loans.com.au New Car Loan (Fixed)

5.44% p.a.

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

$400

loans.com.au New Car Loan (Fixed) Review

Review published: 20 February 2018

What's hot:

  • Low 5.44% interest rate (5.99% comparison rate)

  • Flexible repayment terms

What's not:

  • $700 early repayment fee ($0 in last year)

Mozo snapshot:

If you’re looking for a new car, either to drive or simply because you are out for your new car smell fix, then the fact that loans.com.au New Car Loan comes with a great, low, fixed rate of 5.44% (5.99% comparison rate) will put a smile on your dial. The loan also has other good features such as flexible 3-5 years repayment terms and weekly, fortnightly and monthly repayments options. However, if you decide to pay back the loan more than a year before the agreed terms, you’ll be slapped with $700 early repayment fee.

Key features:

When looking for financing for your car loan, the main thing you should be looking at is interest rate. loans.com.au New Car Loan has a low fixed interest rate of 5.44% (comparison rate) which is good for any car loan.

Every car requires its’ own personalised loan amount, that’s why the loans.com.au New Car Loan allows borrowing between $5,000 and $100,000.

The weekly, fortnightly and monthly options let you customise your repayments to fit your cash flow schedule. The loan also allows you to choose between the variable 3 - 5 year loan terms. So you can tailor you repayments to whatever’s preferable to you and your budget.

Who it's good for:

Anyone looking for a low rate when financing their new or up to 4 year old car has reason to look into loans.com.au New Car Loan.

Any catches?

If you are interested in repaying your loan in its last year, then you’ll be able to do so with no extra costs. But if you want to do it any earlier, you’ll be hit with a $700 early repayment fee. So before deciding to take out the loan, make sure you choose the loan term that best suits your budget.

Also, the $400 upfront application fee is fairly high, but this is largely offset by its lack of ongoing fees and low interest rate.

The Mozo community has not yet rated loans.com.au for this personal loan.

Rates

  • Fixed

  • 5.44% p.a. fixed

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

Fees

  • $400.00

  • $0.00

  • $20.00

  • $0.00

  • $700.00

Other financial bits

  • $5,000.00

  • $100,000.00

  • 3 Years

  • 5 Years

  • Vehicle

Features

  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • $700 early repayment penalty applies on pro-rata basis. No penalty charged in the last year of the loan.

  • none

About loans.com.au

100% Australian owned, loans.com.au opened its doors in 2010 with a vision of "making it easier for people to own and invest in property". loans.com.au offers a winning combination of low interest rates and fees and a commitment to excellent customer service. loans.com.au runs its own call centre and caters to home, investment and personal finance borrowers.

*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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