Some of the top-rated car loans in October 2024

Australia recorded 97,020 new vehicle sales in September 2024, marking the first time the industry has surpassed 900,000 sales by the end of the third quarter. However, despite this milestone, the latest sales statistics from the Federal Chamber of Automotive Industries (FCAI)  mark a 12.4% decline in vehicle sales compared to the same month in 2023.

According to FCAI Chief Executive Tony Weber, while the overall sales figures through September were “solid”, the decline in sales compared to the same time last year is a sign that economic conditions are affecting consumer purchasing decisions. He also identified three key trends shaping the auto market:

1. Around 80% of new car buyers are opting for SUVs and utes, with nine of the top ten vehicles sold in September falling into the Medium or Large SUV or Light Commercial categories. By contrast, the passenger vehicle segment accounted for less than 15% of the market.
2. There’s a continued increase in sales of hybrid and plug-in hybrid vehicles.
3. Despite the growing availability of battery electric vehicles (BEVs) and the introduction of new brands and models into the Australian market, EV sales remain low. This trend is seen globally as well, with production and purchase incentives for EVs being scaled back.

Highest selling car manufacturers in September 2024:

• Toyota (18,110 sales)
• Ford (8,303)
• Mazda (8,201 sales)
• Kia (7,650 sales)
• Mitsubishi (6,130 sales)

Highest selling car models in September 2024:

• Toyota RAV4 (5,182)
• Ford Ranger (4,485 sales)
• Toyota Hilux (4,313 sales)
• Ford Everest (2,902 sales)
• Isuzu Ute D-Max (2,612 sales)

For those considering a new set of wheels, there are a variety of financing options in the market. Australians looking to purchase an environmentally friendly vehicle may qualify for discounts through green car loans offered by some lenders.

These loans may come with lower interest rates or discounted fees when purchasing certain vehicle types. However, it's important to carefully read the terms and conditions and compare the features and benefits beyond just the headline rate and fees. Doing so can help you understand the overall value of a loan to you. You can also find options for both new and used car loans to suit your vehicle choice.

For a quicker and simpler car loan comparison, you could consider using RateCity’s Real Time Ratings™. These simple star ratings reflect the cost and flexibility that each car loan offers at any given time, as they are updated regularly. The top-rated car loans in different categories are ranked on RateCity’s Car Loan Leaderboards, and may be 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.)

The top-rated car loans today for those borrowing to buy a new eco-friendly vehicle. Assumes a secured $30,000 loan on a 60-month loan term.

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.

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.