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 if you choose a variable rate loan you can extend your loan up to 7 years.
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 of 8.49% p.a. or variable rate of 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.
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.