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:
|Australian Military Bank||Car Loan (Up to 5 years old)||3.60% and 7.30% |
(4.51% - 8.76% comparison rate*)
|Beyond Bank||Low Rate Car Loan Special Offer||5.29% (5.53% comparison rate*)||-0.20%|
|Goldfields Money||Car 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*)
|Loans.com.au||New 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*)
|Orange Credit Union||New Car Loan||4.99% (5.35% comparison rate*)||-0.40%|
|Police Credit Union||Fixed Rate Car Loan||4.99% (5.26% comparison rate*)||- 0.70%|
|QBank||Car 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*)
|Qudos Bank||Car 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*)
Car Loans 2020 - rates updated daily
New Car Loan
Including Demo, Fixed, SecuredInterest ratecomparison rateMonthly repayment4.67% p.a.5.22% p.a.based on $30,000
over 5 years
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^.Details
Read our Mozo Review to learn more about the loans.com.au New Car Loan
Secured Car Loan
FixedInterest ratecomparison rateMonthly repayment4.74% p.a.to 16.01% p.a.5.01% p.a.to 16.31% 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 $64,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!Details
Read our Mozo Review to learn more about the Wisr Secured Car Loan
Car Loan - Excellent Credit
Fixed, UnsecuredInterest ratecomparison rateMonthly repayment5.95% p.a.to 19.99% p.a.5.95% p.a.to 21.0% p.a.based on $10,000
over 3 years
Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.Details
Read our Mozo Review to learn more about the SocietyOne Car Loan - Excellent Credit
Discounted Green Car Loan
Fixed, SecuredInterest ratecomparison rateMonthly repayment5.29% p.a.5.56% p.a.based on $30,000
over 5 years
Bank First Green Loan offers low Car Loan rates to reward you for purchasing a lower emissions vehicle. Free redraw, flexible repayments and no monthly fees.Details
Read our Mozo Review to learn more about the Bank First Discounted Green Car Loan
Fixed, SecuredInterest ratecomparison rateMonthly repayment5.35% p.a.5.65% p.a.based on $30,000
over 5 years
Available for all New and Used cars. 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.Details
Read our Mozo Review to learn more about the OurMoneyMarket Car Loan
FixedInterest ratecomparison rateMonthly repayment4.89% p.a.to 8.89% p.a.5.44% p.a.to 9.46% p.a.based on $30,000
over 5 years
Enjoy competitively low rate car loans from 4.89% (comparison rate 5.44% p.a.) between $10,000 and $100,000 for new, demo and used vehicles. Take advantage of flexible 3, 5 or 7 year loan terms. No early repayment or exit fees. You must be 21 years or over to qualify and earn above $35,000.Details
Read our Mozo Review to learn more about the Plenti Car Loan
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!
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