loans.com.au slashes their car loan rates
Online lender loans.com.au has just announced new rate cuts to some of their variable interest rate car loans.
The new rates came into effect this morning:
- New car loan rate: The car loan new rate starts at 2.99% p.a. (3.53% p.a. comparison rate) for homeowners looking to buy a new car.
- Electric car loan rate: This electric vehicle exclusive loan rates start at a low 2.89% p.a. (3.43% p.a. comparison rate) At the time of writing, this car loan is amongst the lowest in Mozo’s database.
loans.com.au’s managing director, Marie Mortimer says that the lender wanted buyers to have the opportunity to finance a car or an electric vehicle under 3%.
“Buying a car has been difficult for some in the past few years given supply issues and some lenders tightening restrictions. We want to help make it easier for borrowers to buy a car and get their keys as soon as possible, and our new 2.99% variable rate [3.43% p.a. comparison rate] does just that,” she says.
This announcement comes in hand with their recent car buying service, OnlineAuto.com.au, which helps people buy new cars from a dealership
How does loan.com.au’s new rates compare?
For starters, both loans are well
below the 5.92% average
variable new car loan rate in Mozo’s database. They are both the lowest new car loan and electric vehicle car loan available in our database.
Perhaps even more relevant though is the fact that the new rates are among the very lowest on offer from lenders being tracked in our database. At the time of writing this, no other lender offers car loans below a rate of '3'.
It’s important to note that the 2.99% p.a. (3.53% p.a. comparison rate) car loan is a discounted rate for people who already own a home and are looking to buy a new car.
If you are looking to get a new car soon, check out Mozo’s car loan guide to grow your knowledge before buying a new set of wheels.