RateSetter drops car loan rates down to 4.69% p.a.

car loans

Australia’s leading peer-to-peer lender has dropped its car loan interest rates for the second time this year.

The new rates start from 4.69% p.a. and are the lowest car loan rates in Australia according to Canstar data* and will allow RateSetter’s nearly 4,000 car loan brokers to better serve their clients.

Personal Loan Rates, Fees & Charges
Risk TierNew car/demo0-3 year old car4-7 year old car
Tier 14.69%4.99%5.99%
Tier 25.79%5.99%6.99%
Tier 38.79%9.29%10.79%

Note: Borrower tier is determined by client profile, including credit history, homeownership status and employment status. Add 0.5% for 7-year loan term

Commenting on the launch of this new pricing, RateSetter CEO Daniel Foggo said the rates equip RateSetter brokers with the competitive offering they need to take advantage of opportunities in the used car market. “Harsh economic conditions have stifled consumer appetite for new cars and stimulated hunger for great value. That’s where our market-leading used car rates set us and our brokers apart.” 

“Data is showing consumers are spending less and less on their automotive purchases and avoiding the price-tags of new cars altogether. We’re encouraging brokers to come to the table with the best value deal they can offer in order to meet this level of consumer scrutiny,” Foggo stated.

“Car loan brokers also need to be cognisant of competing effectively against dealership finance. With rates as low as ours, we anticipate dealerships will find it very challenging to undercut brokers.” 

The announcement follows a string of new RateSetter-aggregator panel partnerships, demonstrating the strengthening authority RateSetter is generating in the broker market. RateSetter has now accredited over 9,000 brokers across a range of aggregator panels. 

RateSetter is a technology-led lender which cuts out traditional intermediaries and provides better value to clients with low, personalised rates and fast, simple service.

*Excludes dealer only offers or loans for green/low-emission vehicles. Canstar data published at https://www.canstar.com.au/compare/new-car-loans/ as at 11.45 am 27 August 2019.