Loans.com.au's Green Car Loan saw a 22 basis point cut to 3.97% pa today (4.51% comparison rate*): That rate is on offer for cars classed as being a low-emissions vehicle.
Loans.com.au Managing Director, Marie Mortimer, said the new car loan rate comes after the Reserve Bank's decision to lower the cash rate earlier in March, with it being a good opportunity to get a great deal on a new car.
“We think that these competitive interest rates, combined with the amazing prices that dealers are offering at the moment, means this is a great time to buy a vehicle,” Ms Mortimer said.
“If a buyer is looking to trade in their car and even upgrade to a new one, they could find themselves in an excellent position to negotiate a better deal, given the current slump in new car sales.”
Other Loans.com.au car loan interest rates were also reduced, including:
- New Car Loan: 4.67% p.a. (5.22% p.a. comparison rate*)
- Used Car Loan: 4.67% p.a. (5.22% p.a. comparison rate*)
Ms Mortimer said it was promising to see car loan interest rates close the gap on mortgage interest rates.
“An interest rate of less than 4.00% is something that many of the Big 4 are still charging for a home loan so to offer a car loan at that price is remarkable,” she said.
Loans.com.au's green car loan offers a 70 basis point discount off its regular new car loan, and approved vehicles are based on the government's approved low emissions vehicle list.
This list includes electric and hybrid cars, as well as some frugal petrol cars.
Compared to other green car loans, Loans.com.au is the only one in our research that has an advertised rate starting with a 3.
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