2021 EOFY car sales: 5 car loans to help seal the deal
The new financial year right is around the corner (Yikes! Where’d the time go?), which means it's time for EOFY car sales!
This could be great if you’ve been thinking of putting your tax refund or Europe 2020 savings (thanks COVID) towards a new ride.
By purchasing a new car during the end of financial year sales you could potentially save a tonne of money.
But if you really want to snag a good deal on your new set of wheels, then you’ll want to find a car loan with a low interest rate or other money-saving features like the ability to make free extra repayments.
Here are a few value-packed car loans to help get you started:
New Car Loan - Special (Including Demo, Fixed, Secured)
- Low 4.67% p.a. fixed interest rate (5.22% p.a. comparison rate*)
- Flexible repayment terms
- 2021 Mozo Experts Choice Award-Winner in the Car Loan category^
The details:
The Loans.com.au New Car Loan (Fixed) kicks things off with a low 4.67% p.a. fixed interest rate (5.22% p.a.comparison rate*) on amounts between $5,000 and $100,000, with 3-5 year term options. On top of this, the loan offers a bunch of flexible features, including weekly, fortnightly or monthly repayment options, as well as the ability to make extra repayments to help you pay your loan off faster. Best of all, this bad boy took out a 2021 Mozo Experts Choice Award^ for best Car Loan category! Keep in mind, this loan does charge a $400 application fee and a $700 early repayment penalty when you pay off your loan before the final year of your loan term.
Car Loan (Up to 7 years old, Fixed, Secured)
- Fixed rate of 4.89% p.a. (5.53% p.a. comparison rate*)
- Flexible repayment schedule
- Free extra repayments & redraw facility
The details:
The Heritage Bank Car Loan offers a competitive fixed interest rate of 4.89% p.a. (5.53% p.a. comparison rate*) to eligible borrowers depending on your loan amount and other application details. This loan offers amounts from as little as $5,000 to as high as $100,000 with 1-7 year loan terms. On top of this, it also comes with weekly, fortnightly or monthly flexible repayment options, free extra repayments, and a free redraw facility - which can be handy to have in emergencies. This is a secured loan, which means that you’ll be required to put your vehicle up as security against the loan. This loan comes with a few fees, such as a $200 application fee, a $5 service fee and a $20 late payment fee should you ever miss a repayment.
Secured Car Loan (Fixed)
- Tiered fixed rates from 4.74% p.a. (5.01% p.a. comparison rate*)
- Extra repayments allowed
- Flexible weekly, fortnightly & monthly repayment options
The details:
If you’re a credit-worthy borrower, then the Wisr Secured Car Loan just might be the loan for you. This loan comes with tiered interest rates determined by your credit rating, which means eligible borrowers with a clean credit history could score a fixed rate from as low as 4.74% p.a. (5.01% p.a. comparison rate*). Those with a low credit score, however, could wind up with a rate as high as 16.01% p.a. (16.31% p.a. comparison rate*). The loan offers amounts from just $5,000 to $63,000, paid off over 3-7 years, flexible weekly, fortnightly and monthly repayment options as well as the ability to make extra repayments. It’s a secured loan so you’ll need to put your car up as collateral should you ever default on the loan. Finally, while this loan doesn’t charge any ongoing or monthly fees, it does charge a $195 upfront application fee and a $25 late payment fee if you ever miss a repayment.
Green Car Loan (New or Used, Fixed, Secured)
- Low 3.97% p.a. fixed interest rate (4.51% p.a. comparison rate*)
- Free extra repayments & redraw facility
- 2021 Mozo Experts Choice green Car Loan Award-Winner^
The details:
If you’re keen to go for a green car model, then the Loans.com.au Clean Green Car Loan could be a great loan option for you. With this loan, you could potentially score a discounted interest rate when you purchase a qualifying green car. This means that eligible borrowers could land themselves a fixed interest rate as low as just 3.97% p.a. (4.51% p.a. comparison rate*) on loans between $5,000 and $100,000, paid back over 3 to 5 years. In addition, this loan comes with the choice of either weekly, fortnightly or monthly repayment options, plus, the ability to make extra repayments to help you pay your loan off quicker. More importantly, this loan scored itself the 2021 Mozo Experts Choice Award^ for best Green Car Loan. Just remember, this is a secured loan, so you’ll need to use your new vehicle as collateral. It also comes with a few fees, such as a $400 application fee and a $700 early repayment penalty (early repayment penalty applies on a pro-rata basis. No penalty charged in the last year of the loan).
New Car Loan (Fixed)
- Competitive fixed rates from 4.89% p.a. (5.44% p.a. comparison rate*)
- Extra repayments allowed
- No exit fee
The details:
The Plenti New Car Loan (Fixed) offers tiered interest rates based on your credit score - so, if you’re eligible, then the better your credit history is, the better the rate you could get. Eligible borrowers with a clean credit history could receive a rate that’s as low as 4.89% p.a. (5.44% p.a. comparison rate*) or as high as 8.89% p.a. (9.46% p.a. comparison rate*) if you’ve got a low credit score. This loan offers amounts between $10,000 and $100,000 with 3 to 7-year term options - plus, you’ll have the ability to make extra repayments to help you pay the loan off faster. Being a secured loan type, your vehicle will need to be used as security, in case you ever default on the loan. Also, be aware that the loan comes with a $399 application fee and a $30 late payment fee if you miss a repayment.
Looking for more options? Go check out our car loan comparison tool so you can compare car loans to help you find one that could be right for you.
^Click here for more information about the 2021 Mozo Expert Choice Car Loans Awards.
* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
^See information about the Mozo Experts Choice Personal Loan Awards
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