Homepage Revolution Finance newsroom

What are the best car loan rates currently available on the market?

Announcement posted by Revolution Finance 10 Jun 2016

Today we aim to take some of the hassle out of shopping around by comparing the best rates and car finance options available on today’s market.

Consumers looking for a loan to finance their next car purchase are spoilt for choice with dozens of options to choose from. Today we aim to take some of the hassle out of shopping around by comparing the best rates and car finance options available on today’s market. Rates, fees and features are current as of June 10th 2016.

The Banks

The big four have a variety of products available, none of which are particularly competitive. ANZ have the best offering here with 6.80% per annum for their Online Secured Car Loan. CBA come in second with a discounted rate of 7.49% (normally 8.49%), Westpac have an offering of 8.49% for their car loan product and bringing up the rear is NAB with an outrageous rate of 13.69%. Going directly to your bank is unlikely to yield the best results when sourcing your car finance so let’s look at the other options available to you.

Credit Unions

The offerings from the credit unions are very similar to that of the banks with Community First Credit Union offering the best rates with 5.34% (for new cars). People’s Choice Credit Union are offering 5.64% as a special discount rate if you buy a new car – their standard rate is 11.99% and CUA have rates from 7.99%.

Finance Brokers

Finance brokers have access to several lenders, ranging from big banks to small specialist lenders. Not only does this increase the likelihood of your broker getting you approved, it also increases your chances of getting a sharp rate. At Revolution Finance, we have access to rates from 4.09% for commercial clients and 4.79% for consumers. That’s considerably lower than any offering from the big banks or the credit unions. Not only will you get access to the best car loan rates by using a broker, you will get personalised service and expert advice free of charge.

Get in Touch Today

If you want the best car finance rate in Australia, call us today on 1300 882 851 or submit a quote request now. Use our car loan calculator to calculate your repayments and read our blog for more car loan tips.