The loan is on variable terms over five years, which means the rate could change at any time.

This loan is a two percentage point decrease on its previously-lowest-rate car loan.

Other car loans slashed include:

  • New and Demo Cars up to 7 Years term: 3.99% p.a. rate (4.60% p.a. comparison rate*)
  • 'New Car Loan' for cars up to 3 years old: 4.99% p.a. rate (5.59% p.a. comparison rate*)

A Queensland Country Bank spokesperson told Savings.com.au the slashed rates were timely due to end of financial year sales and the increased small business instant asset write off amount.

"With many car dealerships currently offering significant end of financial year discounts on new and demonstrator vehicles, we decided to make our offering even more competitive by introducing the 2.99% p.a. interest rate," they said.

"We were also conscious that the increased instant asset write-off for businesses, which was temporarily increased from $30,000 to $150,000 during the COVID pandemic, reduces to the previous level on 30 June this year.

"By reducing our interest rates in the lead-up to the benefits of the scheme being reduced, we hoped to help local businesses wishing to take advantage of the instant asset write-off secure their new vehicles at a very competitive interest rate."

Various fees include a $120 establishment fee, a document fee, and a $5 per month 'loan maintenance' fee. 

While variable loans can change at any time, particularly subject to Reserve Bank cash rate changes, Queensland Country Bank's headline rate compares favourably with some of the lowest rate fixed-interest car loans currently available, as seen in the table below.

Update resultsUpdate
Filters
LenderCar LoanInterest Rate Comparison Rate* Monthly Repayment Interest Type Vehicle Type Maximum Vehicle Age Ongoing Fee Upfront Fee Total Repayment Early Repayment Instant Approval Online Application TagsFeaturesLinkComparePromoted ProductDisclosure
6.24% p.a.
7.36% p.a.
$583
Variable
New
No Max
$8
$400
$35,000
  • Available for purchasing new and demo vehicles
  • $5,000 to $150,000 loan amount
  • Redraw facility available up to $5000/day
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
 Disclosure
6.34% p.a.
7.46% p.a.
$585
Variable
New
No Max
$8
$400
$35,084
6.57% p.a.
7.19% p.a.
$588
Fixed
New
No Max
$0
$250
$35,278
  • No vehicle age limit
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
 Disclosure
6.52% p.a.
6.95% p.a.
$587
Fixed
New
No Max
$0
$0
$35,236
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. 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 fees 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. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning