassis workhorse, all the way up to the Raptor 3.0 (4x4) which comes in at $85,490.

When it comes time to start shopping around for your Ranger, one of the big decisions you’ll need to make is whether you’re going to buy a brand new model from a Ford dealer, or if you’re interested in considering second-hand models. There are advantages and drawbacks to both, so it’s important to weigh these up before making your decision.

New car

Though a new Ranger will set you back considerably more than a second-hand model, you’ll likely end up spending less on repairs which can result in notable savings. A new Ranger will be equipped with all the most up to date tech (from sat nav to pedestrian detection) and you’ll be able to easily buy accessories (eg: a tow bar or carry bars). Bear in mind that a new car will depreciate much faster than a used model. If you’re wanting to get your hands on the Next-Gen Ranger, make sure you check with your Ford dealer about how long the wait time will be. 

Used car

The most enticing advantage of a used Ranger is that you’re able to save a substantial amount on the purchase price - but keep in mind that you’ll likely end up spending more on repairs and maintenance, and your car will probably have at least a bit of wear and tear. You won’t have all the latest tech, but your car will depreciate much slower than a newer model would.

After you’ve been approved and your loan has settled, you’ll need to start making regular repayments to your lender to pay back the loan. These payments include interest and lender fees and are normally made monthly (though some lenders can facilitate weekly or fortnightly payments) over a period of 1 to 7 years.

All of the lenders on our panel offer fixed interest rate loans, which means that your interest rate and repayments will stay the same for the duration of your loan (making it easier to budget!).

Every lender will charge fees - so it’s important to factor these in when deciding on which lender to go with. These fees could include monthly fees, entry or exit fees, or early repayment fees.

When you’re shopping around for loans, you’ll probably notice the terms ‘APR’ and ‘comparison rate’ being thrown around. The lender quoted APR (or Annual Percentage Rate) is the base interest rate that you’ll pay on the loan, but it doesn’t include any fees, so it can be a bit misleading.

We recommend relying more heavily on the comparison rate, as it includes nearly all of the fees you’ll be charged (except for things like stamp duty), and is a more realistic indicator of the true cost of the loan. 

If you’ve got any questions about the finance process, feel free to reach out to our friendly finance team. Give us a call on 1300 755 494 or send an email to contact@driva.com.au.

Nope! Getting your personalised quotes with Driva won’t impact your credit score in any way. This is because we run a ‘soft credit check’ on your file, which allows us to access the credit score that lenders will use to price your loan without recording an enquiry on your file. 

Only after we’ve vetted your profile and ensured that you’re likely to be approved will we submit your application to your chosen lender.

Driva can help you get ‘pre-approved’ for a specific loan amount with a fixed interest rate before you’ve committed to a vehicle. Pre-approved applicants will then have the confidence to start shopping for your dream Ford Ranger with a set budget in mind. 

Even if you’re not sure of the exact car or final amount, we can still help you get pre-approved, and then update the final details before settlement. Keep in mind that your pre-approval period must be less than 90 days.

A credit score is a number that summarises your credit history, and it’s used by lenders to determine your eligibility for a loan (in some cases, it’s also used to determine your rate).

You can access your credit score and history for free through Equifax. As one of the three main credit bureaus in Australia, you’ll be able to talk to them about why your credit score is the way it is, and ask them to fix any errors on your credit history. 

You can also reach out to us directly if you’d like to chat about how you can improve your credit score, and understand how it impacts your personalised rates. Email us at contact@driva.com.au or give us a call on 1300 755 494. 

We work with more than 30 different lenders, from traditional lenders and banks like Westpac to non-bank lenders like Wisr, to ensure that our customers are seeing all of their best options in one place. We’ll show you all of your best-personalised options, and let you make the final decision on which lender to go with. At Driva, we pride ourselves on being as transparent and flexible as possible, and we’re doing this by displaying all fees and charges upfront (and not favouring any one lender).