Benefit from no monthly fees with a Hume Bank car loan and get on the road with ease.
The main feature of the Hume Bank car loan is that you are able to choose from both unsecured and secured options to help you get the vehicle of your dreams and on the road faster. With the secured option you have to offer a car that is less than five years old as security in order for your application to be considered. With the unsecured option you do not have to offer an asset but can still benefit from redrawing funds from your loan if you need them in a pinch.
Things to consider about Hume Bank car loans
There are two options for this loan, secured or unsecured. By securing the loan with a vehicle up to five years old you can benefit from a 5.95% p.a. rate. If you are buying a vehicle that is more than five years old or want an unsecured loan then the interest rate starts from 12.95% p.a.
If you also have a home loan with Hume Bank you can combine this car loan at the lower rate, whether it is secured or unsecured. This rate starts from 5.95% p.a.
Loan amounts start from $2,000 and there is a minimum loan term of 1 year(s) and a maximum of 7 year(s).
Features of Hume Bank car loans
Some of the features of this loan include:
- No monthly fees. There are no monthly fees, no early repayment fees and no early termination fees associated with this loan.
- Unsecured or secured. You decide whether or not you want to put your new car towards this loan as security. A lower interest rate will be applied if you secure your loan with the vehicle (as long as it is less than five years old).
- Redraw available. You are able to redraw online for free on any extra repayments that you make.
- Varied loan terms. You can choose from 1 to 7 year(s) for your loan term.
- Varied rates available. If you secure your loan with a vehicle that is less than five years old you benefit from a rate of 5.95% p.a. If your loan is unsecured or the car is older than five years you get a 12.95% p.a. rate on your loan.
- Flexible repayments offered. You can choose between weekly, fortnightly or monthly repayments and tailor them to your personal income situation.
- Fixed interest rate. The rate you are offered with this loan is fixed so you have the benefit of knowing your repayments will not change.
Fees and charges
This loan includes an application fee of $125. You will pay this fee upfront.
There are no monthly fees that will be charged. There are also no early termination fees that will be applied if you decide to end your contract early. There are no fees for extra repayments either, which is beneficial for those who like to pay things off when they’ve got more cash.
How to apply for a Hume Bank car loan
To apply for this loan, click on ‘Go to Site’ and ensure you meet the following:
- Be over the age of 18.
- Be an Australian citizen or permanent resident.
- Have enough income to cover your responsibilities.
- Have an asset you want to submit as security for your loan. This is not a requirement, but if you are wanting to secure a lower rate this is something you should look into. You can use a vehicle that is under five years old.
You might have to provide some documents, such as:
- Your two most recent payslips or a letter from your employer stating commencement date of employment and net weekly wage.
- Proof of ownership of your asset, for example, registration of your vehicle that is under five years or older. This is only needed if you are using the vehicle as an asset for security.
The online application will take 15 minutes to complete. Once you have submitted your application you will be contacted by a Hume Bank Lending Specialist within one business day and they will let you know if any further documentation is required. If you have not been successful you will be notified by email.
Take advantage of this loan in order to get the car of your dreams. However, compare with similar products to ensure this loan is right for you before applying.