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.
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.
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.
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.
Fixed
4.67% p.a. fixed
5.22% p.a.based on $30,000
over 5 years
$400.00
$0.00
$0.00
$0.00
$700.00
$5,000.00
$100,000.00
3 Years
5 Years
Vehicle
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
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 reviewI 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.
Not bad
Read full review100% 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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