Money Hack: How to reduce your car loan by $2,500

Posted: 19 July 2017 11:00 am
happy in car

Did you know your savings account could reduce your car loan principal?

Having a car loan can be tricky. You want to pay down your car loan but you also want to save money for a rainy day or to put towards investments. So, should you prioritise paying down your debt or building up your wealth?

What if I told you that you could do both?

The hack

Beyond Bank lets you offset your car loan by up to $2,500 with its innovative Car Budget Account. By applying for a new car loan with the bank or refinancing your current car loan, you can open the Car Budget Account and use it like any other transaction account.

It's designed to help you budget ongoing expenses, such as petrol, insurance and registration, and the transactions are fee-free. Any funds you have in the account up to $2,500 reduce your car loan principal by that amount, saving you interest and helping you pay off your car loan sooner.

Some points to keep in mind:

  • Maximum offset is $2,500
  • Visa payWave debit card available
  • Mobile banking app available
  • Transactions are fee-free but some fees and charges apply

Find out more about Beyond Bank's car loans here and make sure you compare your car loan options before you apply.

finder money hacks is a bi-weekly round-up of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.

Picture: Shutterstock

Get more from Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site