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

Best used car loans

Compare car loans in Australia