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.
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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.
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The new financial year right is around the corner (Yikes! Where’d the time go?), which means it's time for EOFY car sales!
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Yes you can! … if you’re the right type of borrower. According to the Mozo database, three car loan providers are offering fixed and variable rate options that start with a 3 right now. This is extremely competitive, as the current average variable car loan rate on our database is 6.68% across new and used vehicles. Here’s what’s on offer:
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Used cars come with character, there’s no doubt about that. And the truth is, if you’re opting to buy through a private seller, it’s often the cheaper (and sometimes more convenient) option.
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In this current low-rate environment, refinancing has become common practice for many home loan holders to shave thousands off their mortgage. But is refinancing your car loan a good idea? Let’s take a look at the numbers: Since 2016, there have been eight cuts made to the Reserve Bank of Australia’s (RBA) official cash rate. It now sits at an historic low of 0.10% from 2.00%. The current average variable car loan rate for new and used vehicles sits at 6.68%. When you compare that to the average rate at the same time five years ago, 7.82% - that’s a 1.14% difference. In the case of home loan interest rates, the current average variable rate is 3.30% from 4.72% five years ago. While that is a 1.42% difference, the small margin can make a significant difference because home loans are generally around 25 to 30 years. So the question is, should you refinance your current car loan? We’ve weighed it up.
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While many Aussies saw their finances take a bad turn in 2020 due to the COVID-19 outbreak, others wound up with a bigger bank balance because of it.
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Whether you’re looking for a car to get you from A to B or want to get behind the wheel of your dream ride, there’s good news. Wisr, known in the market for great value personal loans, have just launched their very own secured car loan that will have you all revved up. Joining other online lenders with secured car loans, Wisr offers car finance with a competitively low comparison rate starting just above 6%. Yes, you’ll need to have excellent credit to get the best rates they offer, but with a variety of rates to suit all borrowers, you’ll be able to borrow between $5,000 and $50,000 and enjoy zero early repayment or exit fees too.“The entry of Wisr into the secured car loan space is great news if you’re in the market for a new car and you’ve got a solid credit history”, said Mozo Expert Peter Marshall.“With post-pandemic change in the way Australians use and purchase new cars, there has been an increase in lenders competing for business, making now a great time to purchase a new vehicle”, he further explained.So if you’ve been thinking about getting yourself a new car, now could be a good time for you to join other Aussies reaping the benefits of new-to-the-market, low rate car loans.
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When purchasing a brand new car, there are loads of different factors involved - finding the right car loan among them. With a seemingly infinite amount of finance options available, choosing a loan can be daunting.So to help get you started, we’ve put together a quick little wrap-up on the top five most popular cars in Australia of June 2020 (based on sales), according to the Federal Chamber of Automotive Industries (FCAI). Here’s how you might go about financing each with the right car loan:
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The truth is, not all car loans are the same. While some interest rates are as low as 2.99%, others go all the way up to a hefty 11.49%. So if you need a hand weeding through the loans on offer to find yourself a good deal, you’ve come to the right place.
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