loans.com.au car loan interest rates & review

Loans.com.au logo

loans.com.au is an Australian lender specialising in car loans and home loans.

Below we give an overview of the car loans loans.com.au offers its customers.

What car loans does loans.com.au offer?

loans.com.au offers a range of car loan products for new, used and ‘green’ car purchases, as well as for refinancing an existing car loan.

Here’s a summary of the features, fees and rates that apply to loans.com.au’s car loans at the time of writing:

loans.com.au new car loans

loans.com.au offers new car loans for the purchase of new vehicles or dealer cars aged less than five years.

Interest rate: 3.99%p.a. (comparison rate 4.53%) fixed rate

Fees may include:

  • Application fee: $400
  • Ongoing fees: $0
  • Missed payment fee: $20

Loan amounts available: $5,000 to $100,000

Features:

  • Balloon repayment option
  • Approval within 24 hours
  • Monthly repayments only

loans.com.au green car loans

loans.com.au offers green car loans with a discounted interest rate for the purchase of eligible electric and hybrid cars.

Interest rate: 3.29%p.a. (comparison rate 3.83%) fixed rate

Fees may include:

  • Application fee: $400
  • Ongoing fees: $0
  • Missed payment fee: $20

Loan amounts available: $5,000 to $100,000

Features:

  • Balloon repayment option
  • Approval within 24 hours
  • Monthly repayments only

loans.com.au used car loans

loans.com.au offers used car loans for the purchase of used vehicles purchased from a dealer, with loan conditions depending on the age of the vehicle.

Interest rate: 3.99%p.a. (comparison rate 4.53%) for used dealer cars aged younger than 5 years; 5.19%p.a. (comparison rate 5.74%) for used dealer cars aged 6-7 years; 9.19%p.a. (comparison rate 9.76%) for used dealer cars aged 8+ years

 Fees: 

  • Application fee: $400
  • Ongoing fees: $0
  • Missed payment fee: $20

Loan amounts available: $5,000 to $100,000

Features:

  • Balloon repayment option
  • Approval within 24 hours
  • Monthly repayments only

It’s important to note that other terms, conditions, fees and eligibility criteria may apply to loans.com.au car loans so if you are considering taking out a loan, it’s important to read the target market determination (TMD) and other key documents carefully to ensure that the product is suitable for you.

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loans.com.au car loan FAQs

How to apply for a loans.com.au car loan

Before you commit to a particular product, you may want to consider comparing your car loan options with Canstar.

Compare Personal Loans

When applying for a car loan with loans.com.au (and many providers in Australia for that matter), you generally need to meet the following criteria:

  • you must be 18 years old or over
  • you must be a permanent Australian resident or valid work visa holder
  • currently employed with a stable income
  • have a good credit rating and no declaration of bankruptcy
  • be borrowing a minimum of $5,000 and a maximum of $100,000

In addition, you may need to provide documents and ID such as:

  • a current driver’s license
  • details of your current and previous (if applicable) employer
  • details of your income, assets, expenses and liabilities

loans.com.au also has age requirements for the vehicle the loan is being used to purchase. The requirements vary depending on the type of loan you are applying for.

Founded in 2011, loans.com.au is an online-only lender that provides home and car loans. It is backed by non-bank lender Firstmac Limited.

Written by: Sean Callery | Last updated: December 7, 2021