Aussies urged to save on car loans as providers drive rates down

Aussies could grab a better deal on their car loan this November, after the Mozo database recorded a range of rate cuts across the market in October.
Mozo’s Banking Roundup for October revealed that the Mozo database recorded more changes to the personal loan market during the last month than it had in over a year, with big cuts to car loans in particular.
“Since October 1, we’ve seen five providers make cuts to car loans and while this might not be the biggest number, the cuts themselves have been substantial,” said Mozo’s Head of Product Data, Peter Marshall.
Headlining the raft of market changes was a massive 350 basis point cut to Move’s variable New Car Loan rate which now sits at 5.39%.
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The cut means that savings are to be had for Aussies looking to nab a new car loan. According to Mozo’s Car Loan Comparison calculator, you would have paid in excess of $2,000 in interest on a $15,000 Move New Car Loan over three years, but at the new rate, customers would pay just $1,279 - a saving of $865.
“Aussies can definitely save on their car loan at this time of year. With the end of the year around the corner, a lot of car retailers and manufacturers put on sales and lenders want to get out competitive rates that make car loans that bit more affordable and attractive,” said Marshall.
Move were not alone in reducing their car loan rates, with Auswide Bank and RACV also making noteworthy changes.
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If you’re after the security and certainty of a fixed rate, Auswide’s sweep of personal loan changes included an 80 basis point cut to its Fixed New Car Loan and Fixed Used Car Loan which now sit at 6.99% and 8.99%, respectively.
Despite the host of changes, market leader Community First continues to lead the pack with the lowest interest rate available for secured car loans of just 5.34%.
Other car loans on the market - last updated 1 July 2022
-
New Car Loan - Prime Special
Home Owner Discount, Including Demo, Variable, Secured
Interest rate
comparison rate
Monthly repayment3.74% p.a.4.28% p.a.based on $30,000
over 5 yearsLow variable car loan rate for purchasing new and demo vehicles from dealers. Extra low 3.74% rate (4.28% comparison rate*) for qualifying homeowners. Personalised loan amounts between $5,000 and $100,000. Flexible repayment options. Choose between the 3 to 5 year loan terms.
Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 3.74% would cost $33,338.96 including fees.
CompareCompare- Interest rate
- 3.74% p.a.
- comparison rate
- 4.28% p.a.based on $30,000
over 5 years
- Interest rate
- 3.74% p.a.
- comparison rate
- 4.28% p.a.based on $30,000
over 5 years
- Upfront fees
- $400
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $700.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $100,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 5 Years
- Security required
- Vehicle
Read our Mozo Review to learn more about the loans.com.au New Car Loan - Prime Special
-
Car Loan
Fixed, Secured
Interest rate
comparison rate
Monthly repayment5.35% p.a.5.65% p.a.based on $30,000
over 5 yearsAvailable for all New and Used cars up to 7 years. A quick and easy, 100% online application with loans up to $75,000. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,507.61 including fees.
CompareCompare- Interest rate
- 5.35% p.a.
- comparison rate
- 5.65% p.a.based on $30,000
over 5 years
- Interest rate
- 5.35% p.a.
- comparison rate
- 5.65% p.a.based on $30,000
over 5 years
- Upfront fees
- $250
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $2,001.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Vehicle
Read our Mozo Review to learn more about the OurMoneyMarket Car Loan
-
Used Car Loan
Fixed, Secured
Interest rate
comparison rate
Monthly repayment6.99% p.a.7.68% p.a.based on $30,000
over 5 yearsEnjoy a quick application process and no monthly fees on NRMA used car loans. Finance also available motorcycles, caravans and motorhomes. Low fixed interest rates with terms of up to seven years. Plus, NRMA Blue Member benefits apply so you could enjoy even lower rates as an NRMA Member**.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,132.67 including fees.
CompareCompare- Interest rate
- 6.99% p.a.
- comparison rate
- 7.68% p.a.based on $30,000
over 5 years
- Interest rate
- 6.99% p.a.
- comparison rate
- 7.68% p.a.based on $30,000
over 5 years
- Upfront fees
- $499
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Fortnightly, Monthly
- Early repayment penalty
- $325 (no fee payable in the last 6 months of the loan term).
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- -
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Vehicle
Read our Mozo Review to learn more about the NRMA Used Car Loan
-
New Car Loan - Prime Special
Home Owner Discount, Including Demo, Fixed, Secured
Interest rate
comparison rate
Monthly repayment5.09% p.a.5.64% p.a.based on $30,000
over 5 yearsEligible for homeowners only. Low fixed car loan rate for purchasing new and demo vehicles from dealers. There is no monthly or ongoing fees and early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^.
Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 5.09% would cost $34,442.49 including fees.
CompareCompare- Interest rate
- 5.09% p.a.
- comparison rate
- 5.64% p.a.based on $30,000
over 5 years
- Interest rate
- 5.09% p.a.
- comparison rate
- 5.64% p.a.based on $30,000
over 5 years
- Upfront fees
- $400
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $700.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $100,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 5 Years
- Security required
- Vehicle
Read our Mozo Review to learn more about the loans.com.au New Car Loan - Prime Special
-
Car Loan
Fixed
Interest rate
comparison rate
Monthly repayment6.19% p.a.to 10.29% p.a.6.74% p.a.to 10.86% p.a.based on $30,000
over 5 yearsEnjoy competitively low rate car loans from 6.19% (comparison rate 6.74% p.a.) between $10,000 and $100,000 for new, demo and used vehicles. Take advantage of flexible 3, 5 or 7 year loan terms. No early repayment or exit fees. You must be 21 years or over to qualify and earn above $35,000.
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.19% would cost $35,357.29 including fees.
CompareCompare- Interest rate
- 6.19% p.a.to 10.29% p.a.
- comparison rate
- 6.74% p.a.to 10.86% p.a.based on $30,000
over 5 years
- Interest rate
- 6.19% p.a.to 10.29% p.a.
- comparison rate
- 6.74% p.a.to 10.86% p.a.based on $30,000
over 5 years
- Upfront fees
- $399
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $10,001.00
- Maximum loan amount
- $100,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 7 Years
- Security required
- Vehicle
Read our Mozo Review to learn more about the Plenti Car Loan
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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.
If you’re ready to apply for a car loan, check out our top tips to making the application process run as smoothly as possible.
Three tips to help get your car loan approved
Residency: If you want your car loan approved, you’re absolutely going to need to be an Aussie resident.
Borrowing power: You need to be realistic about how much you want to borrow and this will usually depend on how much you earn, so don’t set your sights too high.
Keep your credit history clean: Important no matter what type of loan you’re after, the provider is going to trawl through your credit history so stay up to date with your finances and pay all of your bills on time!