Lender offers its 'lowest rate ever' on a car loan

author-avatar By on October 13, 2021
Lender offers its 'lowest rate ever' on a car loan

For new electric and hybrid cars, loans.com.au has launched its 'lowest rate ever' for homeowners.

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.


Advertisement

In the market for a new car? The table below features green car loans with some of the lowest interest rates on the market for low-emissions vehicles.

Lender
Advertised rate Comparison rate Monthly repayment Interest TypeVehicle TypeMaximum Vehicle AgeOngoing FeeApplication FeeTotal RepaymentEarly RepaymentInstant ApprovalOnline Application

FixedNew1 yearMore details

Green Car Loan

FixedNew2 yearsMore details
QUICK APPLICATION PROCESS WITH NO FEES

New Vehicle Fast Loan Low Rate

  • Quick application process and no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars up to 3 years old
QUICK APPLICATION PROCESS WITH NO FEES

New Vehicle Fast Loan Low Rate

  • Quick application process and no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars up to 3 years old
FixedNew1 yearMore details
No ongoing fees

Plenti Car Loan

No ongoing fees

Plenti Car Loan

    FixedNew, Used5 yearsMore 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. Rates correct as of October 27, 2021. View disclaimer.


    Image by myenergi on Unsplash

    Disclaimers

    The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

    • The big four banks are: ANZ, CBA, NAB and Westpac
    • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2019. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
    • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
    • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

    Some providers' products may not be available in all states.

    In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

    *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.

    Latest Articles

    author-avatar
    Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

    Be Savings smart.
    Subscribe for free money newsletters.

    By subscribing you agree to the Savings Privacy Policy