How plate clearance deals and a hot car loan could get you a new set of wheels this summer

By Tara McCabe · Tuesday, 17 December 2019 · 3 min read

Fact Checked

In the words of John Lennon, “And so this is Christmas and what have you done?”

Another year over and car clearance deals just begun!

Well perhaps not that last part, but if your answer to John Lennon’s question is that you’ve kept your eyes peeled for the end of year plate clearance deals, then you may want to take a look at these car loan deals to help you hit the road.

It’s no secret that this time of year is a great time to get a good deal on a new vehicle, but unless you have a savings stash ready to roll, you’ll need a car loan to make your road trip dream a reality.

Here are a few hot car loans right now, to get you cruising on four wheels this summer:

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Important disclosures and comparison rate warning*

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Comparison rate warning

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. 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.

How Initial Monthly Repayments figures are estimated

Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

OurMoneyMarket - Car Loan

Low 5.50% p.a. fixed interest rate (5.85% comparison rate^)
Borrow up to $75,000
No monthly service fee

Go to site

Whether or not you’re after a Mercedes Benz like Janis Joplin, it’s good to know that this loan could cover the cost of a new car up to $75,000. Plus the OurMoneyMarket Car Loan comes with no monthly service fees and the option to make extra repayments (an upfront application fee applies). You can also pay the loan off early without incurring a penalty fee and if flexibility is a must for you, you’ll be happy to hear that you can choose to repay weekly, fortnightly or monthly.

loans.com.au - New Car Loan - Prime Special

Low 4.89% fixed interest rate (5.44% comparison rate^)
Borrow up to $100,000
Extra repayments allowed

Find out more

Longing to head off on a road trip with the window rolled down and Aretha Franklin singing “freeedom” in the background? Well with Loans.com.au’s New Car Loan you can borrow from as little as $5,000 to as much as $100,000 to cover the costs of a new set of wheels to get you on your way. There are no monthly service fees with this loan (but keep in mind the upfront fee) and you can make extra repayments, meaning your beloved car could be all yours sooner than you think.

Beyond Bank - Low Rate Car Loan Special Offer

Low 5.49% fixed interest rate (5.73% comparison rate^)
Borrow from $25,000
No early repayment penalty

Find out more

If you’re looking to purchase a car over $25,000 and you want to benefit from a low fixed interest rate, then Beyond Bank’s Low Rate Car Loan might be one to consider. There’s plenty of incentive to repay the loan early, as you won’t be hit with an early repayment penalty fee if you do and you can make extra repayments. Plus if flexibility is what you’re after, you’ll be happy to know that you can choose to make repayments weekly, fortnightly or monthly.

Great Southern Bank - Secured Car Loan

Low 6.79% fixed interest rate (7.16% comparison rate^)
No monthly service fee
Flexible repayment schedule

Find out more

With CUA’s secured car loan you can borrow as much as $100,000 with a payback period ranging from 1 year to 7 years. This loan is also free of monthly service fees, late fees, exit fees and early repayment penalties (though there is an upfront application fee). On top of all that, you’ll have the option to make extra repayments, so you can feel free to offload some extra cash every now and again to get your loan closer to zero.

Didn’t find quite what you were after? Why not take a look at the full list of car loans compared by Mozo, to see if there’s one that’s a better fit for you and your wheels.

^* 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

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