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 new car loan rate starts at 2.99% per year (comparative rate of 3.53% per year) for owners wishing to buy a new car.
  • Electric car loan rate: Exclusive loan rates for this electric vehicle start at a low 2.89% per annum (comparative rate of 3.43% per annum). As of this 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 back as soon as possible. quickly as possible, and our new variable rate of 2.99% [3.43% p.a. comparison rate] does exactly 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 the 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 electric vehicle 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. At the time of this writing, no other lender offers auto loans below a ‘3’ rate.

It is important to note that the auto loan of 2.99% per year (comparative rate of 3.53% per year) 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.

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Esther L. Gunn