The #1 question we get asked by people enquiring about a car loan is “What’s the interest rate on your car loan?”
The short version of a long answer is “It depends.”
No, we’re not trying to be evasive. That really is the answer… at least in the beginning. As advertised, our best rate starts at 5.99%* (6.85% comparison rate) and goes up from there.
You see, unlike a home loan, where the interest rates advertised are fixed, a car loan rate can vary from customer to customer, based on various factors.
It’s based on the individual’s financial profile (credit rating, employment history, living situation, etc.), what kind of vehicle they are buying (new, used, high/low valuation, etc.) and the amount that you want to borrow.
Plus, whether the loan is secured or unsecured (unsecured loans attract a higher interest rate).
That’s why the interest rate you would be paying on a car loan is unknown until we see how the lenders rate you.
The 4 big banks tend to advertise a fixed rate, but they’re not flexible on the credit profile of the applicant or the car being purchased, so it’s often more difficult to get a loan approved with them, plus their rates aren’t that cheap.
Let’s be honest… a low interest rate is worthless if you can’t get approved for the loan in the first place, right?
So, to find out what rate you qualify for, fill in the simple loan quote form below and one of our specialist Finance Consultants will contact you to conduct a no-obligation pre-approval.
* Finance subject to approval, including the application of applicable lending criteria. Terms and Conditions apply. Fees and Charges are payable. Rates subject to change without notice. Credit provider is ANZ Australian credit licence 234527. Comparison rate calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Australian credit licence 391454.