SUV sales up by over 30%: Can a personal loan get you into the market?

woman buying new suv

Ready for that new car smell? Thousands of Aussies are looking to hit the road and in a fresh set of wheels too! 

Recent stats from the Federal Chamber of Automotive Industries (FCAI) revealed that new car sales rose by 22.4% in March 2021 from the same time a year prior.

A total of 100,005 brand new cars were sold last month compared to 81,690 vehicles in March 2020 when many Aussie entered lockdown. 

In particular, SUVs saw the greatest growth in sales of 32%, while light commercial vehicles, including vans and utes, also jumped up by 28%. 

Why are Aussies buying these types of cars? 

One of the reasons for interest in these vehicles is that many people are turning to holidaying in Australia.

Interestingly, the passenger vehicle market was actually down by 1.9% (423 vehicles) on sales compared to last year. Instead, bigger vehicles stole the show. 

A massive eight out of ten of the month’s top selling vehicles were SUVs or light commercial vehicles. 

The Toyota Hilux took the crown as the best-selling new vehicle of the month, at 5,319 sales. This was followed by the Ford Ranger with 3,983 sales, Toyota RAV4 with 3,522, the Toyota Landcruiser with 3,392 and the Mazda CX-5 with 3,022. 

Not only has the new car market started to claw its way back in recent months, used car sales have skyrocketed, too. In February, Datium Insights reported that Aussies are now paying over 40% more for pre-loved vehicles than before the pandemic began in 2019. 

So, how can you fund a brand new SUV? 

If you are wanting to get your hands on the keys to a new SUV or light commercial vehicle, the truth is they come with a price tag. 

But they aren’t out of reach. If you don’t have tens of thousands in your savings, it may be a matter of taking out a new car loan to fit the price range

Here are some features to look for in a killer new car loan

  • Low interest rate: The average car loan rate on the Mozo database currently sits at 6.68%. So, if you can, opt for a car loan with a lower interest rate to potentially reduce the cost of your repayments. 
  • Range of loan terms: Having the choice of a loan term that suits you is key when it comes to picking the right car loan. Terms generally range from 1 to 10 years.  
  • Low application fee: An upfront application or establishment fee on a car loan can be costly, ranging from $0 all the way up to a whopping $995. So forgoing this expense where possible could save you a decent chunk of change. 
  • No monthly fee: Some car loans come with ongoing monthly service fees that can really add up over the life of the loan (particularly if you opt for a longer loan term). So choosing a loan without this fee is a good move. 
  • Repayment options: Give yourself the freedom of choosing your own repayment schedule, from weekly, fortnightly or monthly. That way you can align  your repayments with when your salary comes in. 
  • Free extra repayments: It’s handy to be able to make extra repayments on a loan because it may mean you pay down your debt earlier than expected. Sometimes loans also come with a redraw facility, meaning you can dip into your additional contributions later on if you want to. 
  • No early repayment penalty: Also known as ‘break costs’, some car loan lenders charge customers for paying down their loan ahead of time. The good news is, this isn’t the case for all loans. So try and find one that doesn’t have this additional cost if you can. 

Ready to start comparing new car loans today? Check out the ripper deals below, or jump over to our car loans comparison table for even more options.

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    New Car Loan

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    Secured Car Loan

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    Car Loan

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    Used Car Loan

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