loans.com.au New Car Loan (Fixed)
loans.com.au New Car Loan (Fixed)
Mozo Review loans.com.au New Car Loan (Fixed) Review
Last updated: 14 November 2019.
What's hot:
Low 4.89% interest rate (5.44% comparison rate*)
Flexible repayment terms
2019 Mozo Experts Choice Award winner
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 4.89% (5.44% comparison rate*) and is a 2019 Mozo Experts Choice Award winner 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 4.89% (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 3 to 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.
Details
Rates and fees information correct as at 5 December 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.Rates
-
Fixed
-
4.89% p.a. fixed
-
5.44% 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
Customer Reviews
How are loans.com.au personal loans rated by the Mozo community?
Latest review of loans.com.au New Car Loan (Fixed)
- Overall4/10
Not bad
Not bad
Read full review
Not bad
Price5/10Features5/10Customer service5/10Convenience5/10Trust7/10Less
Isaac |
reviewed almost 5 years ago
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.
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$5.00
