Photo by ROMAIN TERPREAU on Unsplash
Queensland Country Bank today launched a variable 2.99% p.a. car loan (3.60% p.a. comparison rate*) over five years.
The loan is on variable terms over five years, which means the rate could change at any time.
This loan is a two percentage point decrease on its previously-lowest-rate car loan.
Other car loans slashed include:
- New and Demo Cars up to 7 Years term: 3.99% p.a. rate (4.60% p.a. comparison rate*)
- 'New Car Loan' for cars up to 3 years old: 4.99% p.a. rate (5.59% p.a. comparison rate*)
A Queensland Country Bank spokesperson told Savings.com.au the slashed rates were timely due to end of financial year sales and the increased small business instant asset write off amount.
"With many car dealerships currently offering significant end of financial year discounts on new and demonstrator vehicles, we decided to make our offering even more competitive by introducing the 2.99% p.a. interest rate," they said.
"We were also conscious that the increased instant asset write-off for businesses, which was temporarily increased from $30,000 to $150,000 during the COVID pandemic, reduces to the previous level on 30 June this year.
"By reducing our interest rates in the lead-up to the benefits of the scheme being reduced, we hoped to help local businesses wishing to take advantage of the instant asset write-off secure their new vehicles at a very competitive interest rate."
Various fees include a $120 establishment fee, a document fee, and a $5 per month 'loan maintenance' fee.
While variable loans can change at any time, particularly subject to Reserve Bank cash rate changes, Queensland Country Bank's headline rate compares favourably with some of the lowest rate fixed-interest car loans currently available, as seen in the table below.
Lender | Advertised rate | Comparison rate* | Monthly repayment | Interest Type | Vehicle Type | Maximum Vehicle Age | Ongoing Fee | Application Fee | Total Repayment | Early Repayment | Instant Approval | Online Application | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed | New | 1 year | More details | ||||||||||
| FEATURED | Green Car Loan | ||||||||||||
| Fixed | New, Used | 99 years | More details | ||||||||||
| FEATUREDAPPLY ONLINE | Car Loan
| ||||||||||||
| Fixed | New | 4 years | More details | ||||||||||
| FEATUREDGET APPROVED WITHIN 24 HOURS | Car Loan (New and Dealer Used) (< 5 years)
| ||||||||||||
Car Loan (New and Dealer Used) (< 5 years)
| |||||||||||||
| Fixed | New | 2 years | More details | ||||||||||
| QUICK APPLICATION PROCESS WITH NO FEES | New Vehicle Fast Loan Low Rate
| ||||||||||||
New Vehicle Fast Loan Low Rate
| |||||||||||||
| Fixed | New | 1 year | More details | ||||||||||
| FEATUREDNo ongoing fees | Plenti Car Loan
| ||||||||||||
Plenti Car Loan
| |||||||||||||
| Fixed | New, Used | 7 years | More details | ||||||||||
| No ongoing fees | Plenti Car Loan (Refinance) | ||||||||||||
- Approval in 24 hours
- Balloon options to reduce repayments
- No ongoing fees, no discharge fee
Rates based on a loan of $30,000 for a five-year loan term. Products sorted by advertised rate. *The Comparison rate is based on a $30,000 loan over 5 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of January 18, 2022. View disclaimer.
Disclaimers
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.
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