Westpac Car Loan

Finance a new or used car and have the option to borrow extra to cover on-road costs.

Westpac's Car Loan offers a number of convenient features to benefit those looking to purchase a car. You can finance a new or used vehicle with loans from $10,000 available. You also have the option to borrow an extra 10% of the car's value to cover on-road costs such as insurance and registration. Westpac offers a car search to get an indicative cost of the car you want and also lets you choose how you pay the seller.

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$250

Application Fee

7.49% (fixed)

Interest Rate (p.a.)

8.68%

Comparison Rate (p.a.)

$100,000

Max Loan Amount

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Details

Product NameWestpac Car Loan
Interest Rate (p.a.)7.49% (fixed)
Comparison Rate (p.a.)8.68%
Interest Rate TypeFixed
Min Loan Amount$10,000
Max Loan Amount$100,000

Westpac was started in 1817 and it was the first bank to be established in Australia. Its first office was set up in Sydney, but it has now expanded both within Australia and beyond. The group offers products with the aim of assisting customers to save and invest.

Westpac also extends financing to individuals, institutions, multinational corporations and even government agencies. Car loans fall under their personal loans division, and these can help you get the amounts you need to purchase your next new or used car.

Westpac car loan comparison

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Westpac Car Loan
7.49% (fixed)
8.68%
$10,000
1 to 7 years
$250
$12
You'll receive a fixed rate of 7.49% p.a.
Finance a new or used car and benefit from convenient features for car buyers including a car search tool and the option to borrow extra for on-road costs.
Westpac Unsecured Personal Loan
9.99% (fixed)
11.16%
$4,000
1 to 7 years
$250
$12
You'll receive a fixed rate of 9.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Note: These rates are for customers who apply and get approved by 18 May 2021. Terms and conditions apply.
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Main points to consider with the Westpac car loan

This loan comes with a fixed rate of 7.49% p.a. when you attach your new or used car as security. A $250 establishment fee applies, along with a $12 monthly fee. Fees also apply for early loan repayment.

You can apply for this loan and find out if you're approved in 60 seconds. Loan amounts of between $10,000 and $100,000 are available depending on the value of the car, but you can borrow an extra 10% of the value of the car to cover on-road costs. If you're approved, you can choose to pay your car seller straight away or hold off on the payment.

You're able to make extra repayments, but if you choose a term greater than two years and pay it off within two years, a fee applies.

Features of the Westpac car loan

  • Wide range of borrowing amounts. Loan amounts from $10,000 to $100,000 can be borrowed depending on the value of the car.
  • Borrow extra to cover on-road costs. You can borrow an extra 10% of the value of your car to cover on-road costs such as insurance, registration or transfer costs.
  • Choice of car. You're able to finance a new or used vehicle with this loan. Keep in mind the vehicle must have been made in Australia or imported by the manufacturer and be less than 7 years old at the time of application.
  • Interest rates. A fixed annual interest rate of 7.49% p.a. applies with this loan. Including fees, the comparison rate is 8.68% p.a..
  • Loan term. Loan terms extend from 1 to 7 years.
  • Repayment flexibility. Tailor the frequency of your repayments to match your job’s pay schedule (weekly, fortnightly or monthly).
  • Extra repayments. You may make extra repayments on this car loan, but if you choose a term greater than 2 years and pay back the loan in less than 2 years, a fee of $175 applies. However, this fee can be avoided when borrowers refinance with another personal loan issued by Westpac.
  • Pay the seller how you like. You can choose to pay the seller straight away or delay the payment of your approved funds. You also have the choice of electronic transfer or bank cheque.
  • Car value search. Westpac offers a car search tool that you can use to get an indicative cost of the vehicle you want once you're approved for the loan.
  • Interest rate discount. Discounted interest rates are available for those holding the Westpac Choice Student, the Westpac Choice Youth or the Westpac Plus packages. If your employer is part of Westpac’s Corporate Connections program, you might also be eligible for a discounted interest rate.

Can you use your car as security?

If your vehicle meets the following criteria it can be used as security for the Westpac car loan:

  • New car or used car if refinancing
  • The vehicle needs to have been imported to Australia by the manufacturer
  • You may be able to borrow extra funds to purchase additional items to upgrade your car

How does Westpac car loan compare with other car loan providers

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More Info

Interest rate

From 7.49% p.a.

Interest rate

From 3.35% p.a.

Interest rate

From 4.89% p.a.

