Top rated car loan interest rates for November

Considering purchasing a vehicle in time for Christmas? You’ll want to ensure you’re comparing the best car loan options for your financial needs and situation.

Global car manufacturing supply chains may be recovering, according to new vehicle sales data from the Federal Chamber of Automotive Industries (FCAI). The latest data shows Toyota has topped the list of manufacturers with most vehicles sold in October – up 16.9% from the previous year.

Supply chain stability may be an indication that the market could return to more affordable pricing as well – particularly for the used car market. This could be great news for those looking to purchase a vehicle, and November's top-rated car loans could help them drive away with ease.

Most popular cars sold in October 2022

October’s vehicle sales results show that Australia’s love affair with SUVs and Light Commercial Vehicles is not going anywhere soon, making up 80.1% of sales for the month. Passenger Vehicles made up 15.3% of monthly sales, with Heavy Commercials sitting at 4.7%.

According to FCAI data, the most popular manufacturers for the month of October were:

1. Toyota – 18259 vehicles sold
2. Ford – 7,823 vehicles sold
3. Kia – 6,380 vehicles sold
4. Mitsubishi – 5,982 vehicles sold
5. Hyundai – 5,289 vehicles sold

However, the highest selling model across all new car sales was the Ford Ranger, with 5,628 sales reported. This was followed by the Toyota Hi-Lux at 4,890, Toyota’s Rav4 was third with 3,222, followed by Mazda’s CX-5 (2,352) and MG’s ZS (2,293).

FCAI Chief Executive Tony Weber said this monthly result was an indication that car companies were making progress on overcoming logistical challenges.

“Globally, car manufacturers have been heavily impacted by the Covid 19 pandemic. This October figure is a positive sign that supply chains are recovering and consistency is returning to the marketplace, but we still have some way to go before it returns to normal,” Mr Weber said.

Whether you’re considering purchasing a new or used car, if you’ll be relying on financing, it may be worth comparing your options carefully. As inflation is tipped to rise this year, you’ll want to ensure you’re choosing a car loan that best suits your budget. Starting with a competitive interest rate, lower fees and helpful features may be one way to do so.

Thankfully, RateCity has done the hard work for you and ranked the top-rated car loans using our comprehensive, game-changing Real Time Ratings™ system.

This system gives loan products a score out of five, based on cost and flexibility. But unlike other ratings systems that rank their products once or twice a year, our Real Time Ratings™ system ranks products live as you use the site, helping you narrow down your shortlist of car loan options.

(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.)

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