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.

Rates
Features
Fees
Other
Lender
FixedNew1 yearMore details
Approval within 24 hours
  • Save the planet. Save thousands on your car loan.
  • 1% discount on qualifying electric cars
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
Approval within 24 hours

Green Car Loan Fixed

  • Save the planet. Save thousands on your car loan.
  • 1% discount on qualifying electric cars
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
More details
FixedNew, Used7 yearsMore details

Hybrid and Electric Car Loan

    More details
    FixedNew, Used99 yearsMore details

    Electric Vehicle Loan (Fixed)

      More details
      VariableNew99 yearsMore details

      Green Car Loan

        More details
        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

        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 December 2, 2023. View disclaimer.



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