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Finance a new or used car that’s up to five years old with the Heritage Bank Car Loan.
Heritage Bank lets you benefit from flexibility with its Car Loan. You can finance either a new vehicle or one that is aged up to five years old while taking advantage of the same competitive rate. You also have your choice of weekly, fortnightly or monthly repayments and the choice of loan terms up to 7 years.
Find out more about this loan, and whether it's right for you, in this review.
| Product Name | Heritage Bank Car Loan |
|---|---|
| Interest Rate (p.a.) | From 6.99% (fixed) |
| Comparison Rate (p.a.) | 7.62% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max Loan Amount | $100,000 |
Pros
- Finance a new or used car
- Large maximum loan amount
- Weekly, fortnightly or monthly repayments
Cons
- $200 application fee
- Monthly fee of $5
Main points to consider with the Heritage Bank Car Loan
This car loan is secured and you can use either a new or secondard car as the security. The used car can be up to five years old. You can apply for a minimum of $5,000 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 6.99% p.a. with a comparison rate of 7.62% p.a.
Features of the Heritage Bank Car Loan
Some of the features associated with this car loan include:
- A fixed rate. With rates starting from 6.99% p.a. and a comparison rate of 7.62% 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.
- Choose from a new or used vehicle. You can choose from a new vehicle or a used vehicle up to five years old.
- Large borrowing amounts. Choose from a minimum of $5,000 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
A fee schedule will be created for you after approval for the amount you have applied for. However, some fees you can expect to be charged include:
- A monthly loan fee of $5
- A fee will be charged upon paying the amount owed in full at any time
- An application fee of $200
- A redraw additional repayments fee
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:
- Your assets and liabilities situation. This can be shown using payslips, bank statements and bills.
This car loan is an option to consider when it comes to looking for your finance options in getting your dream car. However, examine other options before making a final decision.
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.
Hi Lisa,
Thanks for leaving a question on our page. Here is the page showing car loans for pensioners.
To compare car loans in the table provided above, and select different loan amounts and repayment periods to see how much you’ll be paying back each month. This can help you work out whether you’re going to be able to keep up with repayments and whether your application will be accepted by different providers. It can also help you put the interest rates in more concrete terms and work out how much you’ll be repaying per month.
Once you’ve found a loan that is right for you, 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