Enjoy a flexible car loan with same-day funding for existing customers.
The Bankwest Car Loan is a flexible loan suited to a range of vehicles. It comes with a competitive fixed rate and the flexibility to make extra repayments and redraw on those payments. If you're a Bankwest customer with at least three months of salary history in your Bankwest account, you may be approved for funds for your new or used car on the same day you apply. You must apply before midday to qualify.
|Product Name||Bankwest Secured Car Loan|
|Interest Rate (p.a.)||From 7.99% (fixed)|
|Comparison Rate (p.a.)||8.76%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$10,000|
|Max Loan Amount||$100,000|
Things to consider about the Bankwest Car Loan
You can apply for between $10,000 and $100,000 and have up to 7 years to repay. The car you're purchasing can be from a dealer or private seller, with the vehicle you buy used as security for the loan. You can also use the loan to refinance an existing car loan, pay for home improvements or even a holiday as long as you provide security.
Features of a Bankwest Car Loan
- Fixed payments. This loan comes with a fixed rate of 7.99% p.a., keeping your repayments the same throughout the loan term.
- Flexible loan term. Bankwest offers loan terms of between 3 to 7 years to suit your budget.
- Additional repayments. You can make extra repayments when paying off your Bankwest Car Loan. However, 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.
- Flexible loan purpose. You have a few options when it comes to using the loan amount. If your car is worth over $10,000 and less than seven years old you can secure it against the loan and then use the funds for any purpose.
- Redraw facility. You can redraw on any additional payments you make above your minimum repayments.
- Same day funds. If you are an existing Bankwest customer and have at least three months salary deposited in your Bankwest account, you can be approved for the loan today. You will need to apply before midday, have submitted a complete application, and not be applying for a guarantor secured loan.
How much will the loan cost:
The following fees apply to this loan:
- Application fee. This is $299 but you will only pay this once the loan is disbursed.
- Monthly fee. There's a monthly fee of $5 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. Make sure you meet the following criteria to apply:
- You're over 18
- You are a permanent Australian resident
- You have a regular, permanent income
- You don't have conditional approval on another personal loan
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.