How to be car loan ready for the EOFY car sales

By Kylie Moss · Last updated Tuesday, 10 December 2024 · 1 min read

Fact Checked

Whether you’ve got your eye on a new electric car model, a family sedan or your dream sports car, the end of financial year (EOFY) is now just around the corner and that means it’s time for EOFY car sales.

You can potentially save a tonne of money by purchasing a car during the end of the financial year period, so prepping ahead of time is key if you want to not only get the make, model and car colour of choice, but it’s also important if you want to get the best deal on your car finance.

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*

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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 $75,000
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 $75,000 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 3 months. See OMM’s website for full eligibility criteria.

How do I apply? Find out more at OMM >>

Police Credit Union Better Car Loan Special Offer (Secured)

Fixed 6.24% p.a. Interest rate (6.65% p.a. comparison rate*)
Available to general public
Any registered vehicle eligible

Find out more

You don’t have to be a member of the police service to be able to take advantage of this low rate personal loan from Police Credit Union. Its Better Car Loan Special isn’t just for new or used cars either - you can use it for any registered vehicle including a motorbike, caravan, trailer or boat. It has a fixed rate starting at 6.24% p.a. (6.65% p.a. comparison) for loan terms 1 - 5 years. There is a minimum loan amount of $20,000 and repayments can be made weekly, fortnightly or monthly depending on your needs. You’ll need to budget for the $295 application fee but after that there are no monthly or annual fees to worry about. You can make extra repayments and pay out the loan early without penalty.

Now Finance Personal Loan (Unsecured)

Fixed rates from 6.75% p.a. (6.75% p.a. comparison rate *)
Borrow up to $50,000 unsecured
No upfront or monthly fees

Go to site

With a Now Finance Personal Loan you could borrow up to $50,000 for the purchase of a car. Loan terms range from 18 months to 7 years and repayments can be made weekly or fortnightly. Rates start at 6.75% p.a. (6.75% p.a. Comparison rate*) for a borrower with excellent credit (rates will differ for other credit tiers). There are no upfront or monthly fees to pay. Now Finance can give you a personalised rate quote within 2 minutes without impacting your credit score. The online application process is fast and funding will be in your account between 24-48 hours of being approved according to Now Finance. See Now Finance’s website for full details of all eligibility criteria.

How do I apply? Find out more at Now Finance >>

Looking for more car loan deals? Head to our car loans hub and search our full database of lenders.

^* 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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