Enjoy a quick approval time so you can get into your new car sooner.
If you're purchasing a new, demo or used car or motorbike or are even looking to refinance a vehicle less than seven years old, the ANZ Car Loan might be a loan worth considering.
ANZ can provide you with a lending decision within three hours. It comes with a competitive fixed rate and flexible repayments options, so read on to find out if it's the right loan for you.
Things to consider with the ANZ Online Secured Car Loan
|Product Name||ANZ Online Secured Car Loan|
|Interest Rate (p.a.)||From 7.85% (fixed)|
|Comparison Rate (p.a.)||8.7%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||1 year|
|Maximum Loan Term||7 years|
|Min Loan Amount||$7,500|
|Monthly Service Fee||$5|
- Lower special online interest rate
- Quick application process
- Choose weekly, fortnightly or monthly repayments
- Minimum amount being financed is $7500
- $350 application fees applies
- $5 ongoing service fee each month
As this is a secured loan, the vehicle you're looking to purchase will need to be eligible as a guarantee. To be eligible for this loan the car or motorcycle must be less than seven years old and you must be purchasing it for personal use. You can also be refinancing an eligible vehicle. Also, be aware that you're not able to make additional repayments or pay out your loan early without attracting penalty fees and/or break costs.
Features of the ANZ Secured Car Loan
- Fixed rate. The ANZ Secured Car Loan has a competitive fixed rate of 7.85% p.a. so your repayments will remain the same for the entirety of your loan term.
- Flexible loan purpose. The car you're looking to finance can be a new, demo or used car that's less than seven years old, a motorbike less than seven years old, or you can be refinancing a vehicle that fits any of these descriptions.
- Minimum loan amount. The minimum amount you can borrow with this loan is $7,500, making it suitable for a wide range of vehicle purchases. The maximum loan amount depends on ANZ's assessment criteria.
- Repayment options. You can choose to make your repayments for this loan every week, fortnight or month.
- Quick application process. You can apply directly with ANZ online within 20 minutes. You'll receive a decision within three hours of applying.
- Establishment fee. The ANZ Secured Car Loan has an establishment fee of $350. This fee is payable once you're approved and includes the costs of valuations, loan processing and documentation costs.
- Administration charge. The charges for administration of the loan are $5 per month.
How you can apply for the ANZ Secured Car Loan
Applying for the ANZ Secured Car Loan is simple and easy – to begin, just click "Go to Site". The application won't take more than 20 minutes to apply and if approved, you will be contacted within three hours. First, make sure you meet each of the eligibility criteria listed below:
To be eligible for the ANZ Secured Car Loan you must:
- Be at least 18 years of age
- Be a permanent Australian resident or a valid work visa (457 or other diplomatic visas)
- Have current employment or be a self-funded retiree
- Not currently be bankrupt
- Be looking to finance a car or motorcycle that's less than seven years old
- Want to borrow at least $7,500
You'll also need the following details on hand to complete your application:
- Current Australian driving licence, if you have one
- Your employer's details including contact numbers and name, or if you've changed jobs in the last three years, your previous employer's details
- Details regarding your income, expenses, assets and liabilities which includes details of other loans and credit cards.
The confirmation details will be sent to your email address to explain the next steps. Usually, the ANZ team will contact you within three hours of application if you have been approved to discuss your quote and advise you further. Then, the contract will be sent to you to complete.