cuts car loan rates dramatically

Online lender has just announced further rate cuts for some of its variable interest rate car loans.

The new rates came into effect this morning:

  • New car loan rate: The car loan is discounted by 100 basis points (bps), and its new rate starts at 2.99% per year for owners wishing to buy a new car.
  • Electric car loan rate: This exclusive electric vehicle loan decreased by 40 basis pointswhich means rates start at a low 2.89% pa At the time of writing, this car loan is among the lowest in Mozo’s database. managing director Marie Mortimer says the lender wanted buyers to have the option of financing a car or electric vehicle for less than 3%.

“Buying a car has been difficult for some over the past few years due to supply issues and tighter restrictions by some lenders. We want to help borrowers buy a car and get their keys as quickly as possible. quickly as possible, and our new variable rate of 2.99% does just that,” she says.

This announcement goes hand in hand with their recent car buying service,, which helps people buy new cars from a dealership

How do’s new rates compare?

For starters, both loans are fine below the average of 5.92% variable new car loan rate in Mozo’s database. This is both the lowest new car loan and the lowest electric car loan available in our database.

Perhaps even more relevant is the fact that the new rates are among the lowest offered by the lenders tracked in our database. As of this writing, no other lender offers auto loans below 3%.

It is important to note that the 2.99% per annum car loan is a reduced rate for people who already own a home and are looking to buy a new car.

If you’re looking to buy a new car soon, check out Mozo’s car loan guide to learn more about buying a new set of wheels.

Mozo provides general product information. We do not take into account your personal goals, financial situation or needs and we do not recommend any particular product. You must make your own decision after reading the PDS or offering literature, or after seeking independent advice.

Although we pride ourselves on covering a wide range of products, we do not cover every product on the market. If you choose to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.

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