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Bankwest Car Loan

Bankwest Secured Car Loan

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Application Fee
$0
Interest Rate (p.a.)
From 8.99% (fixed)
Comparison Rate (p.a.)
9.33%
Max Loan Amount
$100,000

Summary

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.

Pros

  • Apply for up to $100,000
  • Same day funds for existing customers
  • Redraw facility available

Cons

  • Application fee of $0
  • Monthly fee of $5
  • Early repayment fees apply

In this guide

  • Review
  • Details
    • Product details
  • Your reviews
  • Ask a question

Details

Product details

Product Name Bankwest Secured Car Loan
Interest Rate (p.a.) 8.99%
Comp. Rate (p.a.) 9.33%
Interest Rate Type Fixed
Min Loan Amount $10,000
Max Loan Amount $100,000

With 211 business locations and over one million retail customers in Australia, Bankwest is a well-known financial service company. Bankwest provides customers with savings and transaction accounts, home loans, insurance, as well as a large list of personal loan options. If you're looking for a car loan, Bankwest provides a competitive secured loan to consider. Find out more about Bankwest's vehicle financing options on this page.

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 8.99% 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:

  • 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 does Bankwest Car Loan compare with other car loan providers

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More Info
More Info

Interest rate

From 8.99% p.a.

Interest rate

From 6.24% p.a.

Interest rate

From 6.24% p.a.

Comparison rate

9.33% p.a.

Comparison rate

6.59% p.a.

Comparison rate

7.36% p.a.

Loan term

3 to 7 years

Loan term

1 to 7 years

Loan term

3 to 7 years

Loan amount

$10,000 to $100,000

Loan amount

$2,000 to $125,000

Loan amount

$5,000 to $150,000

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Can your car be used as security?

For a vehicle to be eligible as a guarantee, it generally needs to:

  • Be a motorcycle or car and;
  • Have a value of at least $10,000 or;
  • Be under seven years old at the time of application

Other Bankwest personal loan products

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Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
Bankwest Unsecured Personal Loan
Fixed3 - 7 Years $3,000 - $50,000
Interest Rate (p.a.)
10.99%
Comp. Rate (p.a.)
11.32%
Application Fee
$0
Monthly Fee
$5
Monthly Repayment
$659.68
More Info
You'll receive a fixed rate of 10.99% p.a.
Borrow from $3,000 to $50,000 with the flexibility to repay over 3 to 7 years. Note: Secure a discounted fixed rate of 10.99% p.a. on applications submitted before 30 June 2022. Fees, charges and T&Cs apply. Rates are subject to change.
Bankwest Flexible Personal Loan
Fixed1 - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
14.49%
Comp. Rate (p.a.)
15.51%
Application Fee
$249
Monthly Fee
$10
Monthly Repayment
$706.89
More Info
Enjoy flexibility, a great low rate and fast access to your funds and access surplus funds online 24/7.
Bankwest Secured Car Loan
Fixed3 - 7 Years $10,000 - $100,000
Interest Rate (p.a.)
8.99%
Comp. Rate (p.a.)
9.33%
Application Fee
$0
Monthly Fee
$5
Monthly Repayment
$640.9
More Info
You'll receive a fixed rate from 8.99% p.a.
Afford the car of your dreams sooner with a low rate car loan.
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Showing 3 of 3 results

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:

Eligibility

  • 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:

Documentation

  • Your personal and contact details such as your name, email address and residential address
  • 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.

Bankwest offers a competitive car financing product that is worth considering, but it's important to compare it with similar offerings before you apply.

