MOVE Bank slashes car loan interest rates to sub 7%
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MOVE Bank is the latest lender to offer sub 7% rates on secured car loans for new vehicles.
MOVE’s new fixed-rate, 3-year comparison rate of 6.72% p.a. (down from 7.26% p.a.), based on a $30,000 loan, definitely positions it as a more competitive choice in the market.
It’s also a rate that’s noticeably below the average interest rate for new car loans of 7.36% p.a., as per the Mozo database.
However, there are still seven lenders with comparison rates lower than MOVE Bank, not including exclusive offerings like ‘green car loans’ and loans designed for customers with excellent credit.
Here’s the current leaderboard, according to our database:
| Loan | Comparison rate on a $30k loan (%) |
|---|---|
| South West Slopes Bank Fixed Rate Vehicle Loan | 5.99 |
| Greater Bank New Car Loan (Fixed, Secured) | 6.37 |
| IMB Bank Car Loan (up to 4 years old, Fixed, Secured) | 6.59 |
| Firefighters Mutual Bank Car Loan (Fixed, Secured) | 6.63 |
| Health Professionals Bank Car Loan (Fixed, Secured) | 6.63 |
| Teachers Mutual Bank Car Loan (Fixed, Secured) | 6.63 |
| UniBank Car Loan (Fixed, Secured) | 6.63 |
| MOVE Bank New Car Loan (Up to 3 years old, Fixed, Secured) | 6.72 |
| Illawarra Credit Union Secured Fixed Personal Loan (New) | 6.77 |
| Heritage Bank Car Loan (Up to 7 years old, Fixed, Secured) | 6.84 |
| + 31 other loans | >6.85 |
So are we going to see a lot more sub-7% loans in the near future? It's too early to tell. But be sure to compare the leading car loans on the market, which you can do right here at Mozo. We'll continue to monitor the market and update you on any other significant movements.
* 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.
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