Buying a new or used car might be simpler than you think with a Beyond Bank car loan.
Beyond Bank is one of the largest customer-owned banks in Australia. It has more than four billion dollars in assets under management, around 195,000 customers, and 49 branches. Before it started functioning as a bank, it was among the largest credit unions in the country. It operated as Community CPS Australia in South Australia and the ACT, as Companion Credit Union and Wagga Mutual Credit Union in New South Wales, as United Community Credit Union in Western Australia, and as Alliance One in regional northern South Australia.
This institution provides its customers a range of financial services and products, which comprise savings and transaction accounts, credit cards, home loans, personal loans, and car loans.
What kind of car loans can you apply for?
- No Fee Car Loan. The minimum you can borrow through this secured loan is $10,000 and you can borrow up to 150% of the car’s value. You can use this loan to buy a new car or one that is up to six years old. You can also use your existing car as security, and then use proceeds from the loan for just about any worthwhile purpose. Maximum loan term is 7 year(s).
- Low Rate Car Loan. This loan allows you to borrow between $5,000 and up to 150% of the car’s value, for a new car or one that is up to six years old. Maximum loan term is 7 year(s) and environmental discounts are available.
- Low Rate Car Loan "Special Offer". You can turn to this loan if you want to buy a new car or a car that is up to two years old. The minimum loan amount is $25,000, and you can borrow up to 100% of the car’s value. An innovative offset account, a 'Car Budget Account', is available with this loan to help you reduce the interest you pay.
- Flexi Car Loan. You can borrow as little as $5,000 through this loan, and can repay the loan in up to 7 year(s). You get to choose between fixed and variable rates and you can also find environmental discounts to help you save.
- Novated Lease. This option enables businesses to facilitate motor vehicle leases for their employees, where employees remain liable for making lease payments. Employees benefit by making partial payments through pre-taxed income.
Is your car eligible for a secured loan with Beyond Bank?
As Beyond Bank offers a few secured loans it's important to check your car's eligibility before you apply. Here's a quick guide to whether your car is eligible:
- New cars or cars less than two years old are eligible for the Low Rate Car Loan Special Offer
- New cars or car that are less than six years old are eligible for the No Fee Car Loan or the Low Rate Car Loan
- New or used cars more than six years old can be eligible for a Low Rate Car Loan, No Fee Car Loan or the Flexi Car Loan
- You need to borrow a minimum of $5,000, or the minimum that is offered by the loan, up to 150% of the value of the vehicle
How can you apply for a car loan with Beyond Bank?
You can apply for Beyond Bank car loans online. Click on the "Go to Site" button if you want to apply online. Before you do, make sure you meet the following eligibility criteria.
- You’re at least 18 years old
- You’re an Australian citizen or a permanent Australian resident
- You earn more than $2,000 per month
- Your credit history is in good standing with no unpaid defaults or declarations of bankruptcy
The online application takes around 15 minutes to complete and requires that you provide the following information:
- Your driver’s license number
- Your contact details
- Your employment details, including previous employment details if you've been employed for less than one year
- Your address and previous address if you've lived there for more than one year
- Details about your income, assets and liabilities
Beyond Bank offers several car loans with a range of competitive features, so its' best to compare these with car loans provided by other institutions before making a final decision.