Lenders slash new and used car loan rates

By Polly Fleeting · · 3 min read
Fact Checked
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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

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 91 car loans using the filters.
Last updated 10 January 2026 Important disclosures and comparison rate warning*

Car loan comparisons on Mozo

  • Promoted

    New Car Loan

    • up to 4 years old, Fixed, Secured
    Interest rate from
    5.99 % p.a.
    Comparison rate from
    6.34 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Fast online conditional approval. No monthly account fee. Unrestricted additional repayments. No penalty for early payout, and a fast application process. Borrow up to $125,000. Apply online in under 10 minutes.

  • Promoted

    Used Car Loan

    • Fixed, Secured, No vehicle age limit, $5,000-$100,000
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Get a competitive fixed interest rate on a secured used car loan of up to $100,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. 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.

  • Promoted

    New Car Loan

    • Fixed, Secured, $5,000-$100,000
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Get a competitive fixed interest rate on a secured new car loan of up to $100,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. 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.

  • New Car Loan

    • up to 4 years old, Fixed, Secured
    Interest rate from
    5.99 % p.a.
    Comparison rate from
    6.34 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Fast online conditional approval. No monthly account fee. Unrestricted additional repayments. No penalty for early payout, and a fast application process. Borrow up to $125,000. Apply online in under 10 minutes.

  • Low Rate Personal Loan

    • Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Competitive low rates for borrowers with exceptional credit on 1-7 year loans from $5,000 up to $75,000 (or up to $100K for home improvements or car loans); no monthly account keeping fees, no exit fees and no early repayment fees. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

  • Used Car Loan

    • Fixed, Secured, No vehicle age limit, $5,000-$100,000
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Get a competitive fixed interest rate on a secured used car loan of up to $100,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. 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.

  • New Car Loan

    • Fixed, Secured, $5,000-$100,000
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Get a competitive fixed interest rate on a secured new car loan of up to $100,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. 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.

  • Secured Personal Loan

    • Exceptional Credit, $5,000-$75,000 or up to $100,000 for eligible purposes
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Get a secured personal loan with competitive low rates for borrowers with exceptional credit. A simple fixed interest rate that can be repaid weekly, fortnightly or monthly, over 1 to 7 years (10 years for Green Loans). Managed entirely online, at any time. No monthly account keeping fees, no exit fees and no early repayment fees. Quick and easy, 100% online application. Establishment fees apply.

  • Unsecured Personal Loan

    Interest rate from
    6.17 % p.a.
    to
    21.99 % p.a.
    Comparison rate from
    6.17 % p.a.
    to
    22.79 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $610
    Go to site

    Competitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, you'll receive your money into your Revolut account straight away.

  • Express Personal Loan

    • Secured
    Interest rate from
    16.95 % p.a.
    to
    29.95 % p.a.
    Comparison rate from
    32.99 % p.a.
    to
    45.5 % p.a.
    Based on $10,000 over 3 years
    Monthly repayment
    $713
    Go to site

    Access fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-36 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.

Showing 7 results from 91 car loans. Use the filters to see more

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

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.