Australia Car Loans

With the new year approaching, you might be thinking about getting yourself into a new car! Financially, a switch up might seem a little daunting. The RBA continues to bring up the cash rate and interest rates rise in turn, with car loan interest rates also creeping upwards.

The good news is that the rise in car loan interest rates has been fairly gradual, especially when compared to rate hikes in other areas. The average rates in the Mozo database are now 6.78% for a new car loan and 7.68% for a used car loan. If you’re looking for a rate starting with a ‘4′, options do still remain – mostly for buyers in the market for electric vehicles and green cars.

With rates rising, it’s even more important to get the best car loan for you. But how can you narrow down your choices to find a great car loan match? Features like a low interest rate, low fees and payment flexibility might tick a lot of boxes, but there’s no simple answer when it comes to finding the best car loan – that will come down to your own needs and financial situation.

Below we have rounded up a range of different loan options. These include some of the best car loan winners from our Mozo Experts Choice Awards^ for 2023, plus winners from our 2022 Mozo People’s Choice Awards for Banking and a few of the car loans which have recently caught the eyes of the Mozo editors.

Best car loans for December 2022

Heritage Bank – Car Loan

Beyond Bank – Low Rate Car Loan

MOVE Bank – Green Car Loan

Bendigo Bank – Secured Personal Loan

Heritage Bank – Car Loan

loans.com.au – New Car Loan

OurMoneyMarket – Car Loan

NOW Finance – Unsecured Personal Loan

ING – Unsecured Personal Loan

Editor’s picks of the month: best car loan deals on Mozo in December

If you’re interested in comparing even more options, our editors have wrapped up a selection of car loan deals from our partners which really stood out to them. Of course, you can also expand your search further on our car loan comparison hub where you’ll be able to browse through the 180+ car loans being tracked in the Mozo database.

Special offer on new/demo vehicles

need access to that money. The loan does have a $195 establishment fee, but there are no regular service fees. When you take out a loan with MOVE Bank, you may also be able to enjoy MOVE’s everyday banking without transaction fees (T&Cs apply). MOVE Bank won the Mozo Experts Choice Award^ for Personal Loan Provider of the Year, and this was one of 3 of their loan products to take out a title.

between $5,000 and $60,000, with loan terms between 2-5 years on loans below $30,000 and terms up to 7 years on loans over $30,000. A fixed interest rate starts at 6.99% p.a. (7.20% p.a. comparison rate*) and you will also pay a $150 establishment fee. There is a $20 late repayment fee, so make sure to get your payments in on time, but there’s no fee to make additional early repayments.

Bendigo Bank – Secured Personal Loan

Fixed rates from 7.79% p.a. (8.51% p.a. comparison rate*)

Flexible repayment options

Make extra repayments and redraws Find out more.

Bendigo Bank was named a three-time winner in our 2022 Mozo People’s Choice Awards, taking out wins in the Outstanding Customer Satisfaction, Excellent Customer Service and Highly Trusted categories. This loan comes with a fixed rate of 7.79% (8.51% comparison rate*), with eligible car buyers able to borrow amounts from $2,000 and up over terms of 1-7 years. There is a $250 application fee to budget for, as well as a $5 monthly service fee. You can select your repayment schedule, as this loan offers weekly, fortnightly or monthly instalments. Bendigo Bank also gives customers the option of making extra loan repayments, and there’s even a redraw facility available.

Heritage Bank – Car Loan

Fixed rates from 5.39% p.a. (5.75% p.a. comparison rate*)

Flexible repayment options

Make additional repayments and redraws Find out more

Heritage is popular with its customers, winning 2022 Mozo People’s Choice Awards for Excellent Customer Service and Highly Trusted. Heritage Car Loan may also prove a hit with new car buyers, as it offers a competitive fixed rate of 5.39% p.a. (5.75% p.a. comparison rate*) for a $5,000-$100,000 loan with terms between 1-7 years. There is a $200 application fee and a $5 monthly service fee, though. Extra repayments and redraws are both available, and borrowers can choose between weekly, fortnightly or monthly payments.

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