Online lender loans.com.au has launched its 'lowest car loan rate ever' at 3.29% p.a. (3.89% comparison rate) for new electric and hybrid cars.

Additionally, loans.com.au is now offering a car loan rate for new and used cars up to five years old at 3.99% p.a. (4.53% comparison rate). 

These rates are available to customers that already have a mortgage.

For non home owners, or renters, both car loans are 1% higher - the green car loan is 4.29% p.a. (4.89% comparison rate), and cars up to five years old is 4.99% p.a. (5.53% comparison rate).

The online lender has also expanded its car loan offerings to cars up to 12 years old.

For cars over five years old, car loan rates start from 5.19% p.a. (5.74% comparison rate).

Non home owners will also have a 1% higher rate - starting from 6.19% p.a. (6.74% comparison rate) - on cars over five years old.

Marie Mortimer, loans.com.au Managing Director, said she is excited about what these new rates could mean for Australian homeowners looking to buy a new or used car.

"These are the lowest car loan rates we have ever offered, and we are very excited to help make the car finance and car buying process easier in what can be a difficult time for some people due to stock levels or other reasons," Ms Mortimer said.

"We’re rewarding customers for going green, or choosing an environmentally friendly option like a hybrid or electric vehicle with rates as low as 3.29%.

"But we can also help with a wider range of vehicles, from new cars, to used cars up to 12 years old from a dealership."

These new rates come shortly after loans.com.au launched its car buying service, OnlineAuto.com.au, to address common pain points of buying a car.


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          The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

          Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of June 13, 2024. View disclaimer.

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