BankSA Secured Car Loan

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Make the road to your new car smoother with a BankSA Car Loan.

Australia's a big place, so most of us need a car to get around. Buying one is a big purchase and the prospect of saving enough money to buy one can be daunting. But with a car loan you can make your purchase and pay it off while you're using it. The BankSA Car Loan offers a flexible option to consider when you want to finance a vehicle. Find out if this loan is right for you by reading the review below.

Product NameBankSA Fixed Rate Car Loan
Interest Rate (p.a.) From 8.49% (fixed)
Comparison Rate (p.a.)9.6%
Interest Rate TypeFixed
Min Loan Amount$3,000
Max. Loan Amount$80,000
Loan SecuritySecured

Pros

  • Choose a fixed or variable rate
  • Borrow up to $80,000
  • Weekly, fortnightly or monthly repayments options

Cons

  • Minimum loan amount of $3,000
  • $195 application fee applies
  • There is a monthly fee of $12

Main points to consider with the BankSA Secured Car Loan

You can apply for between $3,000 and $80,000 to purchase a car with this loan. This loan comes with the choice of either a fixed or variable rates.

Keep in mind you will need to pay an establishment fee of $195 as well as a $12 administration fee, charged monthly. Early repayment charges also apply.

Features on offer with this loan

The Car Loan from BankSA has some features which make it a viable option to consider if you're looking at ways to finance a car purchase.

  • Loan amount. You can borrow anywhere between $3,000 and $80,000, giving you flexibility with the kind of car you choose to buy.
  • Fixed or variable rate options. Borrowers can choose a fixed rate option of 1 to 5 year(s), or a variable rate option for between 1 and 7 years.
  • Flexible repayment options. You can choose whether to make your repayments weekly, fortnightly or monthly, so you can make your repayments along the lines of your pay frequency.
  • Rates. BankSA offers borrowers competitive rates with their car loans.
  • Car insurance. You can also choose to sign up for car insurance with BankSA, with various options for cover and lots of ways to save.

Costs to expect

Being aware of all fees and charges it important before applying for any loan. Here is a general outline of the costs with the BankSA Secured Car Loan:

  • There is a personal loan discharge processing fee of $150 if you pay off your loan early within the first 12 months of the loan term, or $100 if you pay off the loan after the first 12 months but before the end of your loan term.
  • If you require documents such as photocopies of the loan title or loan statement, or a copy of a personal cheque, you will be charged between $10 and $16 depending on the type of documents you request.
  • Loan establishment fee of $195.
  • Monthly administration fee of $12.

Here's how you can apply

To get the application started, click "Go to Site" from this page. The eligibility for this loan is determined by certain financial and personal factors which you will need to provide in your application. These factors will also determine the amount of money you are able to borrow. To be able to apply for the BankSA Car Loan you will need to be over the age of 18 and a permanent Australian resident.

You will need to provide the following details in your application:

  • Your Australian driver's licence number
  • Details of your weekly income after tax for each applicant
  • Details of your assets, savings and investments
  • Your employer's details including name and contact number
  • Details of your income and if you are self-employed you will need to provide the previous year's tax statements
  • Details of repayment amounts and balances owing on any liabilities, including credit cards and store accounts, etc.

You don't have to be an existing customer to apply, although if you are an existing customer you can use your Internet banking account to speed up the application process. Other applicants should allow for between 10 and 15 minutes to complete the application and will usually receive a response immediately. You can keep track of the progress of your application by providing your email or phone number to BankSA to send you updates.

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6 Responses

  1. Default Gravatar
    June 18, 2018

    Hi,I am a disability pensioner aged 75,the pension is the only income,I have an excellent credit score with D&B ,Experian and Veda,I am about to finalize a personal car loan in August this year with one of the 4 big banks,I also have a 100& on time repayment history no marks against my credit file history,I am looking for a car loan for around $6000My biggest problems are either having no other employment income or being judged by something called “the Henderson Poverty line index”which tells the lenders that I cannot service a $5000-$6000 loan as I have less than $19 per fortnight left from my pension,I am currently paying my advanced pension loan which is $98 per fortnight and my bank loan which is $50 per fortnight,both these loans will be finalized in late August this year and am looking at my options as to upgrading my current vehicle to a few years newer,do you have any information on this Henderson Poverty line index as I cannot find any formula to see how it works,any info much appreciated

    • finder Customer Care
      JoshuaJune 18, 2018Staff

      Hi Errol,

      Thanks for getting in touch with finder.

      I understand the challenges of getting approved for a loan and it is important to know how lenders determine your eligibility.

      The Henderson Poverty Index (HPI) is less commonly used and was originally based on a survey of New York families in the 1950s, but has been updated using more recent Australian survey data. The index is calculated based on a family of two adults and two children, and it can be multiplied by a specific fraction to calculate a figure that applies to different family structures.

      Knowing where you are in the HPI can be a little complicated. Sometimes a table is used to determine your HPI. With this in mind, it would be a good idea to directly get in touch with Melbourne University as they are primarily the ones who generate the HPI.

      You might also be interested in reading this article, “How do lenders calculate my living expenses?

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  2. Default Gravatar
    January 26, 2018

    I have a porr credit rating and am on a pension which is supported by monthly payments from income protection insurance payments and an overseas pension. My income is slightly more than $30000/ year.
    I believe I can service a car loan easily with monthly repayments coinciding with my extra payments. Will my application be acceptable from anybody

    • finder Customer Care
      JonathanFebruary 22, 2018Staff

      Hi Kathryn, thanks for your inquiry.

      As long as you meet the application requirements you are eligible to apply. Since finder.com.au is a comparison service we are unable to provide advice on whether your application will be accepted. It would be best to contact BankSA on 13 13 7 (24 hours, seven days a week).

      Thanks,

      Jonathan

  3. Default Gravatar
    ParvindOctober 6, 2016

    I am an international student with 573 visa. Can I apply for a car loan?
    Me and my partner are earning 1200 per week and have stable jobs.
    Thanks.

    • finder Customer Care
      LouOctober 7, 2016Staff

      Hi Parvind,

      Thanks for your question.

      If you are on a 573 visa, some of the lenders on this page may be able to help you.

      Please do check the eligibility criteria for each loan before submitting an application.

      Cheers,
      Anndy

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