MyState Secured Car Loan

Information verified correct on December 6th, 2016

Finance the purchase of a new or used car with a secured loan of up to $75,000.

If you’re looking for a new set of wheels, the MyState Secured Car Loan can help you finance it for a competitive rate. You can apply for a loan amount of between $3,000 and $75,000 and repay it at a variable interest rate. Read on to find out if this loan is right for you.

Product NameMyState Secured Car Loan (New up to 2 years)
Interest Rate (p.a.)From 7.99% (variable)
Comparison Rate (p.a.)8.96%
Interest Rate TypeVariable
Minimum Loan Term1 year
Maximum Loan Term10 years
Min Loan Amount$3,000
Max. Loan Amount$75,000
Application Fee$200
Monthly Service Fee$10
Loan SecuritySecured

Pros

  • Flexible loan repayments of monthly, weekly and fortnightly
  • No loan penalty for early repayments

Cons

  • $3000 minimum loan amount

Factors to consider about the MyState Secured Car Loan

Interest rates start at 7.99% p.a. for cars that are new and up to two years old and 9.49% p.a. for cars between two and seven years old. Depending on the loan amount, you can repay this loan over a maximum of 10 year(s).

Once you submit your application, MyState will evaluate your financial situation to determine whether or not you can afford to repay the loan. An establishment fee of $200 will be charged for setting up the loan.

Features of the MyState Secured Car Loan

If you’re considering applying for the MyState Secured Car Loan, you’ll be able to enjoy the following features:

  • Easy application. You can apply for this loan online. Required documents can be uploaded along with the application form and MyState can do a read-only assessment of your bank statements.
  • Security. This is a secured loan, which means that you’ll have to secure the loan amount with the vehicle you’re planning on buying.
  • Loan amount. You can apply to borrow between $3,000 and $75,000, but the amount you’re approved for depends on MyState’s evaluation of your finances.
  • Loan term. You can repay this loan in between 1 and 10 year(s).
  • Repayments. Choose to repay weekly, fortnightly or monthly.
  • Interest rates. Interest rates start at 7.99% p.a. and vary based on the age of the car you’d like to buy.
  • Extra repayments. You can make additional repayments or settle the whole loan amount early.
  • Car insurance. MyState offers car insurance to cover repairs, loss, theft and liability.
  • Loan insurance. You can apply for loan insurance to cover the loan amount if you are unable to repay the loan due to accident or injury.

Fees and charges

Here are some of the fees you’ll be expected to pay:

  • Establishment fee. A fee of $200 applies for putting together this loan.
  • Monthly fee. You will be charged an accounting-keeping fee of $10.
  • Redraw fee. For every redraw, a fee of $30 applies.
  • Dishonour fee. If you default on a payment, you will be charged a fee of $30.

How to apply for the MyState Secured Car Loan

You can apply for this loan online or make an appointment at a MyState branch. You’ll need to meet the following eligibility criteria to apply:

  • You must be at least 18 years old.
  • You must be an Australian citizen or permanent resident.
  • You must have had a full-time or part-time job for the last three months (12 months if you do casual work).
  • You must not be bankrupt or have defaulted on payments.

You’ll also need the following to complete your application:

  • Two of your most recent payslips.
  • Copies of your two latest tax returns, profit and loss statements for the past two financial years and your most recent tax assessment (for self-employed applicants).
  • A list of assets such as vehicles, savings, property and valuable art.
  • A list of liabilities including credit cards, existing loans and outstanding debts.
  • Identification including a passport, ID card or Medicare card.

The amount for which you are approved as well as the interest rate charged both depend on your financial situation, so shop around for a loan product best suited to what you can afford.

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