The seven people squeezed into a Volkswagen Golf to travel from a bar in the municipality of Rheinfelden to an apartment of one of the men, just a five-minute drive away, the SonntagsBlick newspaper reported online.
But the vehicle crashed into a lamp standard en route shortly before 3.20am on Saturday, the weekly said.
Aargau cantonal police said four of the dead men were local residents, while a fifth was a tourist from Serbia.
The injured women, aged 24 and 34, were reported in stable condition after being rushed to a hospital in Basel.
Axel Pierach, the former president of a local district association, indicated to Blick that the vehicle was speeding in a 40 km/h zone.
“If you comply with the prescribed 40 km/h that (the crash into a lamp post) cannot happen,” he said.
Questions were also raised about why seven people got into the small car.
“My daughter ordered a taxi instead,” the mother of a woman who was planning to join the group at the apartment told Blick.
“That only cost ten francs,” she said.
“Why the others didn't take a ride (in the taxi) — I cannot explain it.”
The woman added that her daughter passed the burning wreck of the Golf while in the taxi.
“She is in shock, needs psychological counselling,” she said.
“It's incredibly tragic, what happened.”