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Best Car Loans Interest Rates

16 Jan Today's best
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lnterest rates dominate car loan advertising. You’re bombarded with car finance deals from dealers, finance companies and banks based primarily on their interest rate. Well while they’re all battling it out for your business and you’re trying to understand their fine print, Jade Finance has the ability to cut straight to the chase with the commitment to offer you the best car loans interest rates.

Cheap interest rates is not just an advertising slogan for us. It’s our commitment to you, in our company DNA, our driving force!

Our Cheap Car FinanceInterest Rates Commitment

We don’t like to be beaten on interest rates so we try harder to secure you the cheapest rate on your car loan. As Aussie brokers, we’re not locked into what only one bank or one lender will offer you - we have multiple lenders to access car finance.

  • More lenders, more choices, cheaper rates: a wider field means we can find the cheapest rates.
  • Superior negotiating skills to bargain the best rate for you: our consultants are professional finance negotiators.
  • Strong bargaining power across more banks and lenders: the market knows that Jade is a leader in the motor vehicle lending and they want our business and are prepared to deal.
  • Your best interests are our only focus: we’re your broker and we work only for you!

Interest Rates Explainer

Interest rates are only one element of a car loan but a very important one. Over the term of your car loan, a small percentage variation in the interest rate can mean a significant amount of money.

Interest rates vary from lender to lender depending on their speciality, their internal guidelines, how they price funds and the access they have to funds as well as what’s happening in the global economy.

  • Personal car loans and business vehicle finance interest rates can vary.
  • Rates can vary depending on specifics of the vehicle: condition, age, purchase price.
  • Rates vary based on individual application and credit profiles, term of the loan and perceived risk factors.

Comparison Interest Rates

  • With car loan advertisements you’ll notice a main interest rate and a comparison rate. This is different from comparing interest rates. The law requires lender to display both rates. The interest rate is used to calculate the car loan initially, but the comparison rate is the rate which applies to the car loan once all fees and charges have been accounted for. These fees vary across lenders.
  • Often low interest rate offers hide higher fees and charges so the comparison rate is significantly higher and the overall cost of the loan, ie what you are repaying, is higher.
  • Always pay attention to the comparison interest rate, not just the advertised rate.

Read more about Comparison Interest Rates in our Blog explainer articles.

Your Jade Finance consultant will always provide you with a fully inclusive car loan offer and will explain all the details so you can make a fully informed decision. A decision made with the confidence that Jade has sourced you the cheapest interest rates and is working in your best interests.

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Request a free finance quote by calling 1300 000 008 or directly online.

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Car Interest Rate FAQs

Interest rates are an obsession and a mystery to many Australians. Driven very much by the media and house prices, interest rates dominate much of the advertising for all types of loans including motor loans. The interest rate is an important determinant of an overall vehicle loan. But the concept of interest rates is complex in many respects and we understand that you will likely be inquisitive about our interest rates and how we achieve such low rates. Jade Finance is obsessed you could say about achieving the cheapest interest rates for our customers. We answer some of your questions here.

How can Jade Finance get such low car loan interest rates?   

At Jade Finance, we have built our business model around achieving better interest rates for our customers across our full range of finance sectors, including motor vehicle finance. It is the principle that guides our consultants when handling every loan application and what drives us. We are accredited with a large number of banks and non-bank lenders. By having more sources, we have more options to find you the cheapest interest rate. Some of our non-bank lenders operate only via a broker network and these are the industry-only lenders that are more open to offering better deals than the major banks in special cases.

 

We write a lot of business in motor vehicle finance and that gives us bargaining power which we use to negotiate the cheapest rates for our customers

Why are business rates lower than personal car loan rates?   

In determining the Interest rate that will be offered on any loan, each lender that we approach on your behalf, does what’s called a risk assessment of the application. That is the level of confidence the lender has in the applicant being in a position to meet the loan commitments. In general, businesses are seen as a lower risk for finance than individuals so that category of loan attracts lower interest rates. Businesses are usually seen as more secure than individuals and may have a greater asset base in terms of the business itself and a more extensive trading history to assess risk. Interest rates on all types of business loans, not just motor vehicles, is always lower than personal interest rates for these reasons.

What determines the interest rate?   

