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:
Fixed Rate & No Monthly Service Fee
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.
Fast Online Application Process
MoneyPlace Secured New Car Loan
- Variable rates from 6.29% p.a. (6.72% p.a. comparison rate*)
- Fast online application process
- Loan terms up to 7 years
Get behind the wheel of your new car with Moneyplace’s Secured Car Loan. Choose a loan length to suit your needs, with 3, 5 or 7 year terms. Making repayments is simple with weekly, fortnightly or monthly repayments, and no penalties for early repayments. Get fast online approval and borrow up to $80,000. Must be over 18yrs to apply.
Low Variable Rate
loans.com.au - New Car Loan Special (variable)
- Variable rates from 5.99% p.a. (7.12% p.a. comparison rate*)
- Fast online application process
- Early payout options
Get on the road with the New Car Loan Special from loans.com.au. This option for new and demo vehicles has variable rates starting from 5.99% p.a. (7.12% 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.
Free Car Buying Service
Move Bank New Car Loan
- 6.25% p.a. fixed rate (6.52% p.a. comparison)
- Borrow from $10,000 up to $150,000
- Loan terms 1 to 7 years
The Move Bank New Car Loan is available for all vehicles up to 3 years old. You get a competitive fixed rate and can borrow from $10,000 up to $150,000. Loan terms are from 1 to 7 years and you can make free extra repayments (and redraw) at any time without penalty. There are no monthly fees and but there is a $195 loan establishment fee. Move has a free no obligation car buying service that you can utilise. The online application is quick and easy and you get support from local lending specialists.
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.
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