Lenders slash new and used car loan rates
Wednesday 29 April 2020
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*)
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!