Lenders slash new and used car loan rates

By Polly Fleeting · · 3 min read
Fact Checked
Advertiser disclosure

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 - last updated 25 April 2024

Search promoted car loans below or do a full Mozo database search. Advertiser disclosure
  • Used Car Loan

    Fixed, Secured, No vehicle age limit

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured used car loan of up to $75,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Go to site
    Details
  • New Car Loan

    Fixed, Secured, Excellent Credit Score [832+]

    Interest rate
    comparison rate
    Monthly repayment
    7.29% p.a.to 7.79% p.a.
    8.00% p.a.to 8.50% p.a.based on $30,000
    over 5 years

    Enjoy a quick application process and no monthly fees on NRMA new car loans. Finance also available motorcycles, caravans and motorhomes. Low fixed interest rates with terms of up to seven years. Plus, NRMA Blue Member benefits apply so you could enjoy even lower rates as an NRMA Member**.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 7.29% would cost $36,387.95 including fees.

    Compare
    Go to site
    Details
  • New Car Loan - Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

    Compare
    Go to site
    Details
  • New Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Go to site
    Details
  • Used Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    8.49% p.a.to 16.99% p.a.
    9.21% p.a.to 17.77% p.a.based on $30,000
    over 5 years

    Enjoy a quick application process and no monthly fees on NRMA used car loans. Finance also available motorcycles, caravans and motorhomes. Low fixed interest rates with terms of up to seven years. Plus, NRMA Blue Member benefits apply so you could enjoy even lower rates as an NRMA Member**.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 8.49% would cost $37,420.08 including fees.

    Compare
    Go to site
    Details
  • Used Car Loan

    Up to 5 years old, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.74% p.a.
    8.85% p.a.based on $30,000
    over 5 years

    Used Car Loan with no monthly or ongoing fees, with a fixed rate for the life of the loan. Fast online application. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.74% would cost $37,153.94 including fees.

    Compare
    Go to site
    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!

* 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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