Thumbnail icon for loans.com.au

loans.com.au New Car Loan (Fixed)

Interest rate from
4.67% p.a.
Comparison rate from*
5.22% p.a.based on $30,000
over 5 years
Upfront fee
$400
Go to site

Mozo editorial review loans.com.au New Car Loan (Fixed)

Last updated: 17 March 2020.

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What's hot
  • Low 4.67% interest rate (5.22% 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 4.67% (5.22% 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.

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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 4.67% (5.22% 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.

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Who is it 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.

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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 25 September 2020. 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

  • 4.67% p.a. fixed

  • 5.22% p.a.based on $30,000
    over 5 years

Fees
  • $400.00

  • $0.00

  • $0.00

  • $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

*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.

Customer Reviews

How are loans.com.au personal loans rated by the Mozo community?

Overall
6.4/10
Price
8.6/10
Features
8.2/10
Customer service
7.3/10
Convenience
7.3/10
Trust
7.1/10

Latest reviews of loans.com.au New Car Loan (Fixed)

  • Overall 3/10
    Wasted my time.

    I was told after wasting a fair amount of time completing an online application and liaising with a customer service representative that I was ineligible for a car loan because I’d qualified for JobKeeper. Even though my business had recovered strongly after an initial dip at the beginning of the pandemic. If lenders are going to apply blanket rules such as these, they need to be stated up front. As a self employed small business person, I don’t have this kind of time to waste.

    Read full review

    I was told after wasting a fair amount of time completing an online application and liaising with a customer service representative that I was ineligible for a car loan because I’d qualified for JobKeeper. Even though my business had recovered strongly after an initial dip at the beginning of the pandemic. If lenders are going to apply blanket rules such as these, they need to be stated up front. As a self employed small business person, I don’t have this kind of time to waste.

    Price
    10/10
    Features
    10/10
    Customer service
    3/10
    Convenience
    1/10
    Trust
    -1/10
    Less
    Alicia, Victoria reviewed 2 months ago
  • Overall 4/10
    Not bad

    Not bad

    Price
    5/10
    Features
    5/10
    Customer service
    5/10
    Convenience
    5/10
    Trust
    7/10
    Less
    Isaac, reviewed over 5 years ago
loans.com.au

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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