How to be car loan ready for the EOFY car sales

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:

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

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.

Loans.com.au New Car Loan Special (Secured)
  • Variable rates from 6.24% p.a (7.36% p.a. comparison rate*)
  • 3 - 7 year loan terms
  • Borrow up to $150,000

This secured car loan from online lender loans.com.au has a discounted rate for home owners and is available when purchasing a new, used or demo vehicle from a dealer. You can choose a loan term between 3-7 years and flexible repayment options include weekly, fortnightly and monthly repayments. There is a $400 upfront application fee and an $8 monthly fee to consider. Available for loans up to $150,000 depending on your credit history. Loans.com.au states its online application process is easy and you’ll find out if you’ve been approved within 24 hours. Be aware there is a $700 early repayment fee if you pay out the loan more than 12 months in advance of the agreed loan term.

Heritage Bank Car Loan (Secured)
  • Fixed 6.49% p.a. interest rate (6.84% p.a. comparison rate*)
  • 1 - 7 year loan terms
  • For purchase of new or used car, motorbike or caravan

You can borrow from as little as $5,000 up to $100,000 with Heritage Bank for the purchase of a new or used car, motorbike or caravan. Loan terms range from 1 year up to 7 years and the rate will be locked in for the entire period. You can make extra repayments at any time (and access a free redraw) and if you do payout the loan early, there are no early repayment fees. The loan doesn’t have monthly or annual fees but there is a $250 loan establishment fee. Heritage Bank has a 5 minute online quick start application. 

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

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

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. 

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

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.