Loans.com.au cuts car loan rates to new lows
Online lender loans.com.au has taken the axe to all of its car loans, bringing its rates to some of the lowest around.
Loans’ Clean Green Car Loan fell by 22 basis points to 3.97% p.a. (4.51% p.a. comparison rate*), maintaining its position as the most competitive secured car loan in the Mozo database. It’s now also the only secured car loan in our database under 4.00%.
“An interest rate of less than 4.00% is something that many of the Big 4 are still charging for a home loan so to offer a car loan at that price is remarkable,” Loans.com.au Managing Director, Marie Mortimer said.
The Clean Green Car Loan is available to customers purchasing eco-friendly vehicles, including all electric and hybrid cars and some low-emissions petrol cars.
Both Loans’ New Car Loan and its Used Car Loan also dropped by 22 basis points to 4.67% p.a. (5.22% p.a. comparison rate*), pushing them up to equal second place in the Mozo database.
Just how good are these rates?
To put Loans’ new rates into perspective, we decided to see how they stacked against the big banks.
For CommBank, secured car loan rates start from 6.99% p.a. (8.05% p.a. comparison rate*) while Westpac’s rates sit at an even higher 8.49% p.a. (9.67% p.a. comparison rate*).
Say, you borrowed $30,000 over 5 years to buy a brand new set of wheels. With the Westpac Car Loan, you would pay $615 in monthly repayments and $6,921 in total interest, according to the Mozo car loan repayment calculator.
But with the Clean Green Car Loan, your repayments would drop to $552 per month while your total interest costs would decrease over twofold to $3,125.
“We think that these competitive interest rates, combined with the amazing prices that dealers are offering at the moment, means this is a great time to buy a vehicle,” Mortimer said.
Loans.com.au’s award-winning car loans
Here’s a snapshot of some of Loans’ current car loan deals:
loans.com.au - Clean Green Car Loan
- 0.7% p.a. discount off the standard rate for low-emissions vehicles
- Low rates from 3.97% p.a. (4.51% p.a. comparison rate*)
- 2019 Mozo Experts Choice Award winner^
Got your heart set on an eco-friendly car? Then this car loan could be your match, offering rates starting from an ultra low 3.97% p.a. (4.51% p.a. comparison rate*) for loan amounts between $5,000 to $100,000. With the Loans.com.au Clean Green Car Loan, you can look forward to a flexible repayment schedule (weekly, fortnightly or monthly), plus the option to make free extra repayments to help you pay off the loan sooner and save on interest ( early repayment penalty may apply). It’s no wonder the Clean Green Car Loan snagged a 2019 Mozo Experts Choice Award for best Green Car Loan! Just bear in mind you’ll have to budget for a $400 application fee.
loans.com.au - New Car Loan - Prime Special
- Big bank beating rates from 4.67% p.a. (5.22% p.a. comparison rate*)
- Flexible repayment schedule
- 2019 Mozo Experts Choice Award winner^
If you’re after a sweet new ride, then this car loan is a worthy contender, with fixed rates starting from a competitive 4.67% p.a. (5.22% p.a. comparison rate*). Plus, you can choose between weekly, fortnightly or monthly repayments depending on what best suits your budget. While there’s a $400 upfront application fee to factor in, the loans.com.au New Car Loan charges no ongoing fees and packs in so much value it even won a 2019 Mozo Experts Choice Award for best Car Loan.
Curious about how other car loans stack up against Loans.com.au’s offers? Then head over to our car loans comparison table to start comparing today!
^For a full list of winners, check out our 2019 Mozo Experts Choice Awards page.
* 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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