loans.com.au New Car Loan (Fixed)

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.

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.

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.

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.