Photo by Marc Heckner on Unsplash
Loans.com.au has introduced a suite of reduced car loan interest rates – with one having an advertised interest rate below 4.00%.
Loans.com.au's Green Car Loan saw a 22 basis point cut to 3.97% pa today (4.51% comparison rate*): That rate is on offer for cars classed as being a low-emissions vehicle.
Loans.com.au Managing Director, Marie Mortimer, said the new car loan rate comes after the Reserve Bank's decision to lower the cash rate earlier in March, with it being a good opportunity to get a great deal on a new car.
“We think that these competitive interest rates, combined with the amazing prices that dealers are offering at the moment, means this is a great time to buy a vehicle,” Ms Mortimer said.
“If a buyer is looking to trade in their car and even upgrade to a new one, they could find themselves in an excellent position to negotiate a better deal, given the current slump in new car sales.”
Other Loans.com.au car loan interest rates were also reduced, including:
- New Car Loan: 4.67% p.a. (5.22% p.a. comparison rate*)
- Used Car Loan: 4.67% p.a. (5.22% p.a. comparison rate*)
Ms Mortimer said it was promising to see car loan interest rates close the gap on mortgage interest rates.
“An interest rate of less than 4.00% is something that many of the Big 4 are still charging for a home loan so to offer a car loan at that price is remarkable,” she said.
Loans.com.au's green car loan offers a 70 basis point discount off its regular new car loan, and approved vehicles are based on the government's approved low emissions vehicle list.
This list includes electric and hybrid cars, as well as some frugal petrol cars.
Compared to other green car loans, Loans.com.au is the only one in our research that has an advertised rate starting with a 3, as seen 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 | 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 | 5 years | More details | ||||||||||
Fixed Car Loan (with Low Emission Vehicle discount) | |||||||||||||
Base criteria: fixed and secured car loans for 'low emission' cars. Data accurate as at 01 September 2020. Rates based on a loan of $30,000 for a five-year loan term. Products sorted by advertised rate. Repayments are calculated based on advertised rates. *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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