
Get exclusive money-saving offers and guides
Straight to your inbox
A secured car loan gets you into a new or used car with a lower interest rate than most unsecured car loans. This secured car loan product from Gateway Bank is a flexible product which lets you manage your repayments in the way you want. It has no account-keeping fees and gives you the flexibility to make additional repayments and redraw them if you need to.
It should be noted that this loan uses your car as collateral, so if you don't make payments on a secured car loan your lender has the right to sell your car, which is unlike an unsecured car loan.
$149
Application Fee
From 7.04% (variable)
Interest Rate (p.a.)
7.25%
Comparison Rate (p.a.)
$75,000
Max Loan Amount
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Product Name | Gateway Bank Car Loan - New Car |
---|---|
Interest Rate (p.a.) | From 7.04% (variable) |
Comparison Rate (p.a.) | 7.25% |
Interest Rate Type | Variable |
Min Loan Amount | $3,000 |
Max Loan Amount | $75,000 |
Searching for a car to buy can be a daunting and costly affair. Gateway has now gone a step ahead to provide a Vehicle Finder Service, which you can now utilise for a hassle-free and quick search. The Auto Search will also get you the best price where it will make all the necessary negotiations.
Other benefits of using this free service include getting dealer's warranty and receiving advice from experts and getting a REVS check on your car. There are fees that will apply for vehicles that are bought from government auctions. Persons who are not members of Gateway Bank will also be required to settle a fee of $220.
There are some fees with the Gateway Bank Car Loan - New Car that you should consider before you apply:
When lodging your application, there are some personal and financial details that you will be required to provide. You may also be requested to present copies of particular documents as support of the information provided in your application. The income supporting documents that you may need to provide include:
In relation to your expenses, you may be asked to provide supporting documents on rent payments, mortgage payments, hire purchase or loan payments, council and water rates, living expenses, car expenses, education costs, insurance and child care. Gateway can also request you to provide dealer invoice and registration papers.
10 Comments
May 26, 2015
WE BOUGHT A NEW CAR IN 2013. WE JUST HAD TO . IT WAS AT THE TIME WHAT WE COULD AFFORD. THE CAR ITSELF A GREAT CAR. BUT UNFORTUNATELY WE LIVE DOWN A TWO MILE DIRT ROAD AND WHEN IT RAINS OR SNOW, WE CANNOT GET THE CAR OUT. WE USE OUR OLD GAS HOG TRUCK 4 X 4. IS IT POSSIBLE TO GET ANOTHER CAR WITH ABOUT $2,800.00 NEGATIVE EQUITY.
THANK YOU
May 26, 2015
Hi Ben,
Thanks for your question.
If the car you’re looking to finance meets the requirements of this loan (new or used vehicle) and you’re looking to borrow between $3,000 and $75,000, then you will be able to apply. When you submit an online enquiry you can enter the new car’s details along with your existing car’s trade-in value. Visit Gateway’s website and complete an online enquiry to find out if you’re eligible.
I hope this has helped.
Thanks,
Elizabeth
September 12, 2014
I am planning to purchase a new BMW motorcycle for $9990 (drive away) and wanted to add approximately $1500 worth of riding gear (helmet, jacket, boots etc). Total amount of $11490. Would your loan cover all of the above, or would I have to buy the gear separately?
September 15, 2014
Hi Bevan,
Thanks for your question.
This car loan can’t be used to purchase a motorbike. However, you can use the Gateway CU personal loan to finance your motorbike, including the costs of your gear.
Hope this helps,
Shirley
August 26, 2014
I need to buy a new car for 63000/- I need to know my monthly payment for 7 years
August 27, 2014
Hi Nim,
Thanks for your comment.
To find out more about your repayments you can use our car loan repayment calculator to get a ballpark figure.
Cheers
Matt
April 23, 2014
Hi,i am looking to change my car, but i only work part time and also I am on Newstart Allowance, is any possibility i could get a loan from you ? thanks
April 23, 2014
Hi Rosa,
Thanks for your question.
finder.com.au is a comparison service, unfortunately we don’t handle the applications ourselves. You will be able to get more informed answer by contacting Gateway Credit Union directly, as they will asked you questions about your income, etc.
Cheers,
Shirley
January 18, 2014
Hi, I’m currently on temporary business visa 457 (4 years visa) and I’m on the market for buying a car. What I want to know is do I eligible to get a loan from your company. Also could you give me information about all the document that I need it if I’m eligible to get the loan? Thank you
January 20, 2014
Hi Edo,
Thanks for your comment.
Unfortunately Gateway CU only lends to Australia citizens or permanent residents. You may want to have a look at the personal loans available from CommBank, ANZ and Westpac – to our knowledge they provide personal loans to those on 457 Visas.
Cheers,
Shirley