Car Finance Interest Rate

ozbaragan on 29/05/2023 - 23:30
Last edited 29/05/2023 - 23:32

Hi all

Does anyone recently(this month) got a car finance? Im in the process and wants to know who did you go with and how much is the rate?

I have been quoted 7.99% comparison rate from a broker(includes all fees and charges in the instalments). The loan can be paid off anytime without any fees.

Thank you

Financial

Comments

  • KitchenSink on 30/05/2023 - 00:12

    Not this month but a few months ago with OurMoneyMarket. Did a loan for 7.7% for 5 years. No fees and can also be paid off anytime.
    Before that I was looking with a broker but there were all hidden fees that started to add up.

    • geekcohen on 30/05/2023 - 06:21

      Before that I was looking with a broker but there were all hidden fees that started to add up.

      I think if you have a good broker, this is nothing to worry about, but there are obviously a few that do some dodgy things out there.

  • geekcohen on 30/05/2023 - 06:20
    +1

    I have been quoted 7.99%

    This is about right for car finance in today's climate. I think about 7 years ago, my Wife's car with ANZ was about 6%.

    I was quoted about 7% earlier this year for a Caravan.

  • kusama on 30/05/2023 - 07:18

    6.99% with the dealer, Skoda

  • Wiadro on 30/05/2023 - 08:06

    They are all going up
    I used to see 1.99%, 4.99% at bmw now it’s around 13%

  • onetwothreefour on 30/05/2023 - 08:16
    +4

    Surprised we've gone this long without anyone warning the OP not to take a car out on finance.

    OP, don't borrow money for a car!

    • geekcohen on 30/05/2023 - 09:24
      +5

      But it's my dream Merc and I am under 30!

      • onetwothreefour on 30/05/2023 - 09:27
        +5

        oh go on then, you deserve it.

        • Seraphin7 on 30/05/2023 - 09:58
          +1

          This is the correct response.

  • Archi on 30/05/2023 - 08:40

    our car loan a couple months before interest rates started to go up was 3% with Suncorp, not suprised if it is not closer to 8%

  • Glenn3103 on 30/05/2023 - 10:14
    +1

    I used Stratton Finance in the end , ended up getting offered 6.09% for 30k loan over 5 years.

    The dealerships weren't even close, they were in the 7.xx% range

    • ozbaragan on 30/05/2023 - 12:22

      The quote I got was also from Stratton Finance. When did you apply for your loan? it's pretty good rate compared to mine. Did you have to negotiate?

      • Glenn3103 on 30/05/2023 - 15:49

        Nah no negotiations but I think my circumstances were ideal which I think is due to:

        • I ended up borrowing less than 90% of the value of the car
        • No balloon at end of loan period

        There is a fee for paying off the loan early, max $750 or $12.50 subtracted for each month when paying off whichever is lower

        Applied for 17th May and received approval within the week. Its with Macquarie via Stratton

        hope it helps!

        • ozbaragan on 30/05/2023 - 18:24

          thank you mate. This helps.

  • Kongzi on 30/05/2023 - 11:39
    +1

    Cash

Login or Join to leave a comment
Login Join