Some of the top-rated car loans in January 2024
Australians bought cars in record numbers last year, with the number of new vehicle sales reaching an all-time high in 2023. But if you’re still looking to buy a set of wheels in 2024, it may be worth making sure that you have access to car finance that suits your needs and goals.
According to the Federal Chamber of Automotive Industries (FCAI), the record of 1,216,780 new vehicle sales in 2023 broke the previous record of 1,189,116 vehicles sold in 2017. SUVs and light commercial vehicles accounted for 78.4% of sales, while battery electric vehicles accounted for 7.2% of sales and combined battery electric, plug-in hybrid and hybrid vehicles accounted for 16.2% of new vehicle sales.
FCAI chief executive, Tony Weber, expressed optimism about the industry's future in 2024 while acknowledging potential challenges:
“As we celebrate this historic achievement, we recognise that the automotive sector will face challenges in the coming months. Cost-of-living pressures and increased interest rates will impact the market, and we anticipate a challenging 2024.”
Highest selling car manufacturers in 2023
- Toyota – 215,240 vehicles sold
- Mazda – 100,008 vehicles sold
- Ford – 87,800 vehicles sold
- Kia – 76,120 vehicles sold
- Hyundai – 75,183 vehicles sold
Highest selling car models in 2023
- Ford Ranger – 63,356 vehicles sold
- Toyota Hilux – 61,111 vehicles sold
- Isuzu Ute D-Max - 31,202 vehicles sold
- Toyota RAV4 – 29,627 vehicles sold
- MG ZS – 29,258 vehicles sold
Anyone planning to buy a car in 2024 may want to compare the available finance options first to make sure they’re not only getting an affordable deal, but one that suits their needs and budget. As well as looking at dealer finance, there are a wide range of car loan options to consider, plus other alternative options if you plan to buy a car for work purposes.
RateCity’s Real Time Ratings™ can help to make comparing car loans that little bit simpler, as each star rating combines the car loan’s cost with its flexibility to indicate its overall value. These ratings are frequently updated, and the top-rated car loans are ranked on RateCity’s Car Loan Leaderboards. Some of the consistently top-rated car loan deals may also become eligible for the RateCity Gold Awards.
Some of the top-rated new car loans
The top-rated car loans today for those borrowing to buy a new vehicle up to two years old. Assumes a secured $30,000 loan on a 60-month loan term.
Some of the top-rated used car loans
The top-rated car loans today for those borrowing to buy a used vehicle two years and older. Assumes a secured $20,000 loan on a 36-month loan term.
5.99%
6.20%
$387
Australian Credit Licence 238293
Fees & charges apply
Car Loan (Car 1-5 Years)
- 2024 Award Winner
- $3k to $75k
- 1 to 5 years
- Variable Rate
- Secured
6.48%
6.48%
$391
Australian Credit Licence 238991
Fees & charges apply
Better Car Loan Fixed
- 2024 Award Winner
- From $20k
- 0 to 5 years
- New or used car
- Fixed Rate
5.79%
5.79%
$385
Australian Credit Licence 240712
Fees & charges apply
Vehicle Loan
- $1k to $200k
- 5 years
- New or used car
- Variable Rate
6.24%
6.58%
$389
Australian Credit Licence 237515
Fees & charges apply
Chief Car Loan
- From $20k
- 0 to 7 years
- New or used car
- Fixed Rate
5.66%
up to 20.07%
6.45%
$384
Australian Credit Licence 474726
Fees & charges apply
Low Rate Car Loan Excellent Credit (Amount > $5000)
- 2024 Award Winner
- $5k to $70k
- 3 to 7 years
- New or used car
- Fixed Rate
Compare car loans in Australia
6.24%
7.37%
$389
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- $5k to $150k
- 3 to 7 years
- Variable Rate
- Secured
6.57%
7.19%
$392
Australian Credit Licence 488228
Fees & charges apply
- Promoted
- $5k to $100k
- 1 to 7 years
- Fixed Rate
- Secured
6.57%
7.19%
$392
Australian Credit Licence 488228
Fees & charges apply
- Promoted
- $5k to $100k
- 1 to 7 years
- Fixed Rate
- Secured
6.52%
up to 18%
6.95%
$392
Australian Credit Licence 364340
Fees & charges apply
- Promoted
- Via broker
- $10k to $250k
- 1 to 7 years
- Fixed Rate
6.09%
7.22%
$387
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- $5k to $150k
- 3 to 7 years
- Variable Rate
- Secured
6.52%
up to 18%
6.95%
$392
Australian Credit Licence 364340
Fees & charges apply
- Promoted
- Via broker
- $10k to $250k
- 1 to 7 years
- Fixed Rate
7.39%
8.52%
$400
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- $5k to $150k
- 3 to 7 years
- Variable Rate
- Secured
7.59%
8.72%
$402
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- $5k to $150k
- 3 to 5 years
- Fixed Rate
- Secured
Product database updated 15 Jan, 2025
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Promoted car loans
New/Demo Car Loan
Real Time Rating™
- $5k to $150k
- 3 to 7 years
- Variable Rate
- Secured
Interest rate p.a.
6.24%
Comparison rate* p.a.
7.37%
Australian Credit Licence 395219
Fees & charges apply
Used Car Loan - No vehicle age limit - $5,000-$100,000
Real Time Rating™
- $5k to $100k
- 1 to 7 years
- Fixed Rate
- Secured
Interest rate p.a.
6.57%
Comparison rate* p.a.
7.19%
Australian Credit Licence 488228
Fees & charges apply
New Car Loan - $5,000-$100,000
Real Time Rating™
- $5k to $100k
- 1 to 7 years
- Fixed Rate
- Secured
Interest rate p.a.
6.57%
Comparison rate* p.a.
7.19%
Australian Credit Licence 488228
Fees & charges apply
New Car Loan
- Via broker
- $10k to $250k
- 1 to 7 years
- Fixed Rate
Interest rate p.a.
6.52%
up to 18%
Comparison rate* p.a.
6.95%
Australian Credit Licence 364340
Fees & charges apply
Product data updated on 15 Jan 2025
