Car loan rate update: February 2020

Banks, credit unions and online lenders are slashing car loan rates to grab business amid difficult market conditions in February 2020.

The lowest car loan rates in Australia are below 5 per cent per annum. The lowest car loan rates may not be available from the car dealership, or from your own bank. Car buyers looking for the lowest car loans rates need to compare loans and lenders and consider the rate, the fees the length of the loan, the amount, the repayments and the comparison rate.

InfoChoice now lists car loans with rates starting from 4.19 per cent pa (comparison rate 4.73 per cent pa) fixed for three or four years. That means, right now a car buyer can access rates under five per cent and lock them until 2024.

Online car loans are readily available on InfoChoice with fast approval and quick funding. You can head along to the car dealership with your finance sorted through InfoChoice today.

Top fixed-rate rate car loans now listed on InfoChoice:

Five top variable rate car loans now listed on InfoChoice:

Variable car loan interest rates are also very low in January. Variable car loan rates now start at 4.45 per cent pa (comparison rate 4.65 per cent pa).

Some of the featured offers on InfoChoice in February include:

Moneyplace’s car loan rates from 7.65 per cent pa comparison rate. Moneyplace sets rates according to the risk profile of the borrower.

Moneyplace has a fast, easy, online loan application and you can get an answer in minutes. Moneyplace let’s you choose an amount and term for the loan but your application will be assessed on your ability to make the repayments. You can compare these loan rates with other interest rates in the Australian car loan market at InfoChoice.

NRMA / RACV / RACQ’s FAST ONLINE LOW RATE car loans for NEW CARS with comparison rates starting at 6.39% pa.

NRMA / RACV / RACQ also have FAST ONLINE LOW RATE car loans for USED CARS with comparison rates starting at 7.70% pa.

Harmoney’s car loan rates start at 6.99 per cent pa (comparison rates from 7.83% pa). harmony sets rates according to the credit score of the borrower. If you are looking for a car loan with bad credit or a low credit score, Harmoney may be able to assist you.

Harmoney’s Unsecured Personal Loan is for borrowers with bad credit, average credit scores, marks on their credit report, previous bad credit history and for borrowers who don’t qualify for Harmoney’s Personal Loan for Excellent Credit.

NAB has personal loans suitable for purchasing a second-hand car with rates set at 10.69% pa (comparison rate 11.58% pa). Nab has a full suite of secured and unsecured personal loans. For NAB personal loan rates and fees information, see InfoChoice.

ANZ has Fixed Rate personal loan rates set at 12.45%pa (comparison rate 13.32 %pa). ANZ Bank has a full suite of secured and unsecured personal loans. For ANZ Bank personal loan rates and fees information, see InfoChoice.

Compare these car loans with other car loan rates at InfoChoice.

InfoChoice compares financial products from 145 banks, credit unions, authorised deposit-taking institutions, non-bank lenders and other financial product providers in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.

InfoChoice is a leading Australian comparison website for retail banking and personal finance products. We’ve been helping Aussies find great offers on credit cards, home loans, savings accounts, term deposits, personal loans and car loans for over 25 years. Our mission is to help consumers make an informed purchasing by bringing together the most comprehensive list of financial products on the market today.

At InfoChoice, we strive to be:

•           Comprehensive. We compare more than 3500 individual products from 145 providers within Australia to offer you the best value.

•           Informative. We know how important it is for you to crunch the numbers before buying. Our calculators help you understand the cost of different products over the long term and show you the potential savings.

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