BankSA Secured Car Loan Review - Rates and fees | finder.com.au

BankSA Secured Car Loan

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Enjoy a lower minimum borrowing amount and your choice of interest rate type with BankSA.

The Car Loan from BankSA offers a wide range of loan amounts, between $3,000 and $80,000, making it suitable for a range of vehicle purchases. You can also tailor the loan by selecting a fixed or variable rate, with both coming with certain features. Find out more about this loan to find out if it meets your needs in this review.

$195

Application Fee

From 7.49% (fixed)

Interest Rate (p.a.)

8.6%

Comparison Rate (p.a.)

$80,000

Max Loan Amount

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Details

Product NameBankSA Fixed Rate Car Loan
Interest Rate (p.a.)From 7.49% (fixed)
Comparison Rate (p.a.)8.6%
Interest Rate TypeFixed
Min Loan Amount$3,000
Max Loan Amount$80,000

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.

If you opt for a fixed rate loan you can choose loan terms up to 5 years, or up to 7 years on a variable rate loan. Fixed rates start from 7.49%, with a comparison rate of 8.6%. Variable rates start from 12.74%, with a comparison rate of 13.81%. The rate you receive may vary depending on the value of the car you use as security.

You will not pay an establishment fee, but will need to pay a $12 administration fee, charged monthly. Early repayment charges will also apply.

Features of the BankSA Secured Car Loan

  • 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 from 7.49% p.a. or variable rate from 12.74% p.a. The fixed rate option comes with slightly shorter loan terms (5 years compared to 7 years) and you can only repay the loan early if you opt for the variable rate.
  • Loan terms. You can choose a loan term between 1 year and 5 years with the fixed rate loan or up to 7 years with a variable rate loan.
  • Flexible repayment options. You can choose whether to make your repayments weekly, fortnightly or monthly.
  • 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.

Fees and charges

  • No establishment fee.
  • Early repayment fee. You will pay $150 if you pay off your loan within the first 12 months. You will also pay $100 if you pay off the loan after the first 12 months but before the end of your loan term.
  • Documentation fee. 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.
  • Administration fee. You will pay a monthly 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.

Compare car loan providers

Data updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Loans.com.au - New and Dealer Used Car Loan
From 4.67% (fixed)
5.22%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate from 4.67% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
Plenti Car Loan
From 4.89% (fixed)
5.44%
$2,000
3 to 7 years
from $249 to $799
$0
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
IMB New Car Loan
4.99% (fixed)
5.34%
$2,000
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPS registration fee)
$0
You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
NRMA New Car Loan
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
Credit Concierge Car Loan
From 3.85% (fixed)
4.91%
$10,000
1 to 7 years
$350
$8.50
You'll receive a fixed rate of 3.85% p.a. with a comparison rate of 4.91% p.a.
Get access to over 20 providers to fund a new or used car.

Wisr Secured Car Loan
From 4.74% (fixed)
5.01%
$5,000
3 to 7 years
$195 (Includes PPSR registration fee)
$0
You'll receive a personalised interest rate from 4.74% p.a. to 16.01% p.a. based on your risk profile
A flexible car loan from $5,000 - $63,000 with personalised rates and rewards for strong credit customers.

NAB Personal Loan Unsecured Fixed
From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% (13.56% comparison rate) or less. See Comparison rate warning in (i) above.
OurMoneyMarket Car Loan
From 5.35% (fixed)
5.65%
$2,001
1 to 7 years
$250
$0
You'll receive a fixed interest rate from 5.35% p.a. to 14.99% p.a. based on your risk profile.
Borrow between $2,001 and $75,000 to finance a new or used car up to 10 years.
CUA Secured Fixed Car Loan
6.79% (fixed)
7.16%
$5,000
1 to 7 years
$265 ($175 Establishment Fee + $90 Security Administration Fee)
$0
You'll receive a fixed rate of 6.79% p.a.
A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.
Latitude Personal Loan (Secured)
From 5.99% (fixed)
7.26%
$3,000
1 to 7 years
Loans under $5000 - $140
$13
You'll receive a fixed rate between 5.99% p.a. and 21.99% p.a. based on your risk profile
Lock in a competitive fixed rate when you offer security. Loan can be used for any purpose and repayments are flexible. You can check your interest rate before applying with no impact to your credit score.
Stratton Finance New Car Loan
From 3.85% (fixed)
4.05%
$10,000
3 to 7 years
$700
$8.25
You'll receive a fixed rate from 3.85% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
SocietyOne Car Loan
From 6.99% (fixed)
6.99%
$5,000
2 to 5 years
from 0% to 5% of the total loan amount
$0
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
RACV New Car Loans
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
NRMA Used Car Loan
From 6.49% (fixed)
7.19%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 6.49% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
Symple Loans Personal Loan
From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
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Compare up to 4 providers

Car Loan Offers

Important Information*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Logo for Beyond Bank Low Rate Car Loan "Special Offer"
Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 4.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

Logo for NRMA New Car Loan
NRMA New Car Loan

You'll receive a fixed rate of 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

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6 Comments

    Default Gravatar
    Errol
    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

      Avatarfinder Customer Care
      Joshua
      June 18, 2018

      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 our article about the calculation of 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

    Default Gravatar
    Kathryn
    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

      Avatarfinder Customer Care
      Jonathan
      February 22, 2018

      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

    Default Gravatar
    Parvind
    October 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.

      Avatarfinder Customer Care
      Dee
      October 7, 2016

      Hi Parvind,

      Thanks for your question.

      If you are on a 573 visa, you may want to check the list of personal loans for temporary residents featured on our website.

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

      Cheers,
      Anndy

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