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Finance your next used car purchase with May’s top car loans

Finance your next used car purchase with May’s top car loans

Global supply issues are continuing to slow the delivery of new cars to Australia, but for those who are looking for a used car alternative, financing your vehicle doesn’t have to be a challenge.

New car sales figures from the Federal Chamber of Automotive Industries (FCAI) for April revealed that the number of vehicles sold fell 12.2% compared to the same time last year.

The total number of vehicles sold in the last month was 81,065 – and figures were down in every state.

FCAI Chief Executive Tony Weber said this was the result of “global issues which are impacting new car production and shipping”.

“Automotive manufacturers continue to suffer from a shortage of microprocessor units which is impacting their ability to ramp up production to pre-pandemic levels,” said Mr Weber.

“Covid-19 continues to impact manufacturing and supply, particularly where factories have been forced to close and shipping operations are yet to fully recover. This is being reflected in the extended delivery times for new vehicles,” he said.

One option would-be buyers could consider is purchasing from the supply of used cars already available in Australia. And unlike waiting over a year to put the pedal to the metal of a new year, finding and researching the best car finance for a used vehicle for your needs and budget may be much simpler.

This is because RateCity has taken the hard work out of searching for car loans, by putting together a list of its top-rated personal loans for May 2022.

RateCity’s personal loan leaderboard ranks the top car loans using Real Time Ratings™, our rating system that gives loan products a score out of five, based on cost and flexibility.

Keep in mind that a car loan is a financial commitment that can often take several years to pay off. Consider using RateCity’s car loan calculator for a repayment estimate to make sure they’ll fit comfortably within your budget.

(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 ranking used car loans

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



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