Car loan news and advice

Australia’s Electric Vehicle Council (EVC) has called on the government to enact emissions policies in line with calls from the United Nations to slash carbon output by 2030. The EVC claims a “dramatic shift” to electric vehicles will be necessary for Australia to meet the 2030 emissions target. 

So you finally got your driver's license and you’re ready to buy your own car. But before you start your journey of being a proud owner of your very own vehicle there are a few things you should tick off first.

Many Australians have begun to be more environmentally conscious. And after the latest Intergovernmental Panel on Climate Change (IPCC) report, many businesses have been looking for ways to be more green, too. This change can be made by adjusting one’s approach to basic finances, energy consumption or by making green purchases like solar panels, hybrid cars or electric vehicles (EVs).

Been holding out to buy a car once post-lockdown? Well, it may be time to think about getting pre-approved for a car loan.Not only could this speed up the process of buying a new or used vehicle, it can give you the peace of mind that you have already been approved for lending from a car loan provider. Plus, it can give you a better idea of what car prices you can go for as well as how far you need to go if it comes to negotiating the price. 

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.