Despite new car sales continuing to decline in response to the COVID-19 pandemic, there’s no shortage of competitive car loans available to those who are in the market for a new set of wheels.
Figures for the month of August 2020 have been released by the Federal Chamber of Automotive Industries (FCAI) through the national VFACTS report, revealing a continuing downturn in the automotive industry.
A total of 60,986 new car sales were reported during the month, down 28.80 per cent on August 2019 when 85,633 sales were recorded.
Speaking on behalf of the automotive industry, Tony Weber, chief executive of the FCAI, declared its support of the re-opening of our economy under appropriate COVIDSafe protocols.
“We’ve seen 29 consecutive months of diminishing sales in this industry, and there’s no doubt our members are feeling the pinch,” Mr Weber said.
“The move to commence the reopening of industry and markets, especially in Victoria, needs to start as soon as possible.”
However, desolate car yards may put those who are in the market for a new vehicle at an advantage, opening up more of an opportunity to negotiate pricing.
New car buyers looking for finance options may also be in a favourable position, with car loans for new vehicles on the RateCity database still offering rates from as little as 2.99 per cent (3.60 per cent comparison rate).
While it might be an ideal time for you to take up one of these competitive offers, keep in mind that a car loan is a financial commitment that will likely take a few years to pay off. When deciding what car loan best suits your needs, consider the different interest rates, fees and features of a variety of finance options before making your choice.
To help you with your research, RateCity has put together some of the top-rated car loans in three different categories for September 2020.
(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.)