Those who have found themselves in the market for a new car are certainly not alone, as long-anticipated positive figures are revealed by the peak automotive industry body.

For the first time in more than two and a half years, new vehicle sales in Australia recorded year-on-year growth in the latest reporting period.

According to the Federal Chamber of Automotive Industries (FCAI), new car sales for the month of November were recorded at 95,205, an increase of 10,497 sales or 12.4 per cent on November 2019 when 84,708 sales were recorded. This follows a 31 month stretch of declining figures.

FCAI chief executive Tony Weber said with the Australian economy showing improvement, “it’s good news to see new vehicle sales trending in a more positive direction.”

Mr Webber said the FCAI believes there are a few contributing factors, including rising optimism from the Australian public as COVID-19 restrictions ease.

“This increase in consumer confidence is backed by government support programs during the pandemic, the easing of lending restrictions, and the current competitive automotive market,” he said.

“We also believe that, given our inability to travel internationally, many Australians are choosing to purchase a new vehicle and holiday at home this year – and we fully expect to see a notable increase in family driving trips over the Christmas season.”

If you’re planning to set off on your summer holiday road trip in a new set of wheels, it might be a good time to start thinking about your financing options.

RateCity’s database offers plenty of competitive car loans, with rates starting from 3.85 per cent (4.94 per cent comparison rate).

When you’re shopping for the best car loan to suits your needs, consider comparing interest rates, fees and features of a variety of car finance options before making your decision. A car loan is a financial commitment that will likely take several years to pay off.

To help you with your research, RateCity has put together some of the top-rated car loans in three different categories for December 2020, based on how much the car loan will cost and how much flexibility it offers.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

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