Enjoy flexibility with a personal loan from Bendigo Bank. Offering a competitive fixed rate, this loan is the best way to pay for what you want without spending what you need.
If you don't have the money for a car right now a personal loan can be a good option to finance your vehicle. Personal loans come in both secured and unsecured loan types, each of which have their own strengths and weaknesses and which can suit different borrowers. Bendigo Bank has a secured personal loan option which is designed for people looking at purchasing a new or used vehicle, or using an existing vehicle as security to finance something else.
|Product Name||Bendigo Bank Secured Car Loan|
|Interest Rate (p.a.)||From 7.79% (fixed)|
|Comparison Rate (p.a.)||8.64%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||1 year|
|Maximum Loan Term||7 years|
|Min Loan Amount||$2,000|
|Monthly Service Fee||$5|
The product offers you a competitive fixed interest rate so you can plan your repayments without the worry of rising interest rates and offers both secure and unsecured options to suit your financial situation.
There are a number of features found in Bendigo Bank's Secured Personal Loan which make it an attractive choice for people looking at financing a vehicle purchase. These features include:
- Flexibility. Choose weekly, monthly or fortnightly repayments. This means you can tailor your repayments to suit your financial situation. If you work off a monthly budget, then you can opt to make your repayments each month for example.
- Repayment options. You can make unlimited additional repayments with this loan. If your financial circumstances change for better or worse you can change your repayments so they suit your needs.
- Ability to redraw. This loan lets you access additional repayments using a free online redraw facility. This is a great option which let's you get access to extra cash when you really need it and it also has the added convenience of the online access.
- Choice. Choose your loan terms between 1 and 7 years with this loan. You can choose the term of the loan to fit how much your loan is and what you can budget for.
- Value. With this loan you'll get a competitive fixed interest rate with a minimum loan amount of $2,000. Take out the loan you need and be confident with a competitive fixed rate.
How does a secured car loan from Bendigo Bank work?
Bendigo Bank offers both secured and unsecured options for personal loans. A secured personal loan is where you offer an asset as security in case of a default. In the case of a default on your loan the lender will repossess the asset. The interest rates for secured loans are lower because it is considered less of a risk for the lender. Take a look at the loan options offered by Bendigo Bank below.
Some of these fees are mandatory, like the application fee, but others like the 'in branch redraw fee' can be avoided. Make sure you are familiar with all fees and charges before applying for a personal loan because you might save yourself some money.
- Application fee of $150
- Document preparation fee of $100
- Security registration fee (at the rate applicable in your state)
- Monthly service fee- $5
- In branch redraw fee- $25
- Early repayment fee- $20
- Statutory fees and charges may apply
To be eligible to apply for a Bendigo Bank personal loan you must:
- Be over 18 years of age
- Be an Australian citizen or permanent resident
- Be in paid employment (subject to Bendigo Bank's lending criteria)
- Have a good credit history
- Use the loan only for personal purposes
How to apply
To apply for a personal loan with Bendigo Bank you need to fill out an online application. In order to complete the application you will need details of your income and employment, details of assets and commitments and also your driver's licence number and expiry date.