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Best car loans for July 2020

Best car loans for July 2020

End-of-financial-year (EOFY) car sales may have ended, but that doesn’t mean car salespeople are no longer vying for your business.

If you missed out on EOFY car sales, there’s a chance you’ll face less competition in July, as many shoppers seriously wanting to buy may have already made a purchase.

June saw a slight uptick in car sales, with more than 110,000 new vehicles sold in the month, data from Federal Chamber of Automotive Industries showed. 

Vehicle brands and dealerships are making an effort to lure car buyers with decent offers, as many companies in the industry fight back against the impacts of COVID-19 on car sales.

Car loan financing is just as competitive, with 20 lenders cutting interest rates across 33 car loans since April, a RateCity analysis showed.

The lowest car loan interest rate on the RateCity database at 2.99 per cent (3.60 per cent comparison rate). Queensland Country Bank offers this interest rate for new cars not older than five years. 

And if you’re looking specifically to buy an eco-friendly car, Loans.com.au has the lowest interest rate for green car loans recorded by RateCity, at 3.97 per cent (4.51 per cent comparison rate). 

While not everyone has necessarily been dramatically impacted by the recession, it’s still important to remember that a car loan is a financial commitment, likely for a few years. So, before deciding which car loan is right for you, it makes sense to weigh up interest rates, fees and features across several car loans.

(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.)

Top five rated new car loans

Company
Product

Car Loan (Good Credit and above)

Real Time Rating™

4.79

/ 5
Interest Rate

From

3.51

% p.a

Fixed

Comparison Rate*

4.21

% p.a

Monthly repayment

$546

Real Time Rating™

4.79

/ 5
Go to site
Company
Product

New - Prime Special (Fixed)

Real Time Rating™

3.33

/ 5

Winner of Best New Car Loans, RateCity Gold Awards 2022

Interest Rate

5.09

% p.a

Fixed

Comparison Rate*

5.64

% p.a

Monthly repayment

$567

Real Time Rating™

3.33

/ 5
Go to site

special

You could win a $1,000 fuel voucher ~ Ends in 6 months

Winner of Best New Car Loans, RateCity Gold Awards 2022

Company
Product

Car Loan

Real Time Rating™

3.99

/ 5

Winner of Best New Car Loans, Best Used Car Loans, RateCity Gold Awards 2022

Interest Rate

From

3.99

% p.a

Variable

Comparison Rate*

4.86

% p.a

Monthly repayment

$552

Real Time Rating™

3.99

/ 5
Go to site

Winner of Best New Car Loans, Best Used Car Loans, RateCity Gold Awards 2022

Company
Product

New Car Loan

Real Time Rating™

4.00

/ 5

Winner of Best New Car Loans, RateCity Gold Awards 2022

Interest Rate

4.59

% p.a

Fixed

Comparison Rate*

4.86

% p.a

Monthly repayment

$561

Real Time Rating™

4.00

/ 5
Go to site

Winner of Best New Car Loans, RateCity Gold Awards 2022

Top five rated used car loans

Company
Product

Car Loan (Good Credit and above)

Real Time Rating™

4.79

/ 5
Interest Rate

From

3.51

% p.a

Fixed

Comparison Rate*

4.21

% p.a

Monthly repayment

$546

Real Time Rating™

4.79

/ 5
Go to site
Company
Product

Car Loan

Real Time Rating™

3.99

/ 5

Winner of Best New Car Loans, Best Used Car Loans, RateCity Gold Awards 2022

Interest Rate

From

3.99

% p.a

Variable

Comparison Rate*

4.86

% p.a

Monthly repayment

$552

Real Time Rating™

3.99

/ 5
Go to site

Winner of Best New Car Loans, Best Used Car Loans, RateCity Gold Awards 2022

Company
Product

Better Car Loan Fixed

Real Time Rating™

3.53

/ 5
Interest Rate

5.44

% p.a

Fixed

Comparison Rate*

5.71

% p.a

Monthly repayment

$572

Real Time Rating™

3.53

/ 5
Go to site
Company
Product

Used Car Loan (< 5 years, Dealer Only) (Fixed)

Real Time Rating™

3.11

/ 5

Winner of Best Used Car Loans, RateCity Gold Awards 2022

Interest Rate

5.59

% p.a

Fixed

Comparison Rate*

6.14

% p.a

Monthly repayment

$574

Real Time Rating™

3.11

/ 5
Go to site

special

You could win a $1,000 fuel voucher ~ Ends in 6 months

Winner of Best Used Car Loans, RateCity Gold Awards 2022

Top five rated green car loans

Company
Product

Green Road Personal Loan

Real Time Rating™

3.74

/ 5
Interest Rate

4.74

% p.a

Variable

Comparison Rate*

5.01

% p.a

Monthly repayment

$563

Real Time Rating™

3.74

/ 5
Go to site
Company
Product

Green Car Loan (Fixed)

Real Time Rating™

3.42

/ 5

Winner of Best Green Car Loans, RateCity Gold Awards 2022

Interest Rate

4.89

% p.a

Fixed

Comparison Rate*

5.44

% p.a

Monthly repayment

$565

Real Time Rating™

3.42

/ 5
Go to site

special

You could win a $1,000 fuel voucher ~ Ends in 6 months

Winner of Best Green Car Loans, RateCity Gold Awards 2022

Company
Product

Green Car Loan (Special)

Real Time Rating™

3.46

/ 5
Interest Rate

5.29

% p.a

Variable

Comparison Rate*

5.56

% p.a

Monthly repayment

$570

Real Time Rating™

3.46

/ 5
Go to site

special

Car Loan Promotional Rate ~ Ends in about 1 month
Company
Product

Fixed Car Loan (with Low Emission Vehicle discount)

Real Time Rating™

3.32

/ 5
Interest Rate

5.45

% p.a

Fixed

Comparison Rate*

5.45

% p.a

Monthly repayment

$572

Real Time Rating™

3.32

/ 5
Go to site

special

Offset your car’s carbon emissions for the life of the loan

Where to find up-to-date car loan information

It’s not surprising that most people don’t want to spend time and effort to check each lender’s individual website regularly. Car loans are tracked and rated daily at RateCity’s Car Loans Leaderboards, so keep your eye on it if you need up-to-date car loan information.

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This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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