ANZ Unsecured Car Loan

Information verified correct on October 24th, 2016

Buy the car you want and customise your loan so it suits you - not your bank.

Imagine a car loan where you can make use of interest rates and loan features which help you pay your loan off more efficiently. The ANZ Unsecured Car Loan allows you to choose between a fixed or variable rate, so you can fit your car loan into your type of lifestyle.

If you're on a strict budget, you may wish to fix your rate so your repayments don't fluctuate, or if you plan to make additional repayments to pay your loan off quicker you may enjoy the variable rate offered.

Product NameANZ Unsecured Car Loan
Interest Rate (p.a.)From 14.69% (variable)
Comparison Rate (p.a.)15.55%
Interest Rate TypeVariable
Minimum Loan Term1 year
Maximum Loan Term7 years
Min Loan Amount$5,000
Application Fee$150
Monthly Service Fee$10

Features of the ANZ Unsecured Car Loan

The ANZ Unsecured Car Loan comes with the following features;

  • Interest rate choice. As mentioned above, you can choose from either a variable rate or fixed rate for your loan. A variable rate can fluctuate over time, meaning that you could pay more or less interest over the life of your loan. Variable rate loans are often more flexible when it comes to being able to make extra repayments on your loan. Fixed rates don't fluctuate over the course of the loan which means your repayments will stay the same, but generally come with less flexibility.
  • Loan term. You can take out this loan for any time period from 1 to 7 years.
  • Repayments. If you opt for the variable interest rate you can make extra repayments whenever you like. Making additional repayments is a great way to pay off your loan quicker and save interest in the process. Taking a fixed rate means you'll need to pay a fee every time you make extra repayments.
  • Redraw facility. If you take out a variable rate loan and you make additional repayments on it, the redraw facility can see you get access to these extra funds if you need them. This feature is useful if you have a sudden, unexpected expense you need to pay for.
  • Maximum amount. The minimum amount you can borrow with this loan is $100. Since this loan type is unsecured you don't need to use your car as security. This loan can also be used to finance older cars.
  • Insurance. If you take out ANZ Loan Protection, which protects you in the event that you can't work and can't make your repayments, you could qualify for a discount of 0.25% p.a. on your interest rate.

Fees and charges

The ANZ Unsecured Car Loan comes with the following fees.

  • Loan approval fee. This is a fee of $0 which covers the cost of establishing your loan and any of the costs which arise out of this.
  • Loan administration charge. This is a quarterly fee charged to maintain your loan account and is $30 a quarter, which works out to be $120 per year.

What you need to apply

To apply for the ANZ Unsecured Car Loan you'll need to provide the following documentation;

  • Proof of income, including recent pay slips, bank statements or evidence of other income such as rent or other investments. This doesn't need to be provided if your wages are credited to an ANZ account already.
  • Financial statements or Business Activity Statements (BAS) statements for the past year if you're self-employed.

Eligibility requirements for the ANZ Unsecured Car Loan

If you want to apply for this loan you'll need to be at least 18 years old, currently residing in Australia (if you're not a permanent resident you can still apply but may need to meet other conditions), receiving a regular income and have a good credit rating. As mentioned above you'll need to borrow over the $5,000 minimum.

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Rates and fees mentioned in comments are correct at the time of publication.
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