Take advantage of a low rate on your car loan from Gateway Bank.
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.
Note:
Greater Bank changed its name from Greater Credit Union on 1 March 2018. It will remain a member-owned mutual and all product information below is correct.
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.
| Product Name | Gateway 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 | $50,000 |
| Loan Security | Secured |
Pros
- Low interest rate of 7.04 % p.a.
- Redraw facility
- No early repayment penalties
Cons
- $149 application fee have to pay
Features of Gateway Bank Car Loan
- Attractive rates: The interest rates that you can make use of on these car loans are competitive, owing to Gateway Bank's commitment to extend competitive deals to consumers. These rates are variable, meaning they can fluctuate in response to economic activity. In addition, as mentioned, these rates are lower due to the fact that they're secured against your car.
- Flexible repayments: With this loan, you can choose a loan term that will match your planned budget. If you're financing a new car, you will have up to 7 year(s) to pay off your loan, but this will be reduced to 5 year(s) if you are buying a used car.
- Loan amounts: The minimum amount that you can get on a Gateway Bank car loan is $3,000 and the maximum amount is $50,000. You can apply for any figure depending on the type of car you are planning to purchase, although as always the amount you're approved for will depend on Gateway Bank's lending criteria. You can make repayments every week, fortnight or month to better suit your salary.
- Repayment options and redraw: A proven way of saving on interest charges is to make additional payments. This loan allows you to do so without penalty. If you're later in need of this cash you can redraw the extra amount. The minimum amount for any redraw is $250.
Gateway Bank's Vehicle Finder Service
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.
The costs you should consider
There are some fees with the Gateway Bank Car Loan that you should consider before you apply:
- There's an establishment fee of $149 charged at settlement.
- There are no account-keeping fees.
- There are some loan contract fees that you may be required to pay, such as credit fees and Government charges. Gateway Bank will provide you with such details on forwarding a request.
What do you need to 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:
- Pay slips and group certificates
- Business and personal tax returns if you are self-employed
- Bank statements and agent reports on rental properties
- Information on Government Assistance payments
- Regular earnings from sources like shares
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.
The application process for a Gateway Bank Car Loan
- Contact Gateway- you can do this by:
- Completing an online enquiry by clicking 'apply' and providing some basic details
- Printing an application form, which you should then complete and an email or fax to Gateway Bank
- Applying through online banking (only for registered members)
- Verification- this will follow immediately after application and there are some documents that you will be required to provide. You should be ready to provide them since they will play an important role in supporting the information in your application.
- Approval and acceptance- this is where you will be required to sign the necessary documentation relating to the loan contract. The required funds on your Gateway Bank car loan will be provided once these are returned.
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
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
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?
Hi Bevan,
Thanks for your question.
Unfortunately 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
I need to buy a new car for 63000/- I need to know my monthly payment for 7 years
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
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
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
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
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