Bankwest Car Loan

Information verified correct on December 4th, 2016

Enjoy a flexible car loan with same-day funding for existing customers.

The Bankwest Car Loan is a flexible loan suited for a range of vehicles. It comes with a competitive fixed rate and the flexibility to make extra repayments. If you're a Bankwest customer with at least three months of salary history in your Bankwest account you can get the money you need for your new or used car on the same day you apply. You must apply before 4pm AEST (AWST in WA) to qualify for this.

If you're looking for a competitive car loan, this is one to consider. It should be noted that this car loan is a secured loan. Your car will be used to guarantee the loan, so ensure you budget your repayments to avoid losing your newly purchased asset if you default on the loan. If you find this isn't the right option for you, Bankwest also offers unsecured personal loans.

Features of a Bankwest Car Loan

  • Fixed payments. Fluctuations in interest rates can cause a significant change in your repayment amount and this can greatly change your budget, leaving you with less money for the essentials and other expenses you may have. With this product from Bankwest, you will be able to stick to your budget since the repayments will be fixed. You can choose to make weekly, fortnightly or monthly payments to suit your wage cycle.
  • Flexible loan term. Bankwest will allow you to pick a loan term between  and  to suit your income and the other expenses you're trying to pay off. It has a minimum amount of and a maximum amount of , so it can be used for a wide variety of cars.
  • Additional repaymentsYou can make extra repayments when paying off your Bankwest Car Loan. Remember that paying off this loan early will attract an early repayment fee of $250 in the first year and $100 in the second and third years. You will then need to pay the total interest amount that is owing at the time you terminate your loan.
  • Flexibility. This loan is flexible, meaning you can use it for other purposes. If your car is worth over $10,000 and you legally own it you can secure a loan against it for almost any purpose and still receive the lower interest rate.
  • Online application. as a new applicant with Bankwest, you can go through the online application process that will take you just a couple of minutes. Approval can also be done in minutes, but this will be conditional.

The difference between personal loans and car loans

In some cases, personal loans are issued as unsecured, which means that you will not be required to offer an asset to secure your loan. When applying for a car loan, you can choose a secured or unsecured loan, depending on the type of car you are buying. This is exactly how it works with a Bankwest Car Loan where you can use the vehicle your purchase as collateral. Compared to a personal loan, a secured car loan will have some benefits like:

  • Lower interest rate
  • Lower monthly repayments
  • Ability to borrow more

Fees and charges that will apply with the Bankwest Car Loan

There are some fees with this loan.

  • Application fee. This is but you will only pay this once the loan is disbursed.
  • Monthly fee. There's a monthly fee of which is charged with this loan. There are other fees and charges that may apply during the credit period, for example, Government charges.
  • Early repayment fees. If you repay your loan early you will be charged fees. The fee is $250 for repaying your loan in the first year, and $100 for repaying your loan in the second and third years. You will also need to pay the total interest calculated at the time you terminate the loan.

How to apply for the Bankwest Car Loan

Bankwest provides an online application process that can be completed in a few minutes. This is even faster for existing customers since they can easily do this via online banking. If you cannot finish your application for a given reason, you can save it and resume later. When forwarding your inquiry, you will need to have:

  • Your personal and contact details
  • Your driver's licence number
  • Employment details such as the length of your employment and your employer's contact numbers
  • Financial details, including your income, assets and expenses

Once you've submitted all the required details, your application for a Bankwest Car Loan will be verified and approved. You can always check your application status online.

Was this content helpful to you? No  Yes

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22 Responses to Bankwest Car Loan

  1. Default Gravatar
    Ricky | July 29, 2016

    Hey my name ricky I am around 10 grand in dept not working but I am getting a stable income disability pension most of these are ambulance bills not being covered by hbf at the moment and I have heart condition too but what do I do to get a 10,000 loan or even 2,000 thanks

    • Staff
      Elizabeth | August 1, 2016

      Hi Ricky,

      You can compare lenders that consider those on a pension for loans on this page. Keep in mind that you will need to meet the minimum eligibility criteria and you will need to show that you’ll be able to afford the repayments to be approved, so your debt will be considered. It may be a good idea to talk to the lenders directly before submitting your application.

      I hope this helps,

      Elizabeth

  2. Default Gravatar
    Justin | July 20, 2016

    Are you able to pay the application fee with the money from the loan or do you have to pay the fee first

    • Staff
      Elizabeth | July 20, 2016

      Hi Justin,

      The application fee is added onto your loan balance (whatever loan amount you apply for) and you pay it off with the loan. You won’t have to pay the fee upfront.

