New car loans that might fit your price range in 2021

couple high fiving found perfect car loan in price range

There are a bunch of new car models set to hit Aussie shores this year. 

Whether you’re after an eco-friendly Volvo XC40, a fresh BMW iX, a new model VW Golf, Subaru Outback or are even considering the latest Tesla Model Y - there’s plenty to get excited about. 

So, if a fresh set of wheels is on your 2021 to-dos, and you’re needing a low interest car loan to get there, it’s important you find the right loan to suit you and your price range. 

While something like the new model Skoda Octavia might set you back around $30,000, cars like Audi E-Tron GT could cost around $180,000 - not to mention the price tag a new-model luxury vehicle might come with. 

Ultimately, it’s important to give yourself the wiggle room to borrow what you need to cover the cost of your new car. Also keep in mind, that when borrowing for a car only borrow within your means. While a fancy whip might seem fun at the time if you are unable to pay down your loan over time you’ll risk spiralling into more debt and facing hefty late payment fees and interest repayments. 

With that in mind, here’s a rundown of where you might find a loan to match the car you have your eye on in 2021 …

Cars costs up to $50,000

SocietyOne Car Loan
  • Fixed rate from 6.99% (6.99% comparison rate*)
  • Loans from $5,000 to $50,000
  • Free extra repayments

Got your eye on a new car and need up to $50,000? The SocietyOne Car Loan may be the helping hand you need to get behind the wheel! This fixed loan option comes with rates starting as low as 6.99% (6.99% comparison rate*) depending on your credit rating and loan amounts range from $5,000 to $50,000. Plus, if you have excellent credit, you’ll pay a $0 establishment fee (goes up to 5.00% of the loan amount). Borrowers can also make free extra repayments with no fear of being charged a hefty penalty for doing so. Just bear in mind, there are no redraws on this loan.

Symple Unsecured Personal Loan
  • Variable rates from 5.75% (6.47% comparison rate*)
  • Loans from $5,000 to $50,000
  • No application fee

If you’re after a variable rate loan and don’t want to put up your new car as collateral, the Symple Unsecured Personal Loan is worth considering. Borrowing amounts range from $5,000 to $50,000 and, calculated in line with your credit rating, rates start from a low 5.75% (6.47% comparison rate*). While there is only the option to make monthly regular repayments, there is the ability to make free extra repayments, meaning you could end up paying down your entire debt ahead of time. There are also minimal fees to worry about, including no application fee, exit fee or early repayment penalty. However, there is a $10 monthly ongoing service fee which can add up over the life of the loan.

Cars costs up to $75,000

Wisr Secured Car Loan
  • Fixed rates from 5.19% (5.46% comparison rate*)
  • Loan amounts from $5,000 to $63,000
  • Free extra repayments

The Wisr Secured Car Loan could be the perfect option for someone who is after a new car loan between $5,000 and $63,000. Not only does it come with fixed rates starting as low as 5.19% (5.46% comparison rate*) based on credit rating, borrowers have a bunch of repayment schedule options and can make free additional contributions too! In addition, there are only a handful of fees to look out for. Wisr doesn’t charge any monthly service, exit or early repayment charges, however there is a $195 application cost and potential $25 late payment fee if you miss a regular repayment.

OurMoneyMarket Car Loan
  • Fixed rates from 5.35% (5.65% comparison rate*)
  • Loan forms from $2,000 to $75,000
  • No service, exit or early repayment fees

Whether you are buying a big or small car, the OurMoneyMarket Car Loan could have you covered for up to $75,000. It comes with a fixed rate which is calculated in relation to your credit score - they start at a competitive 5.35% (5.65% comparison rate*). Customers can borrow anywhere from $2,000 to $75,000 on this loan and can choose to pay it down over a weekly, fortnightly or monthly repayment schedule. Plus, there is also the option of making free extra repayments as well. Not only that, there are no monthly, exit or break costs - however remember to budget for the $250 application fee straight off the bat.

Cars costs up to $100,000

loans.com.au New Car Loan
  • Fixed rates from 4.67% (5.22% comparison rate*)
  • Loan amounts from $5,000 to $100,000
  • 2021 Mozo Experts Choice Award winner^

Not only does the loans.com.au New Car Loan have fixed rates starting from a low 4.67% (5.22% comparison rate*) based on credit rating, customers can borrow up to $100,000 to cover the cost of a new car! There are also flexible repayment options - you can choose from a weekly, fortnightly or monthly and make free extra repayments too. There is no monthly service, late payment or exit fees attached to this loan, but there is an upfront $400 application cost and $700 early repayment penalty (if you pay down your debt more than a year ahead of time). Need more convincing? This loan is an award-winner! It took home a 2021 Mozo Experts Choice Award^ for best Car Loan.

Plenti New Car Loan
  • Fixed rates from 4.89% (5.44% comparison rate*)
  • Loan amounts from $10,000 to $100,000
  • Free extra repayments

On the hunt for a new car loan where you can borrow up to $100,000? Plenti is worth a look! Borrowing amounts range from $10,000 to $100,000 and fixed rates start at a competitive 4.89% (5.44% comparison rate*) - based on your credit history. With this product you can only make monthly regular repayments but Plenti allows extra repayments and doesn’t charge an early repayment penalty. And on the topic of fees, there are also no ongoing service or exit costs. There is a $399 application cost to take into consideration when you sign up.

RELATED ARTICLE: 5 new car loans to check out in 2021 

Want to check out even more car loan options for your next vehicle purchase? Jump over to our car loans comparison table for even more products. 

*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.


^Check out the full list of winners here: 2021 Mozo Experts Choice Awards for Personal Loans

* 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.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.