Lenders slash new and used car loan rates

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 13 August 2022

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

    Home Owner Discount, Including Demo, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    5.69% p.a.
    6.24% p.a.based on $30,000
    over 5 years

    Eligible for homeowners only. Low fixed car loan rate for purchasing new and demo vehicles from dealers. There is no monthly or ongoing fees and early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^.

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 5.69% would cost $34,940.17 including fees.

    Details
  • Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.25% p.a.
    6.87% p.a.based on $30,000
    over 5 years

    Available for all New and Used cars up to 7 years. A quick and easy, 100% online application with loans up to $75,000. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.25% would cost $35,258.67 including fees.

    Details
  • Clean Green Car Loan

    Home Owner Discount, New or Used, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    4.99% p.a.
    5.54% p.a.based on $30,000
    over 5 years

    No monthly or ongoing fees. Get a 0.70% discount on your car loan interest rate if you buy a qualifying green car. Winner of Mozo's Experts Choice Green Car Loan 2021 award^.

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 4.99% would cost $34,359.97 including fees.

    Details
  • Used Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.99% p.a.
    8.60% 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 7.99% would cost $36,987.90 including fees.

    Details
  • Used Car Loan

    Home Owner Discount, Dealer Only, Up to 5 years old, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.
    7.04% p.a.based on $30,000
    over 5 years

    Eligible for homeowners only. Low fixed car loan rate for purchasing new and demo vehicles from dealers. There is no monthly or ongoing fees and early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^.

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,610.64 including fees.

    Details
  • Secured Car Loan

    Fixed

    Interest rate
    comparison rate
    Monthly repayment
    7.09% p.a.to 14.99% p.a.
    7.93% p.a.to 13.88% p.a.based on $30,000
    over 5 years

    Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $79,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.09% would cost $36,323.64 including fees.

    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!

^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.