Your options for financing a small premium vehicle in Australia now
Is a small vehicle on the cards for your next car purchase? If so, you have come to the right place.
According to Best Small Car in Carsales 2021 list, Mazda3 has been named the best small car option for Australian consumers at this time.
Based on a number of categories such as safety, technology, comfort and convenience, driving performance and cost of ownership, there have been nine winners in total this year.
The 2021 car sales list is as follows:
- Volkswagen Golf
- Kia Cerato
- Skoda Scala
- Toyota corolla
- Ford Focus
- Honda Civic
- Subaru Impreza
So what are my loan options for financing a small car?
In the aforementioned list, prices range between $ 25,590 and $ 41,790, according to Carsales. So, when it comes to financing one of these best vehicles, it’s important to know exactly how much it costs so that you can borrow accordingly.
It is also crucial to do your homework when selecting the right loan for you. You need to consider factors such as interest rates, fees, loan terms, amounts borrowed, and repayment characteristics.
You do not know where to start ? This is where we come in.
We’ve rounded up some great auto loans for small vehicles that may be what you need to get your hands on the keys. Read on and find out more …
Loans.com.au New car loan
- Borrow amounts from $ 5,000 to $ 100,000
- Low fixed rate of 4.67% per year (comparison rate of 5.22% per year *)
- Winner of the Mozo Experts Choice Award 2021 for the best car loan
If an award winning loan is what you’re looking for to finance a small car, Loans.com.au has a product that might be worth considering. The Loans.com.au new car loan allows customers to borrow between $ 5,000 and $ 100,000 and offers a competitive fixed rate of 4.67% per annum (compare rate of 5.22% per annum *) . The loan term ranges from three to five years and repayments can be made on a weekly, bi-monthly or monthly basis. Additionally, Loans.com.au allows borrowers to make additional repayments whenever they want. Keep in mind that no redemptions are allowed on this loan and you risk a prepayment penalty of $ 700 for repaying your loan in advance. And as for the fees, while there is no ongoing monthly service fee, there is an initial request cost of $ 400.
Wisr secured car loan
- Loan amounts of $ 5,000 to $ 64,000
- Fixed rates from 4.74% pa (comparison rate 5.01% pa *)
- Flexible repayment options
Wisr’s Secure Car Loan offers a range of loan amounts and terms, competitive rates, and flexible repayment options. Borrowers can take out a loan between $ 5,000 and $ 64,000 to cover the cost of a small car and pay it off over three to seven years. Based on a customer’s credit score, Wisr offers fixed rates that start at a low level of 4.74% per annum (compare rate of 5.01% per annum *). Borrowers can choose from weekly, bi-monthly or monthly repayments, as well as additional repayments (no redemptions allowed). And for customers who pay off their balance early, the good news is that there is no prepayment penalty. There is also no ongoing service fee attached to this loan, but there is an initial application fee of $ 195 to budget for.
SocietyOne Auto Loan – Excellent Credit
- Loan amounts of $ 5,000 to $ 50,000
- Fixed rates from 5.95% pa (comparison rate of 5.95% pa *)
- Additional refunds allowed
Looking to finance a small car with the perfect loan? Do you also have an excellent credit rating? Say hello to the SocietyOne car loan. With this loan, SocietyOne offers a risk-based pricing model, with fixed rates starting at 5.95% per annum (comparison rate of 5.95% per annum *) based on a credit score of a customer. Loan amounts range from $ 5,000 to $ 50,000, and loan terms range from two to five years. SocietyOne allows customers to make bi-monthly or monthly repayments, and also gives them the option of making additional repayments without worrying about being charged a prepayment penalty. It should be noted however that there is no redraw feature attached to this product. Also be aware that there is an upfront application fee of up to $ 595, depending on the customer’s credit history. There is no ongoing service charge.
OurMoneyMarket car loan
- Loan amounts from $ 2,000 to $ 75,000
- 5.35% pa fixed rate (5.65% pa comparison rate *)
- Flexible repayment schedule
Choosing the right auto loan to finance a small vehicle is crucial. OurMoneyMarket car loan could be a great choice as it offers a low fixed rate, a range of loan amounts, and flexibility in repayments. This loan not only offers a low fixed rate of 5.35% pa (comparison rate 5.65% pa *), there are also no ongoing or early repayment charges to worry about. OurMoneyMarket offers loans between $ 2,000 and $ 75,000, as well as loan terms between one and seven years. When it comes to making repayments, there’s the choice of a weekly, bi-monthly or monthly repayment schedule and the ability to make additional repayments. Keep in mind, however, that no redemptions are allowed on this loan and there is an initial application cost of $ 250.
If you are not sure whether these options are right for you, simply drop by our auto loan comparison center to find other top notch auto loan products.
Mozo provides general product information. We do not consider your personal goals, your financial situation or your needs and we do not recommend any particular product to you. You should make your own decision after reading the PDS or offering literature, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we do not cover all products on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.