Car loan news and advice

All the latest car loan news and top tips to help you manage your car loan.

Australias best car loans

Australia’s best car loans of 2021

From Mazdas to Corollas to BMWs, Aussies are spoilt for choice when it comes to finding their dream car. But for many drivers, picking up the right set of wheels is only half of the job, the next step is finding the right car loan. The good news is Mozo has just unveiled its best car loans for this year in its 2021 Mozo Experts Choice Car Loan Awards!Our judges sifted through 89 personal loan products from 88 financial institutions and performed a series of calculations to find the car loans that were not only top value, but budget-friendly.“Purchasing a car is often recognised as a financial milestone for many people, so having the right car loan under your belt is essential,” said Mozo Experts Choice Judge, Peter Marshall. “With the range of options available, finding the right product can be difficult. Our awards aim to help Australians with their search by highlighting the products we believe are worth shortlisting.”So without further delay, introducing the winners for the 2021 Mozo Experts Choice Car Loan Awards.

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Buying a used car from a private seller 5 crucial questions answered

Buying a used car from a private seller: 5 crucial questions answered

Used cars come with character, there’s no doubt about that. And the truth is, if you’re opting to buy through a private seller, it’s often the cheaper (and sometimes more convenient) option. However, whether you go through carsales.com, Gumtree or Facebook Marketplace there is an element of risk in buying a preloved vehicle privately. Unlike with a used car dealership, the car you buy will have no Guarantee or Warranty attached to it. Similarly, any faults with the vehicle aren’t covered under Fair Trading and you’ll have to do all the paperwork in relation to the transaction yourself. That’s not to say that buying a used car privately isn’t a viable option, because it is. It’s just about being equipped with the knowledge you need to avoid driving home in a car that’s not up to scratch. So its with this in mind that we answer five of the top asked questions about buying a used car from a private seller: 

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Wisr joins online car loan lenders club with competitive 6 08 rate

Wisr joins online car loan lenders club with competitive 6.08% rate

Whether you’re looking for a car to get you from A to B or want to get behind the wheel of your dream ride, there’s good news. Wisr, known in the market for great value personal loans, have just launched their very own secured car loan that will have you all revved up. Joining other online lenders with secured car loans, Wisr offers car finance with a competitively low comparison rate starting just above 6%. Yes, you’ll need to have excellent credit to get the best rates they offer, but with a variety of rates to suit all borrowers, you’ll be able to borrow between $5,000 and $50,000 and enjoy zero early repayment or exit fees too.“The entry of Wisr into the secured car loan space is great news if you’re in the market for a new car and you’ve got a solid credit history”, said Mozo Expert Peter Marshall.“With post-pandemic change in the way Australians use and purchase new cars, there has been an increase in lenders competing for business, making now a great time to purchase a new vehicle”, he further explained.So if you’ve been thinking about getting yourself a new car, now could be a good time for you to join other Aussies reaping the benefits of new-to-the-market, low rate car loans.

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How are car loan rates looking right now

How are car loan rates looking right now?

Itching to get your hands on a fresh set of wheels? Unless you are sitting on a whole bunch of savings, you may need a car loan to help you get there. There are two main types of car loans: a new car loan and a used car loan. Depending on whether you want a brand new or pre-loved ride, this will determine what sort of loan you take out. So where do car loan rates sit in November 2020? According to the Mozo database the average new car loan rate sits at 6.41%. Meanwhile the average used car loan rate sits at a slightly higher 6.98%. But who wants just average right? Check out some of these killer car loan deals and you could be hitting the road sooner!

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Car loans what the new and used vehicle market looks like this winter

Car loans: What the new and used vehicle market looks like this winter

Whether you’re on the hunt for a shiny brand-new set of wheels or a pre-loved vehicle with a bit of character, let’s peep into the Aussie car market right now. This month, the Federal Chamber of Automotive Industries (FCAI) released stats that showed an increase in new car sales over June. Sales totalled to 110,234 vehicles last month. While it’s true that this number is a 6.4% decrease in comparison to June 2019, it’s the strongest result since the beginning of the pandemic. In fact, sales plummeted by 17.9% over March, 48.5% in April and by 35.3% in May. FCAI chief executive, Tony Weber says that the slight increase in sales in June is due to a range of factors, including the easing of COVID-19 restrictions in some states.“In addition, June is traditionally a very strong month for new vehicle sales,” Weber said. The End of Financial Year campaigns are well known, so it’s an excellent time for businesses and consumers to replace their vehicles.”He also attributed the growth in sales to the Government’s extension of schemes like the instant asset write-off for businesses, initiatives like the JobKeeper and JobSeeker payment packages, and the uptick in marketing activity from car brands and dealerships. What about used cars? Well, recent data from Moody Analytics and Datium Insights revealed that wholesale used vehicle prices rebounded in Australia by 10.6% in May 2020.Moody's Analytics’ auto economist, Michael Brisson predicts that these increased prices are likely to remain over the coming months. This increase comes after a 12% drop in prices in March and April this year.  

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How to finance the top 5 cars of june 2020

How to finance the top 5 cars of June 2020

When purchasing a brand new car, there are loads of different factors involved - finding the right car loan among them. With a seemingly infinite amount of finance options available, choosing a loan can be daunting.So to help get you started, we’ve put together a quick little wrap-up on the top five most popular cars in Australia of June 2020 (based on sales), according to the Federal Chamber of Automotive Industries (FCAI). Here’s how you might go about financing each with the right car loan:

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How the right car loan could save you thousands in interest

How the right car loan could save you thousands in interest

The truth is, not all car loans are the same. While some interest rates are as low as 2.99%, others go all the way up to a hefty 11.49%. So if you need a hand weeding through the loans on offer to find yourself a good deal, you’ve come to the right place. 

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