Individual banks and lenders determine the interest rate that they will offer on a particular category of goods based on a number of factors. These factors include their exposure to or interest in extending finance in that area (say motor vehicles), their confidence in the sector, the economy in general, global economic and financial drivers and the costs that they must pay to access the funds they need to extend loans.

 

The price that lenders pay for their finance is determined by what is known as the official cash rate and this is set by the Reserve Bank of Australia. When the RBA cuts the rate at which banks can borrow money, interest rates on many goods and loans is usually reduced by not always by the full amount of the rate cut.

 

This all then comes to the level that Jade Finance sources your loan and our individual lenders have varying rates on both vehicle loans in general and for what they will offer to our individual customers.

Will I have to fix or change my rate during my loan?   

No. Our loans are sourced at a fixed interest rate so our customers can have confidence that their loan will remain the same for the complete loan term. The exception being Unsecured Personal Loans which may be either at fixed or variable interest rates.

 

For our Personal Secured Vehicle Loans and all our Business Vehicle Finance, the interest rate is fixed. This means our customers do not need to address changes to their loan for the loan term. The interest rate determines the monthly repayments, so that amount will also remain fixed for the loan term.

 

When you hear media and advertising referring to people fixing their loans this is usually in reference to home mortgages which are structured differently from motor vehicle loans and can have variable interest rates, draw down accounts and other aspects which may change over the much longer term of the home loan, compared with a automobile loan.

Can I get your advertised interest rate?   

Possibly, but we cannot provide an ironclad guarantee in this type of forum as every loan application is assessed individually, both personal and business. The rate that Jade Finance advertises on vehicle loans should be taken as a guide and is the cheapest we would have been achieving in the current environment. It will depend on the quality and quantity of financial documentation you provide in your application and your credit profile as to what interest rate we will be able to achieve for your loan.

 

For businesses, the more documentation including BAS statements, tax returns, profit and loss statements, annual business accounts etc that you can provide, the more positive this will impact on the choices of lenders we can compare for the best loan offer.

 

The easiest and quickest way to see what interest rate Jade Finance can achieve for you, is to ask. Just give us a call for a quick quote on 1300 000 008.

Can I easily compare interest rates from many lenders?   

Yes. We have provided a very useful resource on our website which allows users to quickly see the different loan interest rates being offered by a range of leading lenders including Jade Finance. This is primarily designed for personal motor loan applications. We have set up this Compare Lenders tool in a simple table format which shows the lender name, advertised interest and comparison interest rate. So you can quickly and easily compare the rates and you can go a step further to compare loans.

 

Above the table are two fields where you can enter the amount you want to borrow and the loan term you want to repay the loan. The formulations immediately adjust the figure in the end column which is the estimated monthly repayment for each lender.

What is the difference between advertised and comparison interest rate?   

A comparison interest rate is a concept which only applies to consumer finance that is in this case, to personal vehciel loans. The advertised interest rate or current interest rate that is displayed by Jade Finance and other lenders is essentially the basic, cheapest rate we can achieve and is in some respects the raw rate.

 

But all loans will include some fees and charges by the lender and these can vary from lender to lender and for individual applicants. So when the fees and charges are applied to the loan and averaged across the entire loan term, the interest rate will be higher than the rate that was applied to the principle loan amount. That is the comparison rate.

 

The comparison rate is worked out when all fees and charges have been included in a loan and the total loan amount is averaged over the loan term. It is a requirement by law that all lenders in the consumer credit space display a comparison interest rate. It is based on a specific example of a purchase. For example, a set vehicle which was purchased at a set dollar amount. Read the fine print for details.

 

When comparing interest rates across lenders, consumers should compare the comparison rate as it gives you a better indication of the level of fees and charges applied by that lender.

Do you offer fixed or variable interest rates?   

Across both our business vehicle finance and our personal motor vehicle loans, Jade Finance provides fixed interest rate motor financce and fixed rate unsecured personal loans.

 

In providing fixed interest rate automobile loans, Jade Finance provides you with certainty moving forward. By securing your loan at a fixed interest rate we also fix your monthly repayments over a fixed loan term. So you have the assurance that your loan repayments won’t increase over the term of your motor loan. Fixed interest rates tend to be standard across the motor vehicle lending sector.

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