2021 Personal and Auto Loan Rewards

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Canstar reveals the winners of its 2021 Exceptional Value Personal and Auto Loan Awards. Find out who won and how much you could save with a 5-star rated loan.




The Canstar Personal and Auto Loan Awards recognize institutions that deliver exceptional value to Australian borrowers through their line of personal and auto loan products. This consists of three individual rewards: Exceptional Value Personal Loans, Exceptional Value Auto Loans, and Exceptional Value Great Credit Personal Loans.




Our researchers looked at hypothetical borrowers with varying demographics (such as age, marital status, dependents, and employment), financial information (such as income, debts, and expenses), and information on credit bureaus (ranging from those with average credit to excellent credit as reported by Equifax). To determine the winners, Canstar researchers applied a variety of pricing scenarios to identify which lenders best serve a range of clients.




The awards take advantage of products included in Canstar’s Star Ratings, which give loans a rating of one to five stars based on their price and features. For example, Canstar takes into account the interest rate, upfront charges and ongoing charges charged. It also takes into account features such as request approval requirements, reimbursement options and the availability of withdrawal, reloading and clearing facilities. This year, Canstar evaluated 280 products, of which 46 received a 5-star rating for the four profiles considered (new car loans, used car loans, secured personal loans and unsecured personal loans).




2021 Personal Loan Award Winners




Canstar awarded six lenders with outstanding personal loan awards. To determine the winners, Canstar looked at hypothetical borrowers with “average”, “very good” and “excellent” credit as described in the methodology for personal and auto loans. For this price, Canstar factored in unsecured personal loans in our database.







In alphabetical order, the winners of the Canstar Outstanding Value Personal Loan Awards are:




  • Alexis
  • Australian Mutual Bank
  • Bankwest
  • Easy Street Fin Services
  • ING
  • Summerland Credit Union




2021 Car Loan Award Winners




Canstar also presented six institutions with an award for outstanding automotive loans. For this award, Canstar considered hypothetical borrowers with “average”, “very good” and “excellent” credit as described in the methodology for personal and auto loans, as well as auto loans for new and used cars. .







In alphabetical order, the winners of the Canstar Outstanding Value Auto Loan Awards are:




  • Credit Union SA
  • Big Bank
  • loans.com.au
  • Mutual Bank for Teachers
  • Mac
  • UniBank




2021 Excellent Personal Credit Award Winners




Canstar has awarded seven lenders with an Outstanding Value Personal Loan Award. In determining this reward, Canstar only considered hypothetical borrowers with “excellent” credit, as described in the methodology for personal and auto loans. This price considered unsecured personal loans.




Image of the price Excellent credit personal loan 2021




In alphabetical order, the winners of the Canstar Outstanding Value Personal Loan Awards are:




  • Alexis
  • Freedom Financial
  • Money place
  • Plenti
  • CompanyOne
  • Summerland Credit Union
  • Wisr




How much could you save with a 5 star rated loan?




So what difference can a 5 star rated loan make? Canstar researchers analyzed the numbers and found that you could potentially save over $ 1,300 by choosing a 5-star unsecured personal loan. This is based on a hypothetical borrower who takes out an unsecured personal loan of $ 15,000 repaid over three years. Over the life of this hypothetical loan, the average unsecured personal loan would cost $ 2,994 in interest plus application fees (which are supposed to be prepaid). In comparison, the average 5-star unsecured personal loan would cost $ 1,666. That’s a difference of $ 1,328.




At the time of writing, the average unsecured personal loan in Canstar’s database has an interest rate of 11.09% and an average application fee of $ 291. In comparison, the average 5 star unsecured personal loan has an interest rate of 6.63% and an application fee of $ 84. Average interest rates use the midpoint of the rate band, if applicable.








Cover image source: Nestor Rizhniak / Shutterstock.com





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