New car loans that could match your price range in 2021

There are a bunch of new car models expected to hit Australian shores this year.

Whether you are looking for an eco-friendly Volvo XC40, a new BMW iX, a new model VW Golf, Subaru Outback or even considering the latest Tesla Model Y, there is something to be excited about.

So if a new set of wheels is on your to-do list in 2021 and you need a low interest car loan to make it happen, it is important that you find the right loan that is right for you and that is right for you. matches your price range.

While something like the new Skoda Octavia model could cost you around $ 30,000, cars like Audi E-Tron GT could cost around $ 180,000 – not to mention the price that a new model of luxury vehicle could cost.

Ultimately, it’s important to give yourself some leeway to borrow what you need to cover the cost of your new car. Also keep in mind that when borrowing for a car, only borrow within your means. While a fancy whip might seem like fun at the time, if you are unable to pay off your loan over time, you may end up in more debt and face late fees and high interest payments.

With that in mind, here’s a look at where you might find a loan to match the car you’re considering in 2021 …

Cars cost up to $ 50,000

SocietyOne car loan
  • Fixed rate from 6.99% (comparison rate of 6.99% *)
  • Loans of $ 5,000 to $ 50,000
  • Free additional refunds

Got your eye on a new car and need up to $ 50,000? The SocietyOne Auto Loan may be the helping hand you need to get behind the wheel! This fixed rate loan option is offered with rates starting at 6.99% (6.99% comparison rate *) depending on your credit rating and loan amounts range from $ 5,000 to $ 50,000. Plus, if you have great credit, you’ll pay a set-up fee of $ 0 (up to 5.00% of the loan amount). Borrowers can also make additional free repayments without fear of facing a hefty penalty for doing so. Remember that there is no withdrawal on this loan.

Simple unsecured personal loan
  • Variable rates from 5.75% (6.47% comparison rate *)
  • Loans of $ 5,000 to $ 50,000
  • No administration fees

If you are looking for a variable rate loan and don’t want to put your new car as collateral, the Symple Unsecured Personal Loan is worth considering. Loan amounts range from $ 5,000 to $ 50,000 and, calculated based on your credit rating, rates start at a low 5.75% (comparison rate 6.47% *). While there is only the option of making regular monthly repayments, it is possible to make additional free repayments, which means you could end up paying off all of your debt up front. There are also minimal fees to worry about, including no application fees, no exit fees, or a prepayment penalty. However, there is a monthly service charge of $ 10 which can add up over the life of the loan.

Cars cost up to $ 75,000

Wisr secured car loan
  • Fixed rates from 5.19% (comparison rate of 5.46% *)
  • Loan amounts of $ 5,000 to $ 63,000
  • Free additional refunds

The Wisr secured car loan could be the perfect option for someone looking for a new car loan between $ 5,000 and $ 63,000. Not only does it offer fixed rates starting at 5.19% (5.46% comparison rate *) depending on the credit rating, but borrowers have plenty of repayment schedule options and can also make contributions. additional free! Plus, there are only a handful of fees to watch out for. Wisr doesn’t charge any monthly service, exit, or prepayment fees, but there is an application cost of $ 195 and a potential late fee of $ 25 if you miss a regular repayment.

OurMoneyMarket car loan
  • Fixed rates from 5.35% (comparison rate of 5.65% *)
  • Loan forms from $ 2,000 to $ 75,000
  • No service, exit or prepayment charges

Whether you are buying a large or a small car, the OurMoneyMarket car loan could cover you up to $ 75,000. It comes with a fixed rate which is calculated based on your credit score – they start at a competitive rate of 5.35% (5.65% compare rate *). Customers can borrow from $ 2,000 to $ 75,000 on this loan and can choose to repay it on a weekly, bi-monthly or monthly repayment schedule. In addition, it is also possible to make additional free refunds. Not only that, there are no monthly, exit or break fees – but don’t forget to budget for the $ 250 application fee upfront.

Cars cost up to $ 100,000

Loans.com.au New car loan
  • Fixed rates from 4.67% (comparison rate 5.22% *)
  • Loan amounts of $ 5,000 to $ 100,000
  • Winner of the 2021 Mozo Experts Choice award ^

Not only does the Loans.com.au new car loan have fixed rates starting from a low rate of 4.67% (compare rate of 5.22% *) based on credit score, but customers can borrow up to $ 100,000 to cover the cost of a new car! There are also flexible repayment options – you can choose from a week, a fortnight, or a month and also make additional free repayments. There is no monthly service, late payment, or exit fee attached to this loan, but there is an initial application fee of $ 400 and a prepayment penalty of $ 700 (if you pay your debt more than a year in advance). Need more conviction? This loan is award-winning! It won a Mozo Experts Choice Award in 2021 for the best car loan.

New car loan Plenti
  • Fixed rates from 4.89% (comparison rate of 5.44% *)
  • Loan amounts of $ 10,000 to $ 100,000
  • Free additional refunds

Are you looking for a new auto loan where you can borrow up to $ 100,000? Plenti is worth the detour! Loan amounts range from $ 10,000 to $ 100,000 and fixed rates start at a competitive rate of 4.89% (5.44% compare rate *) – depending on your credit history. With this product, you can only make regular monthly repayments, but Plenti allows additional repayments and does not charge a prepayment penalty. And when it comes to fees, there are also no ongoing service or exit fees. There is an application cost of $ 399 to consider when registering.

RELATED ARTICLE: 5 new car loans to discover in 2021

Want to explore even more auto loan options for your next vehicle purchase? Check out our auto credit comparison chart for even more products.

* DISCLAIMER: The Comparison Rate combines the interest rate, fees and charges of the lender into one rate to show the true cost of a personal loan. The comparison rates displayed are calculated on the basis of a loan of $ 30,000 for a term of 5 years or a loan of $ 10,000 for a term of 3 years as indicated, on the basis of monthly repayments. principal and interest, on a secured basis for secured loans and on an unsecured basis for unsecured loans. This comparison rate applies only to the example (s) given. Different amounts and terms will result in different comparison rates. Costs such as redemption or prepayment charges, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^ Check out the full list of winners here: 2021 Mozo Experts Choice Awards for Personal Loans

* DISCLAIMER: The Comparison Rate combines the interest rate, fees, and charges of the lender into one rate to show the true cost of a personal loan. The comparison rates displayed are calculated on the basis of a loan of $ 30,000 for a term of 5 years or a loan of $ 10,000 for a term of 3 years as indicated, on the basis of monthly repayments. principal and interest, on a secured basis for secured loans and on an unsecured basis for unsecured loans. This comparison rate applies only to the example (s) given. Different amounts and terms will result in different comparison rates. Costs such as redemption or prepayment charges, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo provides general product information. We do not consider your personal goals, your financial situation or your needs and we do not recommend any particular product to you. You should make your own decision after reading the PDS or offering literature, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we do not cover all products on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.


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