Lenders slash new and used car loan rates

By Polly Fleeting ·

Looking to get your hands on a new set of wheels so you can hit the road post ‘iso’? Well, say hello to these lenders who have slashed car loan rates. 

Over the last two months, a handful of car loan lenders have cut down rates they have on offer across both new car loans and used car loans. 

According to the Mozo database, the average new car loan rate sits as 6.70%, while the average used car rate is 7.24%. 

However, some car loan lenders are offering rates that sit well below these numbers. 

Who has slashed rates recently?

According to the Mozo database loans.com.au, Qudos Bank, Australian Military Bank, Beyond Bank, QBank, Orange Credit Union, Police Credit Union and Goldfields Money all cut rates across March and April. 

Here’s a breakdown of where these lenders’ car loan rates sit now:  

LenderProductNew RateChange
Australian Military BankCar Loan (Up to 5 years old)3.60% and 7.30%
(4.51% - 8.76% comparison rate*)
-1.22%
Beyond BankLow Rate Car Loan Special Offer 5.29% (5.53% comparison rate*)-0.20%
Goldfields MoneyCar Loan (Up to 2 years old) 

Car Loan (2 to 5 years old)
5.59% (6.22% comparison rate*)

7.09% (7.73% comparison rate*)
-0.25%


-0.25%
Loans.com.auNew Car Loan


Clean Green Car Loan


Used Car Loan (Up to 4 years old)


Used Car Loan (5 to 7 years old)
4.67% (5.22% comparison rate*)

3.97% (4.51% comparison rates*)

4.67% (5.22% comparison rate*)


5.67% (6.23% comparison rate*)
-0.22%


-0.22%


-0.22%



-0.22%
Orange Credit UnionNew Car Loan 4.99% (5.35% comparison rate*)-0.40%
Police Credit UnionFixed Rate Car Loan 4.99% (5.26% comparison rate*)- 0.70%
QBankCar Loan (Up to 10 years old) 

Discounted Car Loan (Up to 5 years old)
7.99% (8.61% comparison rate*) 

5.99% (6.62% comparison rate*)
-0.50%


-0.50%
Qudos BankCar Loan (Up to 5 years old) 


Qantas Points Car Loan (Up to 5 years old)
6.19% (6.40% comparison rate*) 


7.59% (7.80% comparison rate*)
-0.10%



-0.30%


RELATED ARTICLE:
 4 fab car loans to turn your self-isolation savings into a new set of wheels

Car Loans 2020 - rates updated daily

Search promoted car loans below or do a full Mozo database search. Advertiser disclosure.

  • mozo-experts-choice-2019

    4.67% p.a.

    5.22% p.a.based on $30,000
    over 5 years

    Details
  • 4.89% p.a.

    5.16% p.a.based on $30,000
    over 5 years

    Details
  • 5.50% p.a.

    5.85% p.a.based on $30,000
    over 5 years

    Details
  • mozo-experts-choice-2019

    3.97% p.a.

    4.51% p.a.based on $30,000
    over 5 years

    Details
  • 5.99% p.a.

    6.63% p.a.based on $30,000
    over 5 years

    Details
  • 4.89% p.a.to 8.89% p.a.

    5.44% p.a.to 9.46% p.a.based on $30,000
    over 5 years

    Details

Want to see how these rates compare to other offerings on the market? Take a peek at the table below or jump over to our car loans comparison tool for even more options!

*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. WARNING: 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.

**Representative example figures and monthly repayment figures are estimates only, based on the advertised rate, mandatory fees, loan amount and term entered. 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.

^See information about the Mozo Experts Choice Car Loans Awards

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.

Polly Fleeting
Polly Fleeting
Money writer

Polly Fleeting is a personal finance writer here at Mozo, specialising in loans and credit cards. Her work is aimed at helping people find ways to make smart product choices, reduce debt and get more for their hard-earned dollars. Polly has a degree in Journalism from the University of Technology, Sydney.