Heritage Bank Car Loan
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- Application Fee
- $250
- Interest Rate (p.a.)
- 6.49% (fixed)
- Comparison Rate (p.a.)
- 6.84%
- Max Loan Amount
- $100,000
Summary
Secure a used car loan with competitive rates and a standout low application fee.With a high Finder Score of 8.6, the Bank Australia Used Car Loan is a competitive option for borrowers. It features an interest rate from 7.29% and has no ongoing monthly fees, helping you keep costs down over the life of the loan.
Its application fee of $150 is one of the lowest in our database, placing it in the top 5% for affordability. This loan is also a good choice for eco-conscious drivers as it can be used for electric vehicles.
Pros
-
Finance a new or used car
-
Large maximum loan amount
-
Weekly, fortnightly or monthly repayments
Cons
-
$250 application fee
Details
Product details
| Product Name | Heritage Bank Car Loan |
| Interest Rate (p.a.) | 6.49% |
| Comp. Rate (p.a.) | 6.84% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $20,000 |
| Max Loan Amount | $100,000 |
Main points to consider with the Heritage Bank Car Loan
This car loan is secured and you can use either a new or secondhand car as the security. The used car can be up to five years old. You can apply for a minimum of $20,000 and a maximum of $100,000. The minimum loan term is 1 year and the maximum loan term is 7 years.
You benefit from a fixed rate loan that starts from a competitive 6.49% p.a. with a comparison rate of 6.84% p.a.
How does compare?
- Competitive interest rate. The minimum interest rate of 7.29% is more competitive than many other lenders on the market.
- Low application fee. The $150 application fee is among the top 5% of the lowest fees in the market making it a more affordable option.
- No ongoing fees. Unlike many other car loans you won't be charged any ongoing monthly or account-keeping fees.
- High Finder Score. This loan receives a high Finder Score of 8.6 out of 10 which puts it in the top tier of used car loans we've reviewed.
- Competitive but not the lowest rate. While its interest rate from 7.29% p.a. is competitive you may find lower rates offered by other lenders.
- Vehicle age restrictions. Your car cannot be more than 7 years old at the time of application which is more restrictive than some other loans.
- Maximum loan amount. The loan is capped at $100,000 which may not suit buyers looking for a higher-value used vehicle.
Features of the Heritage Bank Car Loan
Some of the features associated with this car loan include:
- A fixed rate. With rates starting from 6.49% p.a. and a comparison rate of 6.84% p.a. available, this rate is fixed so you have the certainty of knowing what your repayments will be each month.
- Flexible repayment terms. You are able to tailor your repayments to your cash flow schedule. You can benefit from weekly, fortnightly or monthly payments.
- Flexible loan terms. You are able to choose from 1 year to 7 years in order to pay off your new or used vehicle.
- For new or used vehicles. This loan is available for new cars or cars up to 10 years old.
- Large borrowing amounts. Choose from a minimum of $20,000 and a maximum secured amount of $100,000.
- 100% finance available. If you are approved, you are able to benefit from 100% finance.
Fees and charges
This loan has minimal fees. The main fee every borrower will pay is:
- An application fee of $250
How to apply for the Heritage Bank Car Loan
You can apply for this car loan through an online application, over the phone or in branch. In order to be eligible, click on "Go to Site" and ensure you meet the following criteria:
- Be 18 or older
- Be an Australian permanent resident or Australian citizen
- Be able to financially meet your obligations with this loan
Some documents you need to provide include:
- Proof of your identity.
- Details of your income, debts and assets.
- Details about the car you are purchasing.
Compare other products from Heritage Bank
- Heritage Bank credit cards
- Heritage Bank home loans
- Heritage Bank personal loans
- Heritage Bank business loans
Sources
Your reviews
Richard Finder
Senior Money Editor
Hi there, looking for more information? Ask us a question.
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Nikki Angco
August 15, 2019
Hi Lisa,
Thanks for leaving a question.
You may refer to our list of car loans for pensioners. You can use our comparison table to help you find the lender that suits you. When you are ready, you can apply by clicking “Go to site” and following the instructions. The application form will ask for personal and financial information, proof of your pension, and other income, assets, or liabilities.
As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Hope this helps. Feel free to reach out to us again for further assistance.
Best,
Nikki
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Lisa
August 14, 2019
Hi Would like an easy way to find a car loan just for pensioners eg: states you borrow with a good credit rating value up to 31000 if possible. Instead of clicking into each one if possible.