Greater Bank New Car Loan

Get your car loan application approved in as little as 24 hours with no fees charged for early repayment.

Greater Bank approves new car loans within 24 hours, offering borrowers flexible repayment terms over 1 to 7 year(s). You pay no monthly or annual fees and you can repay the balance of the loan early without paying a penalty.

This loan product was a finalist in the 2015 Australian Lending Awards for Best Secured Personal Loan Lender.

Product NameGreater Bank New Car Loan
Interest Rate (p.a.) From 5.99% (fixed)
Comparison Rate (p.a.)6.34%
Interest Rate TypeFixed
Min Loan Amount$5,000
Max. Loan Amount$100,000
Loan SecuritySecured

What to consider with Greater Bank’s New Car Loan

Here are a few details to consider when reviewing this loan:

  • This is a secured loan that can only be used for new cars or floor model cars with less than 5,000km on the clock. The car must be for personal use.
  • You pay a special interest rate of 5.99% p.a.
  • You pay no annual or monthly fees for managing this loan.
  • Applicants must have a satisfactory credit rating.
  • Greater Bank also offers a car insurance products.

Features of the Greater Bank New Car Loan

Here are some of the features of the New Car Loan:

  • Establishment fee. A fee of $250 applies for setting up this loan.
  • Quick turnaround. You can apply online for this loan and get approval within 24 hours.
  • Loan term. This loan can be repaid over a period of between 1 and 7 year(s).
  • Fees. Monthly and annual fees are waived.
  • Additional repayments. Extra repayments are allowed and you can settle the balance of your loan early without penalty.
  • Free redraw facility. This service is free when effected online. A fee of $20 applies when you make a written request to redraw.
  • Car insurance. You can apply for Greater Bank’s car insurance product, which includes one year of Road Assistance.

How much will the loan cost?

This loan comes with no monthly or annual fees, but you will be charged the following:

  • Establishment fee. This fee of $250 is charged for setting up the loan.

How to apply for the Greater Bank New Car Loan

You can apply for this loan online and get it approved within 24 hours. If you need more information before starting the application, you can call the customer service line or get in touch via email.

You'll need to meet the following eligibility criteria to apply:

  • You must be at least 18 years old.
  • You must have a reasonably decent credit history.
  • You should be able to afford repayments.
  • You must be an Australian citizen or permanent resident.

You'll also need the following documents on hand to complete your application:

  • Details about previous employers and your current working situation
  • Payslips and bank statements
  • Information about existing loans and liabilities
  • Information about valuable assets and savings accounts

This loan is suited to people who’d like to purchase a new car and need finance quickly. Approved in 24 hours, this loan can help you can finalise your purchase within a few days of your application. However, it’s a good idea to take the time to compare loan options, especially repayment options and associated fees.

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2 Responses

  1. Default Gravatar
    KellySeptember 7, 2017

    Do you offer car loans on used cars and if so, up to what amount and what age of vehicle? Thank you.

    • Default Gravatar
      GruSeptember 8, 2017

      Hello Kelly,

      Yes, there are car loans offered om used cars.
      Lenders and financial institutions impose certain restrictions on the age of a vehicle in order to qualify for a loan amount. For example, some financial institutions only grant a loan for cars that are two to five years old.

      You may find this page helpful for car loans for used cars.
      It features information on getting loans for used cars as well as a table which allows you to make a side-by-side comparison of companies offering loans for used cars.

      Hope this helped.

      Cheers,
      Gru

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