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™ | Interest Rate  From 3.51 % p.a Fixed | Comparison Rate* 4.21 % p.a | Monthly repayment $546 | Real Time Rating™ | Go to site | |
Company | Product New - Prime Special (Fixed) Real Time Rating™ 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™ | Go to site | special You could win a $1,000 fuel voucher ~ Ends in 6 monthsWinner of Best New Car Loans, RateCity Gold Awards 2022 |
Company | Product Car Loan Real Time Rating™ 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™ | 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™ 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™ | 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™ | Interest Rate From 3.51 % p.a Fixed | Comparison Rate* 4.21 % p.a | Monthly repayment $546 | Real Time Rating™ | Go to site | |
Company | Product Car Loan Real Time Rating™ 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™ | 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™ | Interest Rate 5.44 % p.a Fixed | Comparison Rate* 5.71 % p.a | Monthly repayment $572 | Real Time Rating™ | Go to site | |
Company | Product Used Car Loan (< 5 years, Dealer Only) (Fixed) Real Time Rating™ 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™ | Go to site | special You could win a $1,000 fuel voucher ~ Ends in 6 monthsWinner of Best Used Car Loans, RateCity Gold Awards 2022 |
Top five rated green car loans
Company | Product Green Road Personal Loan Real Time Rating™ | Interest Rate 4.74 % p.a Variable | Comparison Rate* 5.01 % p.a | Monthly repayment $563 | Real Time Rating™ | Go to site | |
Company | Product Green Car Loan (Fixed) Real Time Rating™ 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™ | Go to site | special You could win a $1,000 fuel voucher ~ Ends in 6 monthsWinner of Best Green Car Loans, RateCity Gold Awards 2022 |
Company | Product Green Car Loan (Special) Real Time Rating™ | Interest Rate 5.29 % p.a Variable | Comparison Rate* 5.56 % p.a | Monthly repayment $570 | Real Time Rating™ | 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™ | Interest Rate 5.45 % p.a Fixed | Comparison Rate* 5.45 % p.a | Monthly repayment $572 | Real Time Rating™ | 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.
