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loans.com.au Used Car Loan (Fixed)

Advertiser disclosure

The details shown below are for a fixed loan between $5,000 and $100,000

The details shown below are for a fixed loan between $5,000 and $100,000

Choose the version of this loan that suits you best

  • Loan: $5,000 $100,000

  • Loan: $5,000 $100,000

Interest rate from
5.17% p.a.
Comparison rate from
5.73% p.a.based on $30,000
over 5 years
Upfront fee
$400
Interest rate from
5.67% p.a.
Comparison rate from
6.23% p.a.based on $30,000
over 5 years
Upfront fee
$400

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

Last updated: 17 March 2020.

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What's hot
  • Fixed interest rates from 4.67% p.a. (5.22% p.a. comparison rate*)
  • Complimentary extra repayments
  • Flexible repayments schedule
What's not
  • $400 application fee
Mozo snapshot

The super low-rate Used Car Loan from loans.com.au makes getting the keys to your new car easier. With features aplenty, including flexible 3-5 year repayment terms and weekly, fortnightly or monthly repayment options, it could be the one for you. Just keep in mind, if you wish to pay the loan off early you will be hit with a $700 penalty.

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Key features

Fire up your car engine with the loans.com.au Used Car Loan. Its low fixed rates from 4.67% p.a. (5.22% p.a. comparison rate*), combined with loan amounts ranging from $5,000 to $100,000, give you the freedom to choose the right used car for you. The loan is secured against that car you buy, but keep in mind, it’s only available for used cars purchased from a licensed dealer and not a private sale.

It has a pretty broad range of loan terms up for grabs, from 3, 4, or 5 years. You can also choose from weekly, fortnightly or monthly repayments, so that you can set up a payment system that works for you.

Plus, with no ongoing fees and free extra repayments, you’ll be on the road to paying off your loan in no time. Just take note that there’s no redraw facility on offer, and make sure you don’t plan on paying it off too fast, as there is a hefty $700 fee if you pay the whole thing off early.

Speaking of fees… there’s also a $400 application fee and $20 late payment fee to look out for.

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Who is it good for

Anyone looking for a low, fixed rate and flexible repayment options when financing their used car should consider looking into loans.com.au Used Car Loan.

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Any catches

Although there’s plenty of variety when it comes to term and repayment options, the loan is only available for used cars purchased from a dealer. If you’re buying in a private sale, you’ll need to look at other options..

Details

Rates and fees information correct as at 4 December 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

  • 5.17% p.a. fixed

  • 5.73% 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

  • Used car must be purchased from a dealer, private sales are ineligible. $700 early repayment penalty applies on pro-rata basis. No penalty charged in the last year of the loan.

  • none

WARNING: 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. 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.

Details

Rates and fees information correct as at 4 December 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

  • 5.67% p.a. fixed

  • 6.23% 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

  • Used car must be purchased from a dealer, private sales are ineligible. $700 early repayment penalty applies on pro-rata basis. No penalty charged in the last year of the loan.

  • none

WARNING: 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. 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 review of loans.com.au Used Car Loan (Fixed)

  • Overall 1/10
    Forget them, walk away while you can.

    Salesmen straight up lied about fees to make a sale. I'm not fighting them through the ombudsmen over an early payout fee. The early payout fee is also excessive. Way more than my home loan payout for far less credit.

    Read full review

    Salesmen straight up lied about fees to make a sale. I'm not fighting them through the ombudsmen over an early payout fee. The early payout fee is also excessive. Way more than my home loan payout for far less credit.

    Price
    4/10
    Features
    1/10
    Customer service
    1/10
    Convenience
    4/10
    Trust
    1/10
    Less
    Stuart, New South Wales reviewed 10 months 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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