In the 2018 Canstar Personal and Car Loan Star Ratings, our Research team awarded 54 lenders with a 5-Star Rating for offering Outstanding Value to customers across common types of personal loans, including car loans for new cars, used cars, unsecured personal loans and secured personal loans.
Canstar Research has analysed 267 personal loan products from 73 lenders on our database and, in the process, has discovered potential savings for Australian consumers looking to take out a personal loan.
Out of all the personal loan types considered, 5-Star Rated car loans for new vehicles were found to offer the biggest potential savings compared to the market average from Canstar’s database. The average advertised interest rate on a 5-Star car loan for a new car was only 5.81% compared to the market average of 10.19%. That interest rate difference could represent a saving of $42 a month or $503 a year in repayments on a $20,000 loan paid over five years.
Of course, there’s more than just interest rates to consider when taking out a loan. Canstar Research considered a range of important features including product flexibility, functionality, the application process as well as fees and charges. Some of the standout features for consumers included loans that offered pre-approval, redraw and top-up facilities and the provision of loan insurance to cover any repayments that cannot be met.
To help narrow your search for a personal loan that meets your needs and circumstances, see a shortlist of products below that were assessed and ranked in Canstar’s 2018 Personal and Car Loan Star Ratings.
Outstanding Value Personal and Car Loans
Listed in the tables below are the 5-Star Rated Outstanding Value winners for each consumer profile considered in this year’s ratings, listed in alphabetical order.
Outstanding Value – New Car Loan
The following new car loans received a 5-Star Rating in November 2018:
| Company Name | Product Name |
|---|---|
| Bank First | Green Car Loan Promotion Fixed |
| Bank First | Green Car Loan Promotion Variable |
| Bank First | New Car Loan Promotion Variable |
| Beyond Bank | Low Rate Car Loan Special Offer |
| Community First CU | New Car Loan |
| Credit Union SA | Special Fixed Rate Personal Loan |
| Endeavour Mutual Bank | New Car Loan < 2yrs |
| FCCS Credit Union | Affinity Car Loan |
| G&C Mutual Bank | Fixed Rate New Car Loan < 3 yrs old |
| Greater Bank | New Car Loan |
| Holiday Coast CU | New Car Loan Variable |
| Horizon Credit Union | New Car Loan Fixed |
| Illawarra CU NSW | Sec Fixed Personal Loan (new asset) |
| IMB | Car Loan (up to 2 years old) |
| loans.com.au | Car Loan (New) |
| loans.com.au | Green (Low emission) Car Loan |
| MOVE Bank | New Car Loan |
| People’s Choice Credit Union | Discounted Personal Loan (Car Loan) |
| Queensland Country Credit Union | New Car Loan |
| SCU | New Car Loan |
| The Mac | Car Loan New |
| Source: Canstar Personal Loans Star Ratings, November 2018. | |
Outstanding Value – Used Car Loan
The following used car loans received a 5-Star Rating in November 2018:
| Company Name | Product Name |
| Australian Unity | Australian Unity Car Loan |
| Bank Australia | Used Car Loan – Fixed |
| Bank First | Used Car Loan Promotion Variable |
| Bcu | Special Car Loan |
| Bendigo Bank | Green Sec Personal Loan |
| Bendigo Bank | Student Secured Personal Loan |
| CUA | Secured Fixed Car Loan |
| FCCS Credit Union | Affinity Car Loan |
| First Option Credit Union | Used Car Loan – Fixed |
| Greater Bank | Secured Personal Loan |
| Holiday Coast CU | Variable Rate Car Loan < 5 years |
| Horizon Credit Union | Used Car Loan – Special |
| Illawarra CU NSW | Sec Fixed Personal Loan (used asset) |
| loans.com.au | Car Loan (Used) |
| Newcastle Permanent | Car Loan Secured |
| Newcastle Permanent | Personal Loan Secured |
| Nexus Mutual | Secured Personal Loan |
| Police Bank | Driveaway Car Loan |
| Police Bank | Green Loan |
| Suncorp Bank | Secured Car Loan |
| Source: Canstar Personal Loans Star Ratings, November 2018. | |
Outstanding Value – Unsecured Personal Loan
The following Unsecured Personal Loans received a 5-Star Rating in November 2018:
| Company Name | Product Name |
| Bank Australia | Personal Loan – Property Owners |
| Endeavour Mutual Bank | Personal Loan Var Rate |
| Liberty Financial | Unsecured Loan A – Excellent Credit |
| MoneyPlace | Unsecured Loan A – Excellent Credit |
| MOVE Bank | Personal Loan |
| Nexus Mutual | Unsecured personal loan |
| RateSetter | Unsecured Personal Loan – Fixed |
| Summerland Credit Union | Equity Plus Unsecured |
| Source: Canstar Personal Loans Star Ratings, November 2018. | |
Outstanding Value – Secured Personal Loan
The following Secured Personal Loans received a 5-Star Rating in November 2018:
| Company Name | Product Name |
| Endeavour Mutual Bank | Personal Loan Sec by TD |
| First Option Credit Union | Cash Secured Personal Loan |
| Holiday Coast CU | FTD Secured Loan |
| Illawarra CU NSW | Sec Fixed Personal Loan (new asset) |
| MOVE Bank | New Car Loan |
| Source: Canstar Personal Loans Star Ratings, November 2018. | |
For more information about the 2018 Personal Loan Star Ratings and how they were calculated, please view the ratings methodology:
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