Mozo Experts Choice Awards reveal best value car loans of 2017

Tom Watson   |   22 Nov 2017

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If you’re weighing up whether or not to take the plunge on a new set of wheels, you’re in for some good news. Mozo has today announced the winners of the 2017 Mozo Experts Choice Awards for car loans, revealing some of the best value loan options for car buyers across Australia.

After comparing 239 personal loans from 73 different financial institutions in the Mozo database, the Mozo judges  categorised the lowest cost loans on the market for Australians looking to purchase a new, used or green car.    

“In the same way that there’s no one-size-fits-all car, there are a heap of different car loans for different buyers, which is why Mozo’s Experts Choice Awards are great for helping Australians narrow down the choices available and identify the best new and used car loans on offer,” said Mozo Director Kirsty Lamont.

“All the Mozo Experts Choice recipients are among the cheapest car loans on the market, so buyers will be able to pocket those savings from lower repayments and put them straight towards their other car costs like petrol or insurance.”

When it comes to delivering great customer value, credit unions and mutual banks proved to be the standout performers, taking out over 90% of this years awards, in both the new and used car loan categories.

Among the major winners, 2016 Personal Loan Lender of the Year Police Credit Union picked up an impressive two awards in both the new and used car categories for its Fixed and Variable Rate Car Loans, while Greater Bank and G&C Mutual Bank also received awards in both the categories.  

Aside from the regular car categories, Mozo’s judges also named Bank Australia’s Fixed Car Loan the best Green Car Loan option for buyers in the market for an eco-friendly vehicle. The Mozo judges agreed that the low interest rate of 6.45%, combined with no ongoing fees and a greenhouse gas emissions offset feature made the Fixed Car Loan a rewarding option for low emissions car buyers.

Whether you’re on the hunt for a new or used set of wheels, the full list of Mozo Experts Choice Car Loan award winners is best place to start. Otherwise start comparing for yourself by checking out some of the top offers below:

Car Loans - rates updated daily

  • Promoted

    RACV

    RACV

    New Car Loan (Fixed, Secured)

    5.99% p.a.to 15.00% p.a.

    6.55% p.a.to 15.61% p.a.based on $30,000
    over 5 years

    $399.00upfront and $0.00/month

  • Promoted

    Australian Military Bank

    Australian Military Bank

    Car Loan - Excellent Credit (Up to 5 years old, Variable, Secured)

    5.71% p.a.to 8.66% p.a.

    6.57% p.a.to 10.07% p.a.based on $30,000
    over 5 years

    $100.00upfront and $10.00/month

  • Promoted

    loans.com.au

    loans.com.au

    New Car Loan (Up to 2 years old, Fixed, Secured)

    5.44% p.a.to 5.94% p.a.

    5.99% p.a.to 6.5% p.a.based on $30,000
    over 5 years

    $400.00upfront and $0.00/month

  • Promoted

    CUA

    CUA

    Secured Car Loan (Fixed)

    6.79% p.a.

    6.92% p.a.based on $30,000
    over 5 years

    $90.00upfront and $0.00/month

  • Promoted

    SocietyOne

    SocietyOne

    Car Loan - Excellent Credit (Fixed, Unsecured)

    7.50% p.a.to 9.99% p.a.

    9.51% p.a.to 12.71% p.a.based on $10,000
    over 3 years

    $300.00upfront and $0.00/month

*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. WARNING: 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.

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