4 fab car loans to turn your self-isolation savings into a new set of wheels

Since the COVID-19 lockdown restrictions have been in effect, we’ve found there are two distinct types of savers in self-isolation: those spending less and saving more, and those who are now on a first-name basis with the postman because they’re shopping up a storm online.

But no judgement here, folks! We get it. It’s important to treat yourself - especially in times like these. However, by saving a little extra now while your gym membership is on hold and you don’t have travel fares, you’ll be able to treat yourself to something even better later on.

Think about it, say you’ve been saving up for a new car for a while now. Well, if you’ve been putting away every spare penny since self-isolating, then by now you’ve probably built up a nice little stash. Having these extra savings up your sleeve could bring you one step closer to reaching your goal.

So, if you’ve stepped up your savings game since social distancing and are ready to upgrade your ride, then here are 4 fab car loan deals to help set yourself up with a new set of wheels:

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Last updated 21 July 2024 Important disclosures and comparison rate warning*
loans.com.au - New Car Loan - Prime Special
  • Low fixed rates from 4.67% p.a. (5.22% p.a. comparison rate^^)
  • Flexible repayment terms
  • 2019 Mozo Experts Choice Award Winner in the Car Loan category*
Find out more
The details:

If you’ve bumped up your savings in self-isolation and are rewarding yourself with a brand new car, then the Loans.com.au New Car Loan (Fixed) could be just the thing to get you in the driver’s seat! With super low fixed rates starting from 4.67% p.a. (5.22% p.a.comparison rate^^) on amounts between $5,000 to $100,000 and 3-5 year term options, plus flexible weekly, fortnightly, monthly repayment options and the ability to make extra repayments, this loan is really worth a second look. Not to mention, it also sports a shiny 2019 Mozo Experts Choice Award* from the Car Loan category!

Beyond Bank - Low Rate Car Loan Special Offer
  • Competitive fixed rates from 5.29% p.a. (5.53% p.a. comparison rate^^)
  • Free redraw facility & extra repayments
  • Offset account option
  • 2019 Mozo Experts Choice Award Winner in the Car Loan category*
Find out more
The details:

With competitive fixed rates starting at 5.29% p.a. (5.53% p.a. comparison rate^^) on loan amounts of $25,000 or more and 1-7 year term options, the Beyond Bank Low Rate Car Loan Special Offer has a lot to bring to the table. On top of this, the loan offers the ability to make free extra loan repayments, a free redraw facility so you can dip back into the extra repayments in an emergency, plus an optional offset account, which means you can reduce the amount of interest you pay over the life of your loan. The loan even took out a 2019 Mozo Experts Choice Awards win in the Car Loan category*.

IMB Bank - Car Loan
  • Low fixed rates from 5.64% p.a. (5.99% p.a. comparison rate^^)
  • No service or exit fee charges
  • 2019 Mozo Experts Choice Award Winner in the Car Loan category*
Find out more
The details:

With fixed rates starting from 5.64% p.a. (5.99% p.a. comparison rate^^) on loans between $2,000 and $75,000 and flexible 1-7 year loan term options, the IMB Bank New Car Loan (up to 2 years old) is a ripper of a deal! This hot little loan charges no ongoing service or exit fees, plus it offers flexible weekly, fortnightly and monthly repayment options and the ability to make extra loan repayments. This means you can potentially pay your debt off even quicker. In addition, this value-packed loan even scored a 2019 Mozo Experts Choice Award in the best Car Loan category*, so you know it’s a goody!

OurMoneyMarket - Car Loan
  • Competitive fixed rates from 5.50% p.a. (5.85% p.a. comparison rate^^)
  • Free extra repayments & redraw facility
  • No service or exit fees
The details:

The OurMoneyMarket Car Loan gets the ball rolling with low fixed rates from 5.50% p.a. (5.85% p.a. comparison rate^^) on loans amounts between $2,000 to $75,000 with 1-7 year loan term options and no monthly account keeping fees. This loan also lets you make fee-free extra repayments so you can be out of debt even quicker. Plus, you’ll have the option to choose between either weekly, fortnightly or monthly repayment options, to suit your budget and lifestyle.

For more options, head on over to our car loan comparison table where you can compare car loans until you find the right deal for you.

*Click here for more information about the 2019 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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