Some of the top-rated car loans in August 2024

Another new record has been set for vehicle sales in the month of July 2024, with many of these purchases being made by professional or government buyers.  

According to the Federal Chamber for Automotive Industries (FCAI), 99,486 new vehicle sales were recorded in July 2024. This did not include sales of Tesla and Polestar vehicles, which could have tipped the results upward of 100,000.

FCAI chief executive, Tony Weber, described the sale figure as a “remarkable achievement in an economy featuring widespread cost of living pressures.”

Mr Weber also noted that sales in the Business and Government segments were up 13.7% and 37.5% respectively, while Private sales were down 4.2%. 

Highest selling car manufacturers in July 2024

• Toyota (20,705 sales)
• Mazda (8476 sales)
• Ford (7749 sales)
• Kia (6620 sales)
• Hyundai (6021 sales)

Highest selling car models in July 2024

• Toyota RAV4 (3907)
• Ford Ranger (6289 sales)
• Toyota Hilux (5630 sales)
• Toyota Corolla (5630 sales)
• Toyota Landcruiser (5630 sales)

It’s worth remembering that there are several specialised vehicle finance options available for work cars, such as novated leases and chattel mortgages. These are managed differently than standard car loans, and may not always suit every borrower. But these options can be convenient for the right customers and may offer tax benefits to both workers and businesses.

There are also a wide range of car loan options available to other borrowers, with the best choices being different for every household. To help you compare car loans more quickly and easily, you could consider using RateCity Real Time Ratings™. These star ratings combine the cost and flexibility of each car loan option to better indicate their overall value, with the top-rated car loans being ranked on RateCity’s Car Loan Leaderboards, and potentially becoming eligible for a RateCity Gold Award.

(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.)

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