5-Star Rated personal loans: How to save on your next holiday or car

Are you seeking finance for a new car, looking for a little wiggle room in the budget for your next holiday or hoping to consolidate your debts? This is when finding a personal loan with the right rate and features for your needs could come in handy.

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 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.

Compare New Car Loans

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.

Compare Used Car Loans

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.

Compare Unsecured Personal Loans

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.

Compare Secured Personal Loans

For more information about the 2018 Personal Loan Star Ratings and how they were calculated, please view the ratings methodology:

View methodology

Compare Secured Personal Loans

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