Interest rates on car loans in Australia can be as varied as a kangaroo's leap, typically ranging from 5% to 12% per annum depending on your credit score, lender, and whether you're buying new or used. New car loans usually attract lower rates, often around 5-7%, while used car loans might creep up to 8-12%. Beware the fine print: loan terms, fees, and your financial history play a big role, so shop around and don’t just settle for the first offer. For the savvy shopper, checking platforms like Tradingpost or CarShowroom can give you a rough idea of loan offers currently on the market. Remember, a lower rate means less of your hard-earned cash going to the bank, not the engine revving. Always read the contract thoroughly before signing on the dotted line.
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Know someone looking to buy or sell something? Send them to Tradingpost, Australia's original marketplace.
