How to finance the top 5 cars of June 2020

By Rhianna Dews ·
How to finance the top 5 cars of June 2020

When purchasing a brand new car, there are loads of different factors involved - finding the right car loan among them. With a seemingly infinite amount of finance options available, choosing a loan can be daunting.

So to help get you started, we’ve put together a quick little wrap-up on the top five most popular cars in Australia of June 2020 (based on sales), according to the Federal Chamber of Automotive Industries (FCAI). 

Here’s how you might go about financing each with the right car loan:

1. Toyota HiLux

Toyota HiLux

Model: Toyota HiLux SR (Exterior colour: Glacier White)
Specs:
Double-cab pick-up (4-door, 5-seat), 2.8L turbo diesel, manual transmission.
Driveaway prices start at:
$45,758 (price based on NSW postcode 2000)

Which car do Aussies love the most, Ford vs Holden? Neither, apparently! The number one most purchased car in Australia in June 2020 was none other than the Toyota HiLux, says the FCAI.

So, if you’re considering cashing in on a brand new $45,758 HiLux SR ute then here are some of the different 3-year car loan options we found after crunching the numbers in Mozo’s car loan comparison table:

Fixed-rate option: Loans.com.au New Car Loan (Fixed)

If you borrowed $45,758 to buy your brand new Toyota HiLux SR with the Loans.com.au New Car Loan (Fixed), then you could repay that amount over 3 years at a low fixed rate of 4.67% p.a. (5.22% p.a. comparison rate*) with an estimated monthly repayment amount of $1,365.

Variable-rate option: Queensland Country Bank New Car Loan

Then again, if you’d prefer a variable interest rate you could always opt for the Queensland Country Bank New Car Loan (Variable). By going with this option you could pay the amount off over 3 years at a super low variable 2.99% p.a. interest rate (5.22% p.a. comparison rate*) with a $1,339 estimated monthly repayment amount.

2. Ford Ranger

Ford Ranger

Model: Ford Ranger XLS (Exterior colour: Arctic White)
Specs:
4x4 XLS double-cab pick-up (4-door, 5-seat), 3.2L diesel, 6-speed manual transmission.
Driveaway prices start at:
$54,593 (price based on NSW postcode 2000)

Next, we saw yet another Aussie favourite ute take the cake, with the Ford Ranger as runner-up on the FCAI’s list of most purchased cars in Australia (which should well and truly settle the whole Ford vs. Holden debate).

This bad boy comes in loads of different models, but today we’ll be looking at how you might go about financing the Ford Ranger XLS in particular (prices start at $54,593). Here are some of the options we found for a $54,593 car loan paid back over 5 years:

Fixed-rate option: Credit Union SA Online-only Special Fixed Personal Loan

By taking out a 5-year $54,593 loan with Credit Union SA’s Online-only Special Fixed Personal Loan, you could potentially score a super low fixed rate of 3.99% p.a. (4.40% p.a. comparison rate*), making your repayments roughly $1,005 a month.

Variable-rate option: Orange Credit Union New Car Loan

On the other hand, if you’d rather have the flexibility of a variable rate, a 5-year Orange Credit Union Variable New Car Loan offers a 4.99% p.a. variable interest rate (5.35% p.a. comparison rate*) with an estimated monthly repayment amount of $1,030.

3. Toyota Corolla

Toyota Corolla

Model: Toyota Corolla Hatch Ascent Sport (Exterior colour: Glacier White)
Specs:
(4-door, 5-seat), 2.0L litre petrol engine, FWD 6-speed manual transmission.
Driveaway prices start at:
$27,423 (price based on NSW postcode 2000)

In third place was the Toyota Corolla, making it Toyota’s second appearance on the FCAI’s popular cars list. This zippy little car comes in both a sedan and hatchback model, but for now, we’ll focus on the Corolla Hatch. Here are two options our car loan comparison tool found for a 3-year $27,423 loan:

Fixed-rate option: Loans.com.au Clean Green Car Loan

The Corolla Hatch is considered an environmentally-friendly vehicle, so opting for one could make you eligible for the loans.com.au Clean Green (Fixed) Car Loan. For a $27,423 loan repaid over 3 years, you could be looking at a low 3.97% p.a. fixed interest rate (6.70% p.a. comparison rate*) and a monthly repayment amount of approximately $809.

Variable-rate option: Queensland Country Bank New (Variable) Car Loan

Alternatively, you might prefer a variable-rate loan, like the Queensland Country Bank New Variable Car Loan, which could score you a super low 2.99% p.a. variable interest rate (4.92% p.a. comparison rate*) and an estimated monthly repayments amount of $797.

4. Toyota LandCruiser

Toyota LandCruiser

Model: Toyota LandCruiser GXL (Exterior colour: Glacier White)
Specs:
4WD wagon, 4.5L V8 twin-turbo diesel with 6-speed automatic transmission.
Driveaway prices start at:
$100,257 (price based on NSW postcode 2000)

With the Toyota LandCruiser taking out the fourth spot on the list, we’re starting to see that Aussies really love their Toyotas! This beast of a vehicle comes in several models, but the all-time family fave Toyota LandCruiser GXL will set you back around $100,257. Check out these 5-year car loan options:

Fixed-rate option: Beyond Bank (Fixed) Low Rate Car Loan Special Offer

For a 5-year fixed loan that’ll get you in the driver’s seat of your brand new Toyota, you might consider the Beyond Bank (Fixed) Low Rate Car Loan Special Offer. With a 4.89% p.a. fixed-rate (4.40% p.a. comparison rate*) your repayments should sit at around $1,887 a month.

Variable-rate option: Transport Mutual Credit Union FastRoad New Car Loan

For a variable-rate, consider Transport Mutual’s Credit Union FastRoad New Car Loan (no, you don’t need to work in transport to be eligible). For a $100,257 5-year loan you’d be looking at a 4.99% p.a. variable rate (5.26% p.a. comparison rate*) with an estimated monthly repayment amount of $1,887.

5. Mitsubishi Triton

Mitsubishi Triton

Model: 2020 Mitsubishi Triton GLX (Exterior colour: White)
Specs:
Double-cab pick-up, 4WD, 2.4L diesel with manual transmission.
Driveaway prices start at:
$35,990 (price based on NSW postcode 2000)

It seems that utes are all the rage right now, with the fifth most popular car purchase in June being the Mitsubishi Triton. Once again, this ute comes in loads of different models depending on what you’re after. But for now, let’s check out some loan options for the Mitsubishi Triton GLX specifically:

Fixed-rate option: People's Choice Credit Union Discounted Personal Car Loan

For a $35,990 fixed-rate car loan paid back over 3 years, one option could be the People's Choice Credit Union Discounted Personal Car Loan. With this loan, you could expect a 4.65% p.a. fixed-rate (6.34% p.a. comparison rate*) and a regular repayment amount of roughly $1,073 a month.

Variable-rate option: Illawarra Credit Union Online Personal Loan Package

If you’re after a variable-rate car loan option instead, then check out the Illawarra Credit Union Online Personal Loan Package which offers variable rates from 5.25% p.a. (7.72% p.a. comparison rate*) for a 3-year loan term, with an estimated monthly repayment amount of $1,083.

Head over to Mozo’s free car loan comparison tool where you can compare loads more options and find the right car loan deal for you today.

Rhianna Dews
Rhianna Dews
Money writer

Rhianna Dews is a lending writer and millennial money expert here at Mozo. Her work is aimed at keeping twenty-something readers up to date with the latest trends in finance and providing budgeting and debt busting tips. She has a Master of Journalism and Communications from the UNSW.