How to be car loan ready for end of year sales

By Gabriella Margerison · Last updated Tuesday, 10 December 2024 · 1 min read

Fact Checked

End of year and Boxing Day sales are the perfect time to drive off with a new car at a bargain price. Whether you’ve got your eye on a new electric car model, a family sedan or your dream sports car, dealers are keen to clear stock before the New Year. But before you head to the showroom, it’s smart to ensure your finances are in order.

Start by crunching the numbers including on-road costs like stamp duty and car insurance. Comparing car loan options in advance is crucial to finding competitive rates and flexible terms that suit your needs, some lenders even offer pre-approval to streamline the process.

Big banks are not the only option when it comes to getting a car loan, these days there are also specialist online lenders and smaller banks that not only have competitive rates and low fees available, but also have fast funding and pre-approval processes so that you can know exactly how much you can spend (and be prepared to negotiate on) before stepping into the car showroom.

Here are a few value-packed car loans to help get you started:

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Important disclosures and comparison rate warning*

Important disclosures

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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.

OMM Fixed New Car Loan (Secured)

Fixed rates from 6.57% p.a. (7.19% p.a. comparison rate*)
Borrow up to $100,000
Loan terms 1 to 7 years

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With a new car loan from OMM rates start at 6.75% p.a (7.19% p.a) fixed for borrowers with excellent credit. The maximum loan amount is $100,000 and loan terms are from 1 up to 7 years depending on your needs. There are no monthly fees to pay and no early repayment fees but there is a $250 loan application fee (payable on approval). You can choose between weekly, fortnightly or monthly repayments. The online application takes just 5 minutes and you’ll get a decision within a minute according to OMM as they use the latest credit assessment technology. Loan pre-approval is valid for 1 month. See OMM’s website for full eligibility criteria.

Where do I get it? Head over to OMM to find out more>>

Loans.com.au - New Car Loan Special

Variable rates from 6.24% p.a. (7.36% p.a. comparison rate*)
Redraw facility up to $5,000
Fast online application process

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Get on the road with the New Car Loan Special from loans.com.au. This option for new and demo vehicles features a competitive 6.24% p.a. (7.36% p.a. comparison rate*), with early payout options. You can borrow between $5,000 and $150,000 with loan terms up to 7 years. Make sure to keep in mind the $400 one-off application fee and an $8 monthly service fee. Applications are 100% online, with assessments usually taking under 24 hours to complete.

Where do I get it? Head over to loans.com.au to find out more>>

Revolut Used Car - Unsecured Personal Loan

Fixed rates from 6.56% p.a. (6.56% p.a. comparison rate*)
Borrow up to $50,000
No early repayment fees

Go to site

Drive away with competitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. You'll enjoy $0 monthly fees and no early repayment fees to pay to help you pay off your loan sooner. There's a fast application process on the Revolut app, so you can get behind the wheel sooner. Eligibility criteria applies.

Where do I get it? Head over to Revolut to find out more>>

RACV - New Car Loan

Fixed interest rates from 7.29% p.a. (8.00% p.a. comparison rate*)
Flexible repayment options
No maximum borrowing limit

Find out more

Take the wheel with the RACV new car loan, with low fixed interest rates starting from 7.29% p.a. (8.00% p.a. comparison rate*). With borrowing amounts starting from $5,000 and with no maximum limit (T&Cs apply), this loan offers terms between 1-7 years and flexible repayment options. There is a $499 application fee, but no ongoing or maintenance fees. You’ll get fee-free extra repayments, but there may be a fee for exiting your loan early (2% of your loan balance or $205 minimum) if you finish paying it off in the first 75% of the loan term.

^* 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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How to be car loan ready for end of year sales