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.
|Product Name||BankSA Fixed Rate Car Loan|
|Interest Rate (p.a.)||From 8.49% (fixed)|
|Comparison Rate (p.a.)||9.6%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$3,000|
|Max Loan Amount||$80,000|
- Choose a fixed or variable rate
- Borrow up to $80,000
- Weekly, fortnightly or monthly repayments options
- $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.
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 8.49%, with a comparison rate of 9.6%. 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 8.49% 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.