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
Top five rated used car loans
Top five rated green car loans
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.
Disclaimer
This article is over two years old, last updated on July 16, 2020. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent car loans articles.
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Product database updated 20 Apr, 2024
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