9 in 10 Aussies haggle, downsize or downgrade to save on a car

By Paige Sutton · · 1 min read
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Womnn holding keys out of car

With the continued rising cost of living, it’s no surprise that people want to save money anywhere they can. Even on cars!

A new report says that 92% of Aussies will take action this year to get a better price for a new car. 

The survey by Novated Lease Australia found that 40% of respondents would negotiate on the advertised price, while more than a quarter would only buy during a sale. One quarter would not pay for extra features and 18% would choose a cheaper brand or avoid the premium model in the range.

Australians would also downsize or buy a demo car (24%), or buy a used car (31%), as per the findings. When looking at second-hand cars, over a quarter of Aussies would purchase a car between 3-4 years old, in a bid to get a more affordable vehicle. Furthermore, one in ten Aussies were willing to get a 9 to 10-year old car in order to afford it. 

Whether you’re looking for a car that’s old or new, you’ll need help with your finances and a car loan could be an option. There a few things to consider when looking for a car loan that’s right for you:

  • What interest rate would suit your needs?
  • Does the loan have any hidden or ongoing fees?
  • Would you prefer a fixed or variable loan?
  • Are there balloon payments?

At Mozo we compare car loans to help you find the right fit and explore these questions in more depth. Check out some of our options below.

Car loan comparisons on Mozo

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 92 car loans.
Last updated 11 December 2024 Important disclosures and comparison rate warning*
  • Used Car Loan

    Fixed, Secured, No vehicle age limit, $5,000-$100,000

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured used car loan of up to $100,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

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    Details
  • Used Car - Unsecured Personal Loan

    Interest rate
    comparison rate
    Monthly repayment
    6.56% p.a.to 21.99% p.a.
    6.56% p.a.to 22.79% p.a.based on $30,000
    over 5 years

    Competitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, you'll receive your money into your Revolut account straight away. Eligibility criteria applies.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.56% would cost $35,768.68 including fees.

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    Details
  • New / Demo Car Loan

    Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

    Compare
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    Details
  • New Car Loan

    Fixed, Secured, $5,000-$100,000

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $100,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
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    Details
  • Used Car Loan

    Up to 5 years old, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.39% p.a.
    8.50% p.a.based on $30,000
    over 5 years

    Used Car Loan with no monthly or ongoing fees, with a fixed rate for the life of the loan. Fast online application. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.39% would cost $36,854.29 including fees.

    Compare
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    Details

* 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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While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.