loans.com.au slashes their car loan rates

By Maria Gil · · 2 min read
Fact Checked
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family at the beach cheering for new low car loan rates

Online lender loans.com.au has just announced new rate cuts to some of their variable interest rate car loans. 

The new rates came into effect this morning:

  • New car loan rate: The car loan new rate starts at 2.99% p.a. (3.53% p.a. comparison rate) for homeowners looking to buy a new car.
  • Electric car loan rate: This electric vehicle exclusive loan rates start at a low 2.89% p.a. (3.43% p.a. comparison rate) At the time of writing, this car loan is amongst the lowest in Mozo’s database.

loans.com.au’s managing director, Marie Mortimer says that the lender wanted buyers to have the opportunity to finance a car or an electric vehicle under 3%.

“Buying a car has been difficult for some in the past few years given supply issues and some lenders tightening restrictions. We want to help make it easier for borrowers to buy a car and get their keys as soon as possible, and our new 2.99% variable rate [3.43% p.a. comparison rate] does just that,” she says. 

This announcement comes in hand with their recent car buying service, OnlineAuto.com.au, which helps people buy new cars from a dealership

How does loan.com.au’s new rates compare?

For starters, both loans are well below the 5.92% average variable new car loan rate in Mozo’s database. They are both the lowest new car loan and electric vehicle car loan available in our database.

Perhaps even more relevant though is the fact that the new rates are among the very lowest on offer from lenders being tracked in our database. At the time of writing this, no other lender offers car loans below a rate of '3'.

It’s important to note that the 2.99% p.a. (3.53% p.a. comparison rate) car loan is a discounted rate for people who already own a home and are looking to buy a new car.

If you are looking to get a new car soon, check out Mozo’s car loan guide to grow your knowledge before buying a new set of wheels.

Car loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 91 car loans.
Last updated 18 October 2024 Important disclosures and comparison rate warning*
  • 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 - Special

    Including Demo, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    8.39% p.a.
    9.50% 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^. 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 8.39% would cost $37,714.40 including fees.

    Compare
    Find out more
    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
  • Better Car Loan Special Offer

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.48% p.a.
    6.89% p.a.based on $30,000
    over 5 years

    Get a fixed rate car loan for amounts over $20,000 with Police Credit Union. Make additional repayments at any time without penalty. Free online redraw. Available for new and used cars. Can also be used for motorcycles, boats, caravans, trailers or any registrable vehicle.

    Repayment terms from 1 year to 5 years. Representative example: a 5 year $30,000 loan at 6.48% would cost $35,497.21 including fees.

    Compare
    Find out more
    Details

* 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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