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 repayments. You 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.