Need a car loan to help you fund your first or next set of wheels? But don’t know what a good interest rate looks like? We’re here to help. Right now on the Mozo database, the average new car loan rate is 6.14% and the average used car loan rate is 6.64%. So, if you are receiving a rate that is below average then you are getting a solid deal. In saying that, there are plenty of lenders that offer low rate car loans well below those numbers, both fixed and variable options. Take these for example …
There are over 20 million registered motor vehicles in Australia and according to online automotive marketplace Autotrader, 75% of Aussie drivers have purchased a used car at some point in time. However, that’s not to say that we are well-versed in haggling prices. In recent research commissioned by Autotrader and undertaken by YouGov, it was found that 64% of Aussie drivers between 22 and 54 feel very uncomfortable negotiating the price of a pre-loved set of wheels. Plus, 50% of Aussie drivers claim they aren’t very knowledgeable about cars at all.
Is a small vehicle on the cards for your next car purchase? If so, you’ve come to the right place. According to Carsales’ Best Small Car 2021 list, Mazda3 was named the best small car option for Australian consumers right now. Based on a number of categories like safety, technology, comfort and convenience, driving performance and ownership costs, there were nine winners in total this year. The 2021 Carsales list is as follows:
Many Aussies are turning their attention to electric vehicles (EVs). In fact, according to the Australian Bureau of Statistics (ABS) latest Motor Vehicle Census, as of January 31 2021 there were more than 23,000 registrations of EVs nationwide. That’s a 62.3% increase year on year. Plus, as part of the federal government’s Future Fuels Fund, the Australian Renewable Energy Agency (ARENA) recently announced a further $24.55 million worth of funding to help expand Australia’s EV fast-charging network. So with more EVs on the road and more charging stations to be made available - you may be wondering how you can get your hands on one.
Paying down your car loan early can be a great idea, but it also might not be. The truth is, in some cases clearing car loan debt can be a savvy option and can improve your financial situation. However, in others it can have the opposite effect and impact your ability to afford things or pay off other forms of debt. Essentially, it’s all about you and where you financially stand. So what’s the right choice for you? That’s where our pros and cons list comes in handy! Read on as we weigh up the advantages and disadvantages of paying off a car loan ahead of time…
If buying a used car is on the cards this new financial year, it’s crucial you avoid making inspection mistakes and driving home a lemon.. because who wants that? Whether it’s your fifth or your first set of wheels, there are a bunch of things to remember when checking out a used vehicle.According to fresh numbers from Australia-wide car repairer, mycar Tyre & Auto, 64% of Aussies are planning on buying a car in the next year or two, with 53% opting for pre-loved. But while over half of car buyers are turning to used cars instead of new, 83% are worried that the car they want will have a mechanical fault. And it all comes down to the inspections. Mycar Tyre & Auto found that over a third of car buyers (38%) feel inexperienced when looking at a used vehicle, while 33% feel anxious and 20% feel stressed.
Dreamt of owning a 1963 Mercury Comet ever since you first saw Peyton Sawyer cruise around in one in One Tree Hill? Or maybe a Little Red Corvette’s more your style? Well, now might be the time to turn that dream into reality.
It’s official, Aussie drivers are hitting the road Toyota style! Last week, market research company Roy Morgan announced that Toyota was Australia’s most popular car brand by volume of sales in 2020. “Australia’s largest car manufacturer Toyota has triumphed in the Major Car Manufacturer of the Year Award after winning 12 straight months during 2020,” Roy Morgan chief executive officer, Michele Levine said. “Toyota had an average customer satisfaction rating of 94% during 2020.” On top of that, car insurance provider Budget Direct painted a similar story for the beginning of this year. In fact, according to its latest Australian car sale statistics, Toyota maintained the lead in new car sales with 16,819 vehicles sold over January 2021. This is almost double the amount of the next most popular car brand Mazda, which recorded 8,508 new car sales for the month. Of the Toyota fleet, Budget Direct recorded that the Toyota Hilux was the most popular model with 45,176 new car sales over 2020. This is followed by the Toyota RAV4 (38,357), Toyota Corolla (25,882) and Toyota Prado (18,034). Plus, with the second hand car market currently booming, a bunch of second hand Toyotas have been sold around the country - which are not factored into the above statistics.
It’s no secret that your credit score can affect the interest rate you might receive on a car loan. And in some cases it might impact your chances of getting a loan at all. But the question is, what exactly is a “good credit score” to get your hands on a low-rate car loan? Well, that’s up to the lender. You may have heard of tiered car loan interest rates. This is where a car loan lender advertises a loan with a range of rates attached to it, the lowest on offer being available to those with an excellent credit rating and the highest for those with a more unhealthy credit rating. Although, for those with bad credit rating this is still within reason, so remember that it’s up to the lender to decide whether or not to offer you a loan at all. When you apply for the loan, the lender will assess your credit history and rating, and may offer you a rate that depends on that assessment - this is also known as risk-based pricing. Generally speaking, your credit score will range between 0 to 1,000 or 1,200 and the higher it is the better. Essentially, if you have a high credit rating it means that your credit history shows you are less of a risk to potential lenders, which means you’re more likely to get a low interest car loan.
Choosing the right car loan can be tricky to navigate. From interest rates and fees to selecting the perfect loan term, there's a lot to think about. So no matter if you opt to borrow from a traditional bank or an online lender, there are a bunch of dos and don'ts when it comes to getting a car loan that you should know about, to avoid being taken for a ride. Read on to find out Mozo’s expert car loan tips and compare top car loan deals on offer right now…