How are car loan rates looking right now?

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By Polly Fleeting ·

Itching to get your hands on a fresh set of wheels? Unless you are sitting on a whole bunch of savings, you may need a car loan to help you get there. 

There are two main types of car loans: a new car loan and a used car loan. Depending on whether you want a brand new or pre-loved ride, this will determine what sort of loan you take out. 

So where do car loan rates sit in November 2020? 


According to the Mozo database the average new car loan rate sits at 6.41%. Meanwhile the average used car loan rate sits at a slightly higher 6.98%

But who wants just average right? Check out some of these killer car loan deals and you could be hitting the road sooner!

loans.com.au New Car Loan
  • 4.67% fixed rate (5.22% comparison rate*)
  • Extra repayments allowed
  • No ongoing monthly service fee

The loans.com.au New Car Loan could be exactly what you need if you’re looking for a loan with both a low rate and flexible repayment options. Not only does it come with a competitive 4.67% fixed interest rate (5.22% comparison rate*) but there are also no monthly service fees to worry about. Plus, borrowers can choose to make weekly, fortnightly or monthly repayments as well as make extra repayments whenever they want to. Just bear in mind there is an upfront application cost of $400, and if you pay down your entire loan early you may need to cough up a $700 early repayment fee.

OurMoneyMarket Car Loan
  • Fixed rates from 5.50% (5.85% comparison rate*)
  • No service, exit or early repayment charges
  • Extra repayments allowed

Whether it’s a new or a used car, the OurMoneyMarket Car Loan may get you the keys to your dream vehicle! With fixed rates starting at a competitive 5.50% (5.85% comparison rate*) this loan really is a head-turner. Customers can borrow anywhere from $2,000 to $75,000 and choose from 1-year, up to 7-year term. But that’s not all. This loan also offers weekly, fortnightly or monthly repayment schedules and allows borrowers to make extra repayments. There is no redraw facility however, and there’s a $250 upfront application fee to be mindful of.

loans.com.au Green Car Loan
  • 3.97% fixed rate (4.51% comparison rate*)
  • Extra repayments allowed
  • No ongoing monthly service fee

Got your eyes on a green machine? Meet the loans.com.au Green Car Loan, designed for eco-friendly vehicles up to $100,000. While this loan does come with a hefty $400 application fee straight off the bat, it has an extremely low interest fixed rate of 3.97% (4.51% comparison rate*). Not only that, it also has no ongoing monthly service fee and allows customers to make extra repayments whenever they want. But you cannot make redraws on this loan, so once you make an additional repayment there is no turning back. And, if you pay down your entire loan early you may be faced with a $700 early repayment charge.

Plenti New Car Loan
  • Fixed rates from 4.89% (5.44% comparison rate*)
  • Extra repayments allowed
  • No early repayment penalty or ongoing service fee

The Plenti New Car Loan comes with a competitive fixed rates starting at a low 4.89% (5.44% comparison rate*), but the rate isn’t the only thing going for it. This loan has no pesky ongoing monthly service fee, exit cost or early repayment penalty. And while we are on the topic of early repayment, while borrowers can only opt to make monthly regular repayments they can make free extra repayments whenever they like. It’s important to note that there are no redraws allowed on this loan. Also remember, you’ll need to budget for a $399 upfront application fee.

Wisr Secured Car Loan
  • Fixed rates from 5.19% (5.46% comparison rate*)
  • Extra repayments allowed
  • No service, exit or early repayment fees

Hunting for the perfect car loan for the perfect car? The Wisr Secured Car Loan is worth considering. The loan comes equipped with fixed rates starting from a low 5.19% (6.08% comparison rate*) and allows customers to borrow anywhere between 3 and 7 years. There are plenty of repayment options too - from weekly, fortnightly to monthly. Plus, borrowers can make free extra repayments without fear of penalty if they pay down the entire loan early. While there is no peeky service fee attached to this loan, bear in mind there is a $195 application fee to take into account.

Want to see how more car loan options stack up? Jump over to our car loan interest rates page for more.

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.

Polly Fleeting
Money writer

Polly Fleeting is a personal finance writer here at Mozo, specialising in loans and credit cards. Her work is aimed at helping people find ways to make smart product choices, reduce debt and get more for their hard-earned dollars. Polly has a degree in Journalism from the University of Technology, Sydney.