MyState Bank Secured Car Loan

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

  • Please note that MyState Bank no longer directly offer car loans. They have partnered with Plenti to offer car loans.

If you’re looking for a new set of wheels, the MyState Bank 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.

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$200

Application Fee

From 7.99% (variable)

Interest Rate (p.a.)

8.96%

Comparison Rate (p.a.)

$75,000

Max Loan Amount

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Details

Product NameMyState Bank 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
Min Loan Amount$3,000
Max Loan Amount$75,000

Factors to consider about the MyState Bank 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 years.

Once you submit your application, MyState Bank 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 Bank Secured Car Loan

If you’re considering applying for the MyState Bank 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 Bank 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 Bank’s evaluation of your finances.
  • Loan term. You can repay this loan in between 1 to 10 years.
  • 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 Bank 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 Bank Secured Car Loan

You can apply for this loan online or make an appointment at a MyState Bank 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.

Compare car loan providers

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Loans.com.au - New and Dealer Used Car Loan
From 4.67% (fixed)
5.22%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate from 4.67% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
Plenti Car Loan
From 4.89% (fixed)
5.44%
$2,000
3 to 7 years
from $249 to $799
$0
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
Wisr Secured Car Loan
From 4.74% (fixed)
5.01%
$5,000
3 to 7 years
$195 for refinance and dealer sale ($245 for private sale)
$0
You'll receive a personalised interest rate from 4.74% p.a. to 16.01% p.a. based on your risk profile
A flexible car loan from $5,000 - $63,000 with personalised rates and rewards for strong credit customers.

⭐Special Offer: Wisr's standard establishment fee $605 will be reduced to $195 for applications submitted through Finder. T&Cs apply.
Stratton Finance New Car Loan
From 3.85% (fixed)
4.05%
$10,000
3 to 7 years
$700
$8.25
You'll receive a fixed rate from 3.85% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
Credit Concierge Car Loan
From 3.35% (fixed)
4.41%
$10,000
1 to 7 years
$350
$8.50
You'll receive a fixed rate of 3.35% p.a. with a comparison rate of 4.41% p.a.
Get access to over 20 providers to fund a new or used car.
IMB New Car Loan
4.99% (fixed)
5.34%
$2,000
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPS registration fee)
$0
You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
RACV New Car Loans
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
NRMA New Car Loan
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
Purchase a new or used car up to 3 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
CarClarity Car Loan
From 3.35% (fixed)
4.95%
$10,000
1 to 7 years
$356
$8.25
You'll receive a fixed rate from 3.35% p.a.
Get access to more than 30 lenders to finance a new or used car for personal or corporate use. Borrow up to $250,000 with terms from 1 to 7 years.
Heritage Bank Car Loan
4.89% (fixed)
5.53%
$5,000
1 to 7 years
$200
$5
You'll receive a fixed rate from 4.89% p.a.
Finance a new or used car up to 5 years old. Large maximum borrowing amount up to $100,000 and terms up to 7 years.
OurMoneyMarket Car Loan
From 5.35% (fixed)
5.65%
$2,001
1 to 7 years
$250
$0
You'll receive a fixed interest rate from 5.35% p.a. to 14.99% p.a. based on your risk profile.
Borrow between $2,001 and $75,000 to finance a new or used car up to 10 years.
RACQ Bank Car Loan Special
5.49% (fixed)
6.16%
$3,000
Up to 7 years
$395
$0
You'll receive a fixed rate of 5.49% p.a.
Borrow up to $60,000 for a new or used car and get a range of membership benefits.
SocietyOne Car Loan
From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% p.a. and 17.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
NAB Personal Loan Unsecured Fixed
From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
NRMA Used Car Loan
From 6.24% (fixed)
6.94%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 6.24% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
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Compare up to 4 providers

Car Loan Offers

Important Information*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Logo for Beyond Bank Low Rate Car Loan "Special Offer"
Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 4.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

Logo for NRMA New Car Loan
NRMA New Car Loan

You'll receive a fixed rate of 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

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