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 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed | New | 1 year | More details | ||||||||||
| FEATUREDGET APPROVED WITHIN 24 HOURS | New Car Loan - Special
| ||||||||||||
New Car Loan - Special
| |||||||||||||
| Fixed | New, Used | 99 years | More details | ||||||||||
| APPLY ONLINE | Car Loan
| ||||||||||||
Car Loan
| |||||||||||||
| 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 | ||||||||||
| FEATURED | Green Car Loan Fixed
| ||||||||||||
Green Car Loan Fixed
| |||||||||||||
- Approval in 24 hours
- No ongoing fees, no discharge fee
- Flexible repayment options
*Comparison rates based on a loan of $30,000 for a five-year loan term. 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 August 20, 2022. View disclaimer.
Latest Articles
- How Unloan stacks up in the digital mortgage revolution
- Which banks increased term deposit rates this week?
- Is it a good idea to refinance the home loan now?
- Unemployment hits 3.4%, the lowest rate in 48 years
- Why your home loan application can be rejected after pre-approval
Latest News
August 09, 2022
Jacaranda Finance launches 60-minute car loan
August 04, 2022
Be Savings smart.
Subscribe for free money newsletters.
to the Savings Privacy Policy
