loans.com.au slashes their car loan rates

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 - last updated 18 May 2022

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

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    2.99% p.a.
    3.53% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Extra low 2.99% rate (3.53 comparison rate*) for qualifying homeowners. Personalised loan amounts between $5,000 and $100,000. Flexible repayment options. Choose between the 3 to 5 year loan terms.

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 2.99% would cost $32,735.64 including fees.

    Details
  • Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    5.35% p.a.
    5.65% 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 5.35% would cost $34,507.61 including fees.

    Details
  • Used Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    6.94% 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 6.24% would cost $35,499.27 including fees.

    Details
  • New Car Loan - Prime Special

    Home Owner Discount, Including Demo, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    5.09% p.a.
    5.64% 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 5.09% would cost $34,442.49 including fees.

    Details
  • Car Loan

    Fixed

    Interest rate
    comparison rate
    Monthly repayment
    5.99% p.a.to 10.29% p.a.
    6.54% p.a.to 10.86% 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.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.99% would cost $35,189.67 including fees.

    Details

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