Interest Rate update:

MEDIA RELEASE
Monday 13 January 2020

Car loans now have home loan-like rates

Car loan sales are under pressure as vehicle sales in Australia feel the pinch from restrained consumer spending and business investment.

Lenders are responding by cutting car loan and personal loan rates to under five per cent per annum.

InfoChoice now lists car loans and personal loans with fixed rates starting from 4.19 per cent pa (comparison rate 4.73 per cent pa) fixed for three years:

Four top fixed-rate rate car loans now listed on InfoChoice:

And variable car loan interest rates  now start at 4.45 per cent pa (comparison rate 4.65 per cent pa).

Five top variable rate car loans now listed on InfoChoice:

“Car loan rates have fallen significantly over the last year as lenders are under pressure,” said Vadim Taube, CEO of InfoChoice, Australia’s leading financial comparison website.

“Car sales are in the doldrums and car loan providers need to compete for each and every borrower out there.

“Borrowers have a great choice at the moment of plenty of great low-rate car loans from the banks and the credit unions.

“While the credit unions have traditionally been a home to low-rate car loans, the big banks are also offering some competitive offers that are hard to ignore,” said Vadim Taube.

NAB has personal loans suitable for purchasing a second-hand car with rates set at 10.69% pa (comparison rate 11.58% pa).

ANZ has Fixed Rate personal loan rates set at 12.45%pa (comparison rate 13.32 %pa).

Commonwealth Bank has secured car loans from 8.49% pa (comparison rate 9.45% pa).

Westpac also has car loan rates starting from 8.49% pa (comparison ate 9.67% pa).

Compare interest rates in the Australian car loan market at InfoChoice.

Compare 1800 home loans from 145 institutions at InfoChoice.

Go straight to the latest rates information from individual banks and other institutions here.

For more information on Savings account rates, data and commentary, please contact:

Jason Bryce, Media Manager on 0428 777 727 [email protected]

For more comments, please contact: Vadim Taube, Chief Executive on 0403 580 794

* listed on InfoChoice’s database of 1800 home loans and 145 institutions in Australia.

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.

Comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING: These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan

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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