Car Loan Rates in Australia Car Loan providers Pros and Cons

car loan rates
Car Loan Rates in Australia Car Loan providers Pros and Cons

Owning a car is surely one of the luxury, but sometimes the cost it comes with is of an arm or a leg. A car is a basic necessity in Australia as people in Australia have to be spontaneous and it is a heck of a huge country. And many people seems to buy car in either installments or take car loans. Now many of you are already overwhelmed and in confusion about choosing your new car, choosing the best place to take car loan with minimum interest rate is just makes hills on top of mountains. So here, I bring you with five best low interest car loans where you can compare according to your preferences. In this article, we will discuss about the car loan rates in Australia by various car loan providers and their pros and cons.


Car Loan Rates in Australia from various Car Loan providers

  1. IMB Car Loans:

IMB car loans are available for both new and old cars, motorcycle and boat. It provides you a secured loan with fixed repayment. The fee that it charges is AU$250 for upfront fee and it doesn’t provide redraw facility. The interest rate of car loan is 5.99%. So, 5.99% Car Loan Rates.

Pros:

  • Has low rate interest
  • No ongoing fees
  • No early exit penalty
  • Can be applied both manually or online

Cons:

  • Application fee charge
  • Requires security of be held.

car loan rates

  1. Greater Bank Car Loans

Greater Bank car loans are only available for new cars. It provides you a secured loan with fixed repayment. The fee that it charges is AU$250 for upfront fee and provides a redraw facility. The interest rate of car loan is 5.99%.

Pros:

  • Has low rate interest
  • No ongoing fees
  • No early exit penalty
  • Can be applied both manually or online

Cons:

  • Application fee charge
  • Requires security of be held.
  • Only applicable to new cars.
  1. RACV Car Loan:

RACV car loans are available for new cars only. It provides you a secured loan with fixed repayment. The fee that it charges is AU$378 for upfront fee and for early exit penalty it’s Au$205. It doesn’t provide redraw facility. The interest rate of car loan is 6.20%.

Pros:

  • Has low rate interest
  • No ongoing fees
  • Can be applied in branch
  • Can be applied both manually or online

Cons:

  • Application fee charge
  • Requires security of be held.
  • Early exit penalty fees

 

  1. Hunter United

Hunter United Car Loans are available for both new and old cars. It provides you a secured loan with variable repayment. The fee that it charges is AU$250 for upfront fee and ongoing fee is Au$8monthly. It doesn’t provide redraw facility but the costumers are able to rebate rewards to reduce the fees. The interest rate of car loan is 6.99%. So, Car Loan Rates is 6.99%.

Pros:

  • Has low rate interest
  • Can be applied in branch
  • No early exit penalty
  • Can be applied both manually or online
  • Can rebate rewards to reduce fees

Cons:

  • Application fee charge
  • Requires security of be held.
  • Ongoing fee charge

 

  1. Bank of Melbourne

Bank of Melbourne Secured Personal loans are available for both new and old cars, motorcycle and boat. It provides you a secured loan with fixed repayment. The fee that it charges is AU$195 for upfront fee and AU$9monthy for ongoing fees. It doesn’t provide redraw facility. The interest rate of car loan is 9.39%. So, Car Loan Rates is 9.39%.

Pros:

  • Can be applied in branch
  • Suitable for both new and old cars
  • Can be applied both manually or online

Cons:

  • Application fee charge
  • Requires security of be held.
  • Monthly fee charge and missed payment penalty charge

 

Now here are some honorable mentions

  1. Victoria Teachers Mutual Bank(Green Car Loan):

Car: New only

Upfront fees: Au$90

Interest rate: 5.29%

 

  1. Holiday Coast Credit Union (New car variable Car Loan):

Car: New car, motorcycle and boat

Upfront fees: Au$200

Interest rate: 5.49%

 

  • Gateway Credit Union (New Car Loan):

Car: New only

Upfront fees: Au$149

Interest rate: 5.69%

  1. Beyond Bank Australia (Low Rate Car Loan):

Car: New and old both

Upfront fees: Au$175

Interest rate: 5.69%

Hope this helps you to find your desired Car Loans with best possible interest rates. Now you can proceed in ease to buy your dream car. Good Luck.

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