If you're looking at financing a new or used car, then you may want to consider a car loan from BankSA. As the largest financial institution in South Australia, it offers competitive options for securing credit for a car purchase.
It has secured and unsecured personal loans, either of which can be used to finance the purchase of a vehicle. A secured personal loan allows you to put your car up as security in case you can't make your repayments. As this is less of a risk to the lender, the interest on these type of loans tend to be cheaper. If you don't want to risk your car, you can opt for an unsecured personal loan.
BankSA has competitive products for secured and unsecured personal loans, so compare your options to find the best loan for you.
Compare BankSA Car Loans
- Unsecured Personal Loan. As this loan is unsecured you have more flexibility with the car you purchase. BankSA offers you a choice between a fixed or variable rate, with fixed interest rates starting from 6.89% p.a. You can apply for a loan of between $2,000 and $50,000. If you opt for a variable rate you can make extra repayments and access a redraw facility and a fixed rate will keep your repayments the same throughout the life of the loan.
- Secured Personal Loan. You can finance a new or used vehicle for this loan, with a lower rate available if the car is eligible for security. Rates start from a competitive 4.99% p.a.You can borrow between 1 year and 7 years.
Is your car eligible to use as security?
If you opt for the secured personal loan you can secure a lower rate by attaching your vehicle as a guarantee. A vehicle can be eligible if it is:
- New or used
- Less than 12 years old at the time the loan expires
- Registered under the applicant's name
How you can apply with BankSA
If you're interested in applying for a car loan from BankSA you can click "Go to Site" on your chosen loan above. You'll need to meet the following criteria to apply:
- You're over the age of 18
- You're an Australian citizen or permanent resident of Australia
- Have a regular permanent income before tax of at least $35,000 p.a.
- If you’re a non-resident, have confirmed employment in Australia.
If you meet this criteria you can start your application. Make sure you have the following details on hand to complete the online application in full:
- Your current employer's name and contact information
- If you're self-employed, your recent tax information
- Your weekly after-tax income and current expenses
- Details regarding your assets, savings and investments
- Amounts owed on your credit cards and store accounts
- One personal reference including their contact details
BankSA offers some convenient ways to finance a new or used car purchase, but ensure you compare your car loan options before you apply.
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