Comparison rate

8.68% p.a.

Comparison rate

4.41% p.a.

Comparison rate

5.44% p.a.

Loan term

1 to 7 years

Loan term

1 to 7 years

Loan term

3 to 7 years

Loan amount

$10,000 to $100,000

Loan amount

$10,000 to $150,000

Loan amount

$2,000 to $100,000

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How to apply for the Westpac car loan

Applying for the Westpac Car Loan is easy: if you’d like to take advantage of the Westpac Car Loan, click "Go to Site" on this page. Please allow up to 15 minutes to complete the application form.

Eligibility

Eligibility is based on the following criteria:

  • You must be a permanent resident of Australia or hold an acceptable visa
  • At least 18 years of age
  • Have a regular and verifiable income

Documentation

You'll also need the following information to submit your application:

  • Employment information such as your employer's name and contact details
  • Recent tax information if you're self-employed
  • Weekly after-tax income for each loan applicant
  • Details of your assets, savings and investments
  • Amounts owing on credit and store cards
  • Details of your expenses

You'll find out if you have been conditionally approved for the loan in 60 seconds. After your approval, you have 30 days to find your car. You will then need to send in your car dealer’s invoice and registration papers, sign your loan contract and send it back to Westpac. Once you accept your contract and you provide full proof of comprehensive insurance you will receive the funds as specified.

How Westpac car loan compares to other providers

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Loans.com.au - New and Dealer Used Car Loan
From 4.67% (fixed)
5.22%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate from 4.67% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
Plenti Car Loan
From 4.89% (fixed)
5.44%
$2,000
3 to 7 years
from $249 to $799
$0
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
Wisr Secured Car Loan
From 4.74% (fixed)
5.01%
$5,000
3 to 7 years
$195 for refinance and dealer sale ($245 for private sale)
$0
You'll receive a personalised interest rate from 4.74% p.a. to 16.01% p.a. based on your risk profile
A flexible car loan from $5,000 - $63,000 with personalised rates and rewards for strong credit customers.

⭐Special Offer: Wisr's standard establishment fee $605 will be reduced to $195 for applications submitted through Finder. T&Cs apply.
Stratton Finance New Car Loan
From 3.85% (fixed)
4.05%
$10,000
3 to 7 years
$700
$8.25
You'll receive a fixed rate from 3.85% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
Credit Concierge Car Loan
From 3.35% (fixed)
4.41%
$10,000
1 to 7 years
$350
$8.50
You'll receive a fixed rate of 3.35% p.a. with a comparison rate of 4.41% p.a.
Get access to over 20 providers to fund a new or used car.
IMB New Car Loan
4.99% (fixed)
5.34%
$2,000
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPS registration fee)
$0
You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
RACV New Car Loans
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% 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.
NRMA New Car Loan
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
Purchase a new or used car up to 3 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
CarClarity Car Loan
From 3.35% (fixed)
4.95%
$10,000
1 to 7 years
$356
$8.25
You'll receive a fixed rate from 3.35% p.a.
Get access to more than 30 lenders to finance a new or used car for personal or corporate use. Borrow up to $250,000 with terms from 1 to 7 years.
Heritage Bank Car Loan
4.89% (fixed)
5.53%
$5,000
1 to 7 years
$200
$5
You'll receive a fixed rate from 4.89% p.a.
Finance a new or used car up to 5 years old. Large maximum borrowing amount up to $100,000 and terms up to 7 years.
OurMoneyMarket Car Loan
From 5.35% (fixed)
5.65%
$2,001
1 to 7 years
$250
$0
You'll receive a fixed interest rate from 5.35% p.a. to 14.99% p.a. based on your risk profile.
Borrow between $2,001 and $75,000 to finance a new or used car up to 10 years.
RACQ Bank Car Loan Special
5.49% (fixed)
6.16%
$3,000
Up to 7 years
$395
$0
You'll receive a fixed rate of 5.49% p.a.
Borrow up to $60,000 for a new or used car and get a range of membership benefits.
SocietyOne Car Loan
From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% p.a. and 17.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
NAB Personal Loan Unsecured Fixed
From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
NRMA Used Car Loan
From 6.24% (fixed)
6.94%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 6.24% 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.
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Car Loan Offers

Important Information*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Logo for Beyond Bank Low Rate Car Loan "Special Offer"
Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 4.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 4.99% 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.

Logo for NRMA New Car Loan
NRMA New Car Loan

You'll receive a fixed rate of 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

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