      I hope this helps,

      Elizabeth

  3. Default Gravatar
    Jan | February 4, 2016

    Wish to borrow 40000 to clear all my credit cards and have one loan unsecured . What do I need to do?

    • Staff
      Elizabeth | February 5, 2016

      Hi Jan,

      As this loan is a secured car loan it may not be what you’re after – you can compare unsecured debt consolidation loans on this page.

      I hope this has helped.

      Thanks,

      Elizabeth

  4. Default Gravatar
    Taryn | August 27, 2015

    I need a loan up to $3000 to get my car registered and roadworthy ext and also giving my son what he needs for schooling and other expenses. Look forward to hearing from you soon.

    • Staff
      Elizabeth | August 27, 2015

      Hi Taryn,

      Thanks for your question.

      Unfortunately the minimum loan amount for this Bankwest loan is $10,000. You can compare your other loan options for up to $5,000 on this page.

      I hope this will help.

      Thanks,

      Elizabeth

  5. Default Gravatar
    Graeme | June 24, 2015

    Hi Elizabeth,
    May I have a call to discuss this further and to see the details of such a loan.
    Regards Graeme

    • Staff
      Elizabeth | June 25, 2015

      Hi Graeme,

      You can give Bankwest a call on 13 17 19 to discuss details of the loan and also to apply over the phone if you decide this is an option for you.

      Thanks,

      Elizabeth

  6. Default Gravatar
    Graeme | June 24, 2015

    I wish to borrow $26,000 for a Lexus LX470 2004 model.
    Is this possible with bankwest?

    • Staff
      Elizabeth | June 24, 2015

      Hi Graeme,

      Thanks for your question.

      You’re able to apply for this loan if you’re looking to finance a new or used vehicle that’s between $10,000 and $100,000. You also need to meet the other eligibility criteria outlined on this page. If you’re unsure of the car you’re looking at buying, you may want to get in contact with Bankwest directly.

      I hope this has helped.

      Thanks,

      Elizabeth

  7. Default Gravatar
    Selina | April 21, 2015

    Hi Bankwest,

    I’m receiving centrelink payments but my husband has full time employment, could I still apply for a loan?

    Kind regards

    Selina

    • Staff
      Elizabeth | April 21, 2015

      Hi Selina,

      Thanks for your question.

      Just to clarify, you’ve come through to finder.com.au, an online comparison website, not Bankwest, but we can still assist with your question. Bankwest allows joint applications, so you could apply with your husband to increase your chances of being approved. In terms of eligibility, Bankwest requires you to be receiving some form of regular income, but does accept pension payments as a type of income.

      I hope this has helped.

      Thanks,

      Elizabeth

  8. Default Gravatar
    Gav | March 18, 2015

    hi I was wondering what the fees are if I take the loan out over 5 years then pay it back a lot sooner

    • Staff
      Shirley | March 18, 2015

      Hi Gav,

      Thanks for your question.

      Early repayment fee applies if the loan is paid off in the first 24 months. This fee is calculated on a case by case basis as it depends on your loan amount and remaining loan term.

      Cheers,
      Shirley

    • Default Gravatar
      | March 18, 2015

      Say a $12000 loan taken out over 5 years then paid within 6months

    • Staff
      Shirley | March 18, 2015

      Hi Gav,

      The exit fee would be $250.

      Cheers,
      Shirley

  9. Default Gravatar
    Minna | March 10, 2015

    My husband and I both have full time jobs. We are buying our home. We are looking to apply for 2 separate loans. My husband would like to refinance his motorbike loan of $12,000.00 to a cheaper rate over 5years. I wish to consolidate our 2 visa cards of $12,000.00 in total with a personal loan over 5 years. Can you assist us with this?

    • Staff
      Shirley | March 11, 2015

      Hi Minna,

      Thanks for your question.

      Bankwest can assist you with your enquiry. If you would like to discuss your eligibility or options, please get in touch with Bankwest directly.

      Cheers,
      Shirley

  10. Default Gravatar
    Brendan | March 26, 2014

    What are the restrictions on vehicle age for this loan?

    I know some institutions require the vehicle to be no older than ten years, and if that’s the case, is that ten years old at the date of the loan start or finish?

    Thank you.

    • Staff
      Shirley | March 27, 2014

      Hi Brendan,

      Thanks for your question.

      For the Bankwest car loan, the used car cannot be older than 10 years, if it is more than 10 years old, then the value cannot be under $10,000 (at the start of the loan).

      Cheers,
      Shirley

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