Here’s how to find the best car loan in 2018

By Ceyda Erem · · 2 min read
Fact Checked
Advertiser disclosure

For many of us our cars are our pride and joy - we name them, refuse to park them on dangerous corners, and even treat them to top of the line fuel.

But if you're concerned about the hefty price tag of your dream car, then worry no more - we've just announced the winners of our 2018 Mozo Experts Choice Awards.

Our Expert Choice judges sifted through 196 personal loans from 74 providers and awarded the top 10% in our three car loan categories.

RELATED: Taking out a car loan is about to get a whole lot fairer, thanks to ASIC’s latest ban

“Buying your first car is a milestone for many, so if you are thinking of taking out a car loan to do it, you’ll want to make sure it’s with the best - and our Mozo Experts Choice Awards help you do just that,” said Mozo Director, Kirsty Lamont.

“Whether you’re looking to buy a brand new set of wheels or are opting for a preloved car, our awards can help you identify which loans can provide the best value.”

When choosing the winners, our judges looked at both fixed and variable rate options, as well as any ‘mandatory fees’ across all categories, like application, monthly service and exit fees.

Late payment fees, extra repayment facilities, other exception fees and loan features were not considered.  Products requiring an upfront deposit, existing membership, direct salary deposit or term deposit were also not considered for the awards.

RELATED: Aussies love the status that comes with a new car, despite the price tag, says ME

Notable winners were Police Bank for their Green Loan, along with Police Credit Union which took out two awards in the Used Car Loan category for both its Fixed and Variable Rate Car Loan.

Other winners included loans.com.au taking out an award in the Car Loan category along with MOVE Bank and Illawarra Credit Union.

Bank Australia also took home an award for its Car Loan in both the Used Car Loan and Green Car Loan category.

“Not only does the Bank Australia Car Loan feature a low, fixed rate, but they’ll also reward you for having an eco-friendly car by waiving the $150 establishment fee,” said Lamont.

So if you’re ready cruise down the highway with your new set of wheels, you can check out our full list of winners or head on over to our car loan comparison tool for even more options!