The loan's interest rate for regular cars is 2.99% p.a. (3.53% p.a. comparison rate*).
For electric or green vehicles, the loan offers an interest rate 10 basis points lower at 2.89% p.a. (3.43% p.a. comparison rate*).
There are two main catches with the loan that must be met:
- The car must be a 2022 model year, either new or demo up to 5,000km.
- The borrower must have a home loan (doesn't have to be with loans.com.au).
loans.com.au managing director Marie Mortimer said this is the lowest car loan rate on the market.
"Buying a car has been difficult for some in the past few years given supply issues and some lenders tightening restrictions," Ms Mortimer said.
"We want to help make it easier for borrowers to buy a car and get their keys as soon as possible."
The rates are variable, and customers can make extra repayments and redraw on their loan.
There are no ongoing, monthly, or annual fees - there is however a loan establishment fee of $400.
The maximum loan amount is $100,000, and the minimum loan term is three years while the maximum is five years.
No balloon payments are allowed.
In the interest of full disclosure, loans.com.au and Savings.com.au are both associates of Firstmac.
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In the market for a new car? The table below features car loans with some of the lowest interest rates on the market.
Lender | Car Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Interest Type | Vehicle Type | Maximum Vehicle Age | Ongoing Fee | Upfront Fee | Total Repayment | Early Repayment | Instant Approval | Online Application | Tags | Features | Link | Compare | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.24% p.a. | 7.36% p.a. | $583 | Variable | New | No Max | $8 | $400 | $35,000 | Featured |
| Disclosure | |||||||
6.34% p.a. | 7.46% p.a. | $585 | Variable | New | No Max | $8 | $400 | $35,084 | Disclosure | |||||||||
6.57% p.a. | 7.19% p.a. | $588 | Fixed | New, Used | No Max | $0 | $250 | $35,278 | Loan amounts from $5k to $75k | Disclosure | ||||||||
6.52% p.a. | 6.95% p.a. | $587 | Fixed | New | No Max | $0 | $310 | $35,236 | Disclosure |
Photo by the Lazy Artist Gallery on Pexels
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