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

By Ben Tosi · · 2 min read
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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

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 90 car loans.
Last updated 18 July 2025 Important disclosures and comparison rate warning*
  • Secured Car Loan

    Fixed

    Interest rate
    comparison rate
    Monthly repayment
    6.45% p.a.to 21.65% p.a.
    6.45% p.a.to 21.65% p.a.based on $30,000
    over 5 years

    NOW Finance is a winner in the 2025 Mozo Experts Choice Awards for Excellent Credit Used Car Loan. You have the option of getting a secured or unsecured car loan with Now Finance, with loan terms lasting between 18 months up to seven years. There are no fees attached to this loan, including zero upfront fees or early exit fees. Must be an Australian citizen or permanent resident to apply (see T&Cs).

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.45% would cost $35,176.93 including fees.

    Compare
    Find out more
    Details
  • Better Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    5.99% p.a.
    6.40% p.a.based on $30,000
    over 5 years

    This competitive fixed rate car loan is available for new and used cars, as well as caravans, motorcycles, boats and trailers. Just note, you must be borrowing a minimum of $20,000 to apply. You can make unlimited additional repayments on this car loan without paying a fee, so you could pay your loan off sooner. If needed, you can also redraw those extra payments at any time. No monthly or annual fees apply.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.99% would cost $35,085.67 including fees.

    Compare
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    Details
  • Used Car Loan

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

    Interest rate
    comparison rate
    Monthly repayment
    6.28% p.a.to 18.99% p.a.
    6.28% 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 6.28% would cost $35,033.88 including fees.

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    Details
  • New Car Loan

    Up to 3 years old, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.25% p.a.
    6.52% p.a.based on $30,000
    over 5 years

    Borrow between $5,000 - $25,000 over 1 to 7 year loan terms. No monthly fees and no penalties for extra repayments.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.25% would cost $35,203.67 including fees.

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    Details
  • New / Demo Car Loan

    Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    5.99% p.a.
    7.12% 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 5.99% would cost $35,670.67 including fees.

    Compare
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    Details

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!

* 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

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

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.

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