MOVE Bank slashes car loan interest rates to sub 7%
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MOVE Bank is the latest lender to offer sub 7% rates on secured car loans for new vehicles.
MOVE’s new fixed-rate, 3-year comparison rate of 6.72% p.a. (down from 7.26% p.a.), based on a $30,000 loan, definitely positions it as a more competitive choice in the market.
It’s also a rate that’s noticeably below the average interest rate for new car loans of 7.36% p.a., as per the Mozo database.
However, there are still seven lenders with comparison rates lower than MOVE Bank, not including exclusive offerings like ‘green car loans’ and loans designed for customers with excellent credit.
Here’s the current leaderboard, according to our database:
| Loan | Comparison rate on a $30k loan (%) |
|---|---|
| South West Slopes Bank Fixed Rate Vehicle Loan | 5.99 |
| Greater Bank New Car Loan (Fixed, Secured) | 6.37 |
| IMB Bank Car Loan (up to 4 years old, Fixed, Secured) | 6.59 |
| Firefighters Mutual Bank Car Loan (Fixed, Secured) | 6.63 |
| Health Professionals Bank Car Loan (Fixed, Secured) | 6.63 |
| Teachers Mutual Bank Car Loan (Fixed, Secured) | 6.63 |
| UniBank Car Loan (Fixed, Secured) | 6.63 |
| MOVE Bank New Car Loan (Up to 3 years old, Fixed, Secured) | 6.72 |
| Illawarra Credit Union Secured Fixed Personal Loan (New) | 6.77 |
| Heritage Bank Car Loan (Up to 7 years old, Fixed, Secured) | 6.84 |
| + 31 other loans | >6.85 |
So are we going to see a lot more sub-7% loans in the near future? It's too early to tell. But be sure to compare the leading car loans on the market, which you can do right here at Mozo. We'll continue to monitor the market and update you on any other significant movements.