Finance your next used car purchase with May’s best car loans

Global supply issues continue to slow the delivery of new cars to Australia, but for those looking for an alternative to used cars, financing your vehicle doesn’t have to be a challenge.

New car sales figures from the Federal Chamber of Automotive Industries (FCAI) for April revealed that the number of vehicles sold fell 12.2% compared to the same period last year.

The total number of vehicles sold over the past month was 81,065 – and the numbers were down in every state.

FCAI chief executive Tony Weber said this was the result of “global issues that impact the production and shipment of new cars”.

“Automakers continue to suffer from a shortage of microprocessor units, which is impacting their ability to ramp up production to pre-pandemic levels,” Weber said.

“Covid-19 continues to impact manufacturing and supply, particularly where factories have been forced to close and shipping operations have yet to fully recover. This is reflected in lead times extended delivery times for new vehicles,” he said.

One option potential buyers might consider is buying used cars that are already available in Australia. And unlike waiting over a year to put the pedal to the metal for a new year, finding and researching the best used car financing for your needs and budget can be a whole lot easier.

Indeed, RateCity has simplified the search for auto loans by listing its top-rated personal loans for May 2022.

RateCity’s Personal Loan Ranking ranks the best auto loans using Real Time Ratings™, our rating system that rates loan products out of five, based on cost and flexibility.

Keep in mind that a car loan is a financial commitment that can often take years to pay off. Consider using RateCity’s auto loan calculator for a repayment estimate to make sure they fit comfortably within your budget.

(Rankings correct at time of publication. Please note that lenders may swap places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

The best used car loans

About Galen A. Williams

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