Finder Awards 2020 Best Car Loan
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Best Car Loan
This loan has a competitive rate, and additional features including an offset account, penalty-free additional repayments, redraws and pre-approval.
Methodology: Best Car Loan
Here's how our expert analysts assessed the Best Car Loan category to pick the 2020 winner.
Selection and scoring
Products were selected from the broader market that met these criteria:
- Only loans intended for purchasing cars were included
- Broker loans excluded
- Peer-to-peer loans excluded
- Green loans excluded
- Refinance loans excluded
- Rates above 10% excluded
- Non-risk-based loan
- Only the highest rating product from each provider will be considered
Scores were awarded out of 10 for each product metric, based on how each metric compares to the other products in a given category.
Scores for each metric were then weighted:
- Interest rate: 80%
- Monthly fee: 10%
- Application fee: 10%
Tiebreakers were ranked by the lowest interest rate.
Product must be available at the time of award announcement.
Products were analysed and compared to the market on the following dates:
- 1/9/19 (Q1)
- 1/12/19 (Q2)
- 29/2/20 (Q3)
- 32/5/20 (Q4)
Products must have been in the market for at least two of the four quarters, including the most recent quarter.
Quarters were weighted as follows unless otherwise stated (with Q4 being the most recent quarter):
- Q4: 50% of final score
- Q3: 25% of final score
- Q2: 12.5% of final score
- Q1: 12.5% of final score
For products only available in three quarters, the weighting is as follows:
- Q4: 50% of final score
- Q3: 35% of final score
- Q2: 15% of final score
For products only available in two quarters, the weighting is as follows:
- Q4: 60% of final score
- Q3: 40% of final score
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