New Car Loans
A new car loan is a type of personal loan available to fund the purchase of your new car. With this type of loan, there are usually conditions about the age of the car that you wish to purchase and will differ between financial institutions as some may offer new car loans to brand new cars only, while some may consider a new car that is less than two years old or that has a certain amount of kilometres on the clock.
Interest rates for new car loans are usually a bit lower than a used car loan as this type of loan is seen as less risk to the lender.
With this type of loan you can choose between secured, where the car that you need the loan for is used as security on the loan or unsecured which is where no security is required against the loan. There are also a range of fixed and variable new car loans that you can choose from. A fixed new car loan is a loan where the interest rate is fixed for the term of the loan, so the repayments will stay the same. A variable new car loan is a type of loan where the interest rate may fluctuate depending on the economy and the cash rate, so depending on whether your financial institution increases or decreased their rates as a result your repayments could vary.
If you are in the market for a new car there are a range of new car loans available at RateCity. Start comparing from the products listed above.
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Monthly repayments are indicative and based on advertised rate, loan amount and selected payment frequency over nominated loan term. Rates shown are minimum available and may vary depending on your individual circumstances and loan amount.
The comparison rate is based on credit of $30,000 and a term of 5 years. WARNING: The comparison rate applies only to the example 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.
Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.
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