Australia's best new and used car loans in October 2020
Shoppers in the market for a new car arguably have more bargaining power today than they’ve had in years, as dealers are working hard to turn a 30 month trend of falling car sales.
But the car industry may have an ace up its sleeve: a pledge from the Federal government to make securing credit easier, a move they hope will see customers flocking in with cash and walking away with car keys.
The window to negotiate a bargain then could be closing, making it an opportune time to buy a new car.
Those inclined to seize the moment -- and hopefully, the savings -- can view the best new car loans available today in the table below.
Buying a used car today is a little more complicated.
A flow on effect from the pandemic has resulted in fewer people trading in their old wheels. The used car market has less listings today than it did a year ago.
But cars remain as popular as ever, mainly because people want to follow social distancing guidelines and try not to use public transport.
This has led to used car values steadily rising. An analysis of cars sold by the auction group Pickles found they’ve increased by a whopping 30 per cent in the last five months.
The good news for buyers is used car prices aren’t expected to swell any further. The downside is economists don’t expect the prices to deflate any time soon.
Paying a little extra for a used car in the midst of a pandemic could still be a lot cheaper than buying a car brand new.
And it still is worthwhile reviewing used car loans available on the market today. See a cross section of the most competitive available in the table below.
(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)
Best new car loans
6.57%
7.19%
$588
Australian Credit Licence 488228
Fees & charges apply
- $2k to $75k
- 1 to 7 years
- Fixed Rate
- Secured
6.29%
up to 24.99%
7.41%
$584
Australian Credit Licence 511803
Fees & charges apply
- Via broker
- $10k to $300k
- 1 to 7 years
- Fixed Rate
6.52%
up to 18%
6.95%
$587
Australian Credit Licence 364340
Fees & charges apply
- Via broker
- $10k to $250k
- 1 to 7 years
- Fixed Rate
5.99%
up to 12.99%
7.20%
$580
Australian Credit Licence 233714
Fees & charges apply
Hybrid and Electric Car Loan
- $10k to $100k
- 1 to 7 years
- New or used car
- Fixed Rate
6.49%
up to 12.99%
7.69%
$587
Australian Credit Licence 233714
Fees & charges apply
Car Loan
- $10k to $100k
- 1 to 7 years
- New or used car
- Fixed Rate
7.49%
up to 19.99%
8.18%
$601
Australian Credit Licence 234527
Fees & charges apply
Personal Loan Variable
- Cashback
- $5k to $50k
- 1 to 7 years
- New or used car
- Variable Rate
7.49%
up to 19.99%
8.18%
$601
Australian Credit Licence 234527
Fees & charges apply
Personal Loan Fixed
- Cashback
- $5k to $50k
- 1 to 7 years
- New or used car
- Fixed Rate
6.99%
up to 13.49%
8.40%
$594
Australian Credit Licence 234945
Fees & charges apply
Secured Car Loan
- $4k to $100k
- 1 to 7 years
- New or used car
- Fixed Rate
Best used car loans
Disclaimer
This article is over two years old, last updated on October 22, 2020. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent car loans articles.
Compare car loans in Australia
Product database updated 14 May, 2024
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