Harmoney show borrowers some love with launch of new car loan deal

With Valentine's Day just hours away, thousands of Australians will be rushing around madly looking for last minute gifts for that special someone, but if you have stars in your eyes and a flutter in your heart for a new set of wheels, Harmoney may just have the perfect gift for you.

The peer to peer lender has today launched a brand new fixed rate car loan, offering a competitive interest rate starting at just 5.95% (6.65% comparison rate^^).

Harmoney’s new Low Rate Car Loan (Excellent Credit) is aimed at Aussie buyers with, you guessed it, an excellent credit score looking to borrow anywhere from $5,000 to $70,000 to fund the purchase of a new or used set of wheels -  though the loan does come with a $500 application fee.

The latest offer from Harmoney bucks a recent trend which, according to figures from the Mozo database, has seen lenders raise rates on five car loans since January 1, with just one rate cut in that time period.  

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The Mozo car loan comparison calculator showcases just how much a borrower could save in interest repayments by opting for a car loan offer with a lower rate.

For example, a borrower with excellent credit history taking out a $20,000 loan with Harmoney’s 5.95% (6.65% comparison rate^^) Low Rate Car Loan would pay $2,524 in interest over four years, while even a marginally higher interest rate of 7.95% would incur $3,414 in interest over the same period - an $890 difference.

“Whether you’ve got your heart set on a new or used set of wheels, it just makes sense to shop around for a car loan deal that could save you hundreds of dollars in interest - especially when some providers are raising rates,” said Mozo Director, Kirsty Lamont.

“While a peer-to-peer car loan could be a great, low rate option to reward borrowers with excellent credit history, it’s also important to compare all the elements of a loan, including any useful features or expensive fees.”

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Think you might be ready to drive off into the sunset? You wouldn’t settle for a mediocre car, so don’t do the same when it comes to your car loan. 

Find your perfect match by comparing over 170 loans from 60 different providers over at the Mozo car loan comparison hub.

^ 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 for the amounts and terms below, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: 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. ^ Based on $10,000 over 3 years ^^ Based on $30,000 over 5 years