If you’re in the market for good car loan rates, the below tables offer a good starting point for your search. They display the lowest rates on the Canstar database at the time of writing based on a car loan amount of $30,000 for a five year term. Please note that these rates don’t take into account your credit history and other such factors, so not everyone can qualify for the minimum advertised rate.
There’s more to know when it comes to car loans than just the interest rate, of course. Also remember to consider the specific requirements of each car loan and any special features they may have when making your decision.
For example, Victoria Teachers Mutual Bank’s “Green Car Loan” presents itself as one of the lowest-rate new car loans on our database, but it’s only for environmentally friendly cars with a C02 value of 180g/km or less.
Read our Canstar guide to choosing a car loan to find out more about what to look for in a car loan.
New Car Loan Rates: Lowest rates on offer
|Rank||Company||Product||Comparison Rate – 30K over 5 Years (% p.a.)*||Min. Rate (% p.a.)|
|1||loans.com.au||Car Loan (New)||5.24||4.69|
|2||Victoria Teachers Mutual Bank||Green Car Loan Fixed||5.41||5.29|
|3||Victoria Teachers Mutual Bank||Green Car Loan Variable||5.41||5.29|
|4||Community First CU||New Car Loan||5.97||5.34|
|5||360 Finance||Advantage Car Loan||6.49||5.49|
Source: Canstar. Data current as at 25 October 2016. Rank is based on the lowest minimum interest rate, then by comparison rate. Eligible loans must be available for $30,000 over a 5-year loan period.*The comparison rate is the combination of the nominal interest rate and any foreseeable fees and charges associated with the loan.
Used Car Loan Rates: Lowest rates on offer
|Rank||Company||Product||Comparison Rate – 30K over 5 Years (%)*||Min. Rate (%)|
|1||loans.com.au||Car Loan (Used)||5.75||5.19|
|2||Beyond Bank||Low Rate Car Loan Special Offer||5.97||5.69|
|3||G&C Mutual Bank||Fair Rate Personal Loan||6.20||5.99|
|4||My Credit Union||New Car Loan <3 Yrs Old||6.20%||6.24|
|5||Summerland||Equity Plus Unsecured||6.72||6.12|