After a low-rate personal or car loan in 2021? Here’s where to start looking…
Planning some home renos, a wedding or upgrading your car in 2021? You may need a loan to cover the cost.
That’s where a low-rate personal loan or car loan might be handy.
In fact, it could be a lifesaver when it comes to covering a large cost and could also save you from forking out too much in interest repayments. Because let’s be real, who wants to do that?
Right now on the Mozo database, the average interest rate for personal and car loans look like this:
- Unsecured Personal Loan (no collateral required): 9.75%
- Multi-Purpose Secured Personal Loan (collateral required): 7.21%
- New Car Loan: 6.21%
- Used Car Loan: 6.71%
But the truth is, there are plenty of loans on offer that have even lower rates attached to them! Plus, in some cases, the better your credit score the more competitive rate you’ll receive.
Compare the loans below and see if any of these hot offers suit what you are looking for…
Unsecured Personal Loans
Now Finance Now Fee Unsecured Personal Loan
- Fixed rates from 5.95% (5.95% comparison rate*)
- No upfront, ongoing or exit fees
- 2021 Mozo Experts Choice Award winner^
Why not choose a loan with both a low interest rate and no upfront or ongoing fees? Well, with Now Finance you may be able to. There are no upfront, ongoing or exit fees attached to this loan - so you won’t pay anything in application, monthly service or early repayment charges. However, there is a $35 late payment fee if you miss a regular repayment. Now Finance rewards customers with an excellent credit score with fixed rates start as low as 5.95% (5.95% comparison rate*). Just bear in mind though, for those with an unhealthy credit score, rates hike up to a not-so-competitive 17.95% (17.95% comparison rate*). This loan also won a 2021 Mozo Experts Choice Award^ for best Unsecured Personal Loan.
OurMoneyMarket Low Rate Personal Loan
- Fixed rates from 5.45% (6.07% comparison rate*)
- Free extra repayments and redraw facility
- 2021 Mozo Experts Choice Award winner^
If a low interest rate and flexible repayment options is what you are after, the OurMoneyMarket Low Rate Personal Loan may be the choice for you. Based on your credit rating, fixed rates can be as low as 5.45% (6.07% comparison rate*). This loan also comes with flexible repayment features like free extra repayments and a redraw facility. Not only that, this loan is award-winning! It took home a 2021 Mozo Experts Choice Award^ for best Unsecured Personal Loan. While there are no ongoing, exit or early repayment costs associated with this loan option, remember to budget for the $250 application fee when you first sign up.
Multi-Purpose Secured Personal Loans
Now Finance No Fee Secured Personal Loan
- Fixed rates from 4.45% (4.45% comparison rate*)
- No upfront, ongoing or exit fees
- Extra repayments allowed
Now Finance offers a low fixed rate secured personal loan to customers that not only has zero fees but also comes with flexible repayment options. With this loan, customers with good credit receive the lowest rates - starting at 4.45% (4.45% comparison rate*). Hate fees? With Now Finance you may never pay a single one over the life of the loan. That’s right - there are absolutely no application, monthly service, exit or early repayment charges, however if you miss a repayment there is a $35 late payment penalty. And if you are after flexible repayment options - there’s the choice of a weekly or fortnightly schedule as well as the option to make free extra repayments too.
Latitude Personal Loan
- Fixed rates from 5.99% (7.26% comparison rate*)
- Weekly, fortnightly or monthly repayments
- Extra repayments allowed
Need a low-rate loan to cover a large purchase? Got a good credit rating and an asset to put against the loan? The Latitude Personal Loan may be what you’re looking for. With the loan fixed rates are based on a customer’s credit score - so for those with excellent credit rates go as low as 5.99% (7.26% comparison rate*). However, rates go up to a hefty 21.99% (23.15% comparison rate*) for those with bad credit. There are plenty of repayment options offered by Latitude. In fact, borrowers have the option of making weekly, fortnightly or monthly repayments as well as extra repayments as well. Bear in mind, there are a few fees attached to this loan, such as a $250 application fee, $13 service fee and $300 early repayment penalty if you pay down your entire debt within the first half of the loan ($0 if you repay it in the second half).
New Car Loans
Loans.com.au New Car Loan
- Low 4.67% fixed rate (5.22% comparison rate*)
- Extra repayments allowed
- 2021 Mozo Experts Choice Award winner^
Looking for an award-winning low rate new car loan? Loans.com.au’s New Car Loan may fit the bill. In fact, this product took home a 2021 Mozo Experts Choice Award for best Car Loan. It comes with a low fixed rate of 4.67% (5.22% comparison rate*) and has no ongoing service or exit fees attached to it. When it comes to repayments, customers can opt for a weekly, fortnightly or monthly regular repayment schedule as well as make extra repayments. Just remember, there is no redraw facility on this loan so you cannot access your additional contributions later on. Plus, there is a $700 early repayment penalty if you pay off your debt in full ahead of time. There is also a $400 upfront application cost.
Plenti New Car Loan
- Fixed rates from 4.89% (5.44% comparison rate*)
- Extra repayments allowed
- No early repayment penalty
Plenti’s fixed New Car Loan option has low rates on offer to borrowers with a healthy credit rating. Fixed rates start from an extremely competitive 4.89% (5.44% comparison rate*) - just be mindful, they go up to 8.89% (9.46% comparison rate*) for those with bad credit. While there is only the option to make monthly regular repayments on this loan, customers can make additional contributions (no redraws) whenever they like. Plus, there is no early repayment penalty if the entire debt is paid before the end of the loan term. Plenti also doesn’t charge ongoing monthly or exit fees, however there is a $399 application fee to budget for.
Used Car Loans
Wisr Secured Car Loan
- Fixed rates from 4.74% (5.01% comparison rate*)
- Extra repayments allowed
- No ongoing, exit or early repayment fees
Whether it's a new or pre-loved vehicle you are after, Wisr offers a low rate secured car loan option to customers with good credit. Fixed rate start at a low 4.74% (5.01% comparison rate*) on this loan - and are calculated in relation to a customer’s credit history. Meaning if you have an unhealthy credit history you may not receive a low rate. Borrowers can choose to make weekly, fortnightly or monthly regular repayments as well as make free extra repayments. While there is no redraw facility available, Wisr doesn’t charge an early repayment penalty if you pay down your entire debt early. Plus, the lender also doesn’t charge ongoing service or exit fees either. There is a $195 application fee straight off the bat.
Great Southern Bank Secured Car Loan
- Low fixed rate of 6.79% (7.16% comparison rate*)
- Free extra repayments and a redraw facility
- No early repayment penalty
If you need a loan that is the full package, the Great Southern Bank Secured Car Loan may be exactly that! Not only does it come with a low fixed rate of 6.79% (7.16% comparison rate*) it also has flexible repayment options and minimal fees! Great Southern Bank allows customers to choose from a weekly, fortnightly or monthly repayment schedule as well as make free extra repayments and redraws whenever it suits. On top of that, the lender doesn’t charge an early repayment penalty, exit fees or an ongoing monthly service charge. The only fee attached to this product is a $265 application fee when you first sign up.
Want to check out how other personal loans compare? Jump over to our personal loan hub for more options.
*WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on 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, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.
^Check out the full list of winners here: 2021 Mozo Experts Choice Awards for Personal Loans
* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on 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, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.
^See information about the Mozo Experts Choice Personal Loan Awards
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