Compare car loan providers

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1 - 11 of 108
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket New Car Loan
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
$250
min.
Monthly Fee
$0
Monthly Repayment
$622.82
Go to siteMore Info
Simplify New Car Loan
Fixed1 - 7 Years $10,000 - $300,000
Interest Rate (p.a.)
6.19%
to 18%
Comp. Rate (p.a.)
6.6%
to 23%
Application Fee
$395
Monthly Fee
$0
Monthly Repayment
$622.21
Go to siteMore Info
Credit Concierge New Car Loan
Fixed1 - 7 Years $10,000 - $100,000
Interest Rate (p.a.)
6.29%
to 16.45%
Comp. Rate (p.a.)
7.41%
to 17.91%
Application Fee
$553
Monthly Fee
$10
Monthly Repayment
$637.97
Go to siteMore Info
NRMA New Car Loan
Fixed1 - 7 Years $5,000 - $130,000
Interest Rate (p.a.)
7.29%
to 16.99%
Comp. Rate (p.a.)
8%
to 17.77%
Application Fee
$499
Monthly Fee
$0
Monthly Repayment
$635.67
Go to siteMore Info
Note: Take out a loan for an eligible electric vehicle and receive a 1.5% discount on your personalised interest rate (interest rates start from 5.79% p.a. and comparison rates from 6.49% p.a.)
RACV New Car Loans
Fixed1 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
7.29%
to 16.99%
Comp. Rate (p.a.)
8%
to 17.77%
Application Fee
$499
Monthly Fee
$0
Monthly Repayment
$635.67
Go to siteMore Info
You'll receive a fixed rate from 7.29% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
Credit Concierge Used Car Loan
Fixed1 - 7 Years $10,000 - $1,000,000
Interest Rate (p.a.)
6.8%
to 17.45%
Comp. Rate (p.a.)
7.56%
to 18.91%
Application Fee
$553
Monthly Fee
$10
Monthly Repayment
$642.74
Go to siteMore Info
loans.com.au - New - Variable Rate Special
Variable3 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
6.24%
to 7.74%
Comp. Rate (p.a.)
7.36%
to 8.85%
Application Fee
$400
Monthly Fee
$8
Monthly Repayment
$630.83
Go to siteMore Info
OurMoneyMarket Used Car Loan - No Vehicle Age Limit
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
$250
min.
Monthly Fee
$0
Monthly Repayment
$622.82
Go to siteMore Info
Simplify Used Car Loan
Fixed1 - 7 Years $10,000 - $300,000
Interest Rate (p.a.)
6.19%
to 18%
Comp. Rate (p.a.)
6.6%
to 23%
Application Fee
$395
Monthly Fee
$0
Monthly Repayment
$622.21
Go to siteMore Info
NRMA Used Car Loan
Fixed1 - 7 Years $5,000 - $130,000
Interest Rate (p.a.)
8.49%
to 16.99%
Comp. Rate (p.a.)
9.21%
to 17.77%
Application Fee
$499
Monthly Fee
$0
Monthly Repayment
$647.01
Go to siteMore Info
You'll receive a fixed rate from 8.49% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
RACV Used Car Loans
Fixed1 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
8.49%
to 16.99%
Comp. Rate (p.a.)
9.21%
to 17.77%
Application Fee
$499
Monthly Fee
$0
Monthly Repayment
$647.01
Go to siteMore Info
You'll receive a fixed rate from 8.49% p.a.
Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.
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Showing 11 of 11 results

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Avatar

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


Avatar

Elizabeth Barry Finder

July 31, 2016

Hi Ricky,


You can compare pensioner loans and find lenders who may consider those on a pension for loans. Keep in mind that you will need to meet the minimum eligibility criteria. 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


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Justin

July 19, 2016

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


Avatar

Elizabeth Barry Finder

July 19, 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


Avatar

Jan

February 04, 2016

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


Avatar

Elizabeth Barry Finder

February 05, 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 to see your options.


Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.


I hope this helps.


Thanks,

Elizabeth


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Taryn

August 26, 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.


Avatar

Elizabeth Barry Finder

August 26, 2015

Hi Taryn,


Thanks for your question.


The minimum loan amount for the Bankwest car loan is $10,000. You can compare your other loan options for up to $5,000 on our guide to personal loans. You can press the “Go to Site” button of your preferred lender to proceed with your application. You can also contact the lender if you have specific questions. A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.


I hope this will help.


Thanks,

Elizabeth


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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


Avatar

Elizabeth Finder

June 24, 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


Go to site