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.

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LenderCar LoanInterest Rate Comparison Rate* Monthly Repayment Interest Type Vehicle Type Maximum Vehicle Age Ongoing Fee Upfront Fee Total Repayment Early Repayment Instant Approval Online Application TagsFeaturesLinkComparePromoted ProductDisclosure
5.94% p.a.
7.07% p.a.
$579
Variable
New
$8
$400
$34,749
  • Available for purchase of new/demo vehicle
  • Get a personalised rate, won't impact your credit score
  • Borrow from $10k to $150k, 3 to 7 yr loan term
  • Unlimited additional repayments, flexible repayment options
 Disclosure
5.67% p.a.
6.10% p.a.
$575
Fixed
New
$0
$350
$34,524
  • A leading Australian Finance Broker with proven experience you can trust
  • We've assisted more than 150,000 customers access over $8 billion in finance!
  • We are the experts at getting the keys in your hands
 Disclosure
5.95% p.a.
5.95% p.a.
$579
Fixed
New
$0
$0
$34,757
  • No vehicle age limit
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
 Disclosure
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
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