Top Car Loans of 2020

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Top Car Loans - page last updated August 11, 2020

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  • mozo-experts-choice-2019

    4.67% p.a.

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

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.67% would cost $34,096.76 including fees.

      Compare
    Details
  • 4.89% p.a.

    5.16% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 4.89% would cost $34,052.58 including fees.

      Compare
    Details
  • 5.50% p.a.

    5.85% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.50% would cost $34,632.09 including fees.

      Compare
    Details
  • mozo-experts-choice-2019

    3.97% p.a.

    4.51% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 3.97% would cost $33,525.38 including fees.

      Compare
    Details
  • 5.99% p.a.

    6.63% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.99% would cost $35,290.67 including fees.

      Compare
    Details
  • 4.89% p.a.to 8.89% p.a.

    5.44% p.a.to 9.46% p.a.based on $30,000
    over 5 years

    Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 4.89% would cost $34,276.58 including fees.

      Compare
    Details
  • 5.19% p.a.to 18.95% p.a.

    6.08% p.a.to 19.91% p.a.based on $30,000
    over 5 years

    Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 5.19% would cost $34,730.13 including fees.

      Compare
    Details
  • 7.50% p.a.to 14.99% p.a.

    9.51% p.a.to 18.48% p.a.based on $10,000
    over 3 years

    Terms from 2 to 3 years. Representative example: a 3 year $10,000 loan at 7.50% would cost $11,534.19 including fees.

      Compare
    Details

*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.

**Representative example figures and monthly repayment figures are estimates only, based on the advertised rate, mandatory fees, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Car loans Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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Car loan resources

Reviews, news, tips and guides to help find the best car loan for you.

Car Loan Reviews

IMB Bank Car Loan review
Overall 1/10
No to IMB car loans!

Do not use this bank for a car loan if you or your company are in receipt of JobKeeper payments under Covid 19! Regardless if you are still working full time and receiving your normal pay.

Read full review

Do not use this bank for a car loan if you or your company are in receipt of JobKeeper payments under Covid 19! Regardless if you are still working full time and receiving your normal pay.

Customer service
2/10
Trust
1/10
Less
Gerry, Australian Capital Territory reviewed 5 days ago
Liberty Car Loan review
Overall 1/10
Never again.

Following up on my previous comments. The most arrogant company and employees I have ever come across, they have no understanding of what customer service is and they talk to you like they are your boss. Before you even consider this company for any loan just think twice. Unfortunately I do have a loan with them which I have to see out as I will always pay my debit but never again. Just try any other company except Liberty.

Read full review

Following up on my previous comments. The most arrogant company and employees I have ever come across, they have no understanding of what customer service is and they talk to you like they are your boss. Before you even consider this company for any loan just think twice. Unfortunately I do have a loan with them which I have to see out as I will always pay my debit but never again. Just try any other company except Liberty.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Mohamed, Victoria reviewed 5 days ago
Liberty Car Loan review
Overall 1/10
Don't trust Liberty and avoid them.

Before you apply with Liberty or even talk to them please try another provider. They are arrogant and can't be trusted. I am a current customer and I pay my loan but the way they treat their customers is so bad you won't believe. This is a warning for anyone who is trying to get a loan from them.

Read full review

Before you apply with Liberty or even talk to them please try another provider. They are arrogant and can't be trusted. I am a current customer and I pay my loan but the way they treat their customers is so bad you won't believe. This is a warning for anyone who is trying to get a loan from them.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Mohamed, Victoria reviewed 11 days ago

Car loan guides

Car loan news

Car loans: What the new and used vehicle market looks like this winter

Whether you’re on the hunt for a shiny brand-new set of wheels or a pre-loved vehicle with a bit of character, let’s peep into the Aussie car market right now. This month, the Federal Chamber of Automotive Industries (FCAI) released stats that showed an increase in new car sales over June. Sales totalled to 110,234 vehicles last month. While it’s true that this number is a 6.4% decrease in comparison to June 2019, it’s the strongest result since the beginning of the pandemic. In fact, sales plummeted by 17.9% over March, 48.5% in April and by 35.3% in May. FCAI chief executive, Tony Weber says that the slight increase in sales in June is due to a range of factors, including the easing of COVID-19 restrictions in some states.“In addition, June is traditionally a very strong month for new vehicle sales,” Weber said. The End of Financial Year campaigns are well known, so it’s an excellent time for businesses and consumers to replace their vehicles.”He also attributed the growth in sales to the Government’s extension of schemes like the instant asset write-off for businesses, initiatives like the JobKeeper and JobSeeker payment packages, and the uptick in marketing activity from car brands and dealerships. What about used cars? Well, recent data from Moody Analytics and Datium Insights revealed that wholesale used vehicle prices rebounded in Australia by 10.6% in May 2020.Moody's Analytics’ auto economist, Michael Brisson predicts that these increased prices are likely to remain over the coming months. This increase comes after a 12% drop in prices in March and April this year.  

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