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MyState Bank Secured Car Loan (New up to 2 years)

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Application Fee
$200
Interest Rate (p.a.)
From 4.89% (variable)
Comparison Rate (p.a.)
5.44%
Max Loan Amount
$75,000

Summary

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.

Pros

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

Cons

  • $3,000 minimum loan amount

In this guide

  • Review
  • Details
    • Product details
  • Your reviews
  • Ask an expert

Details

Product details

Product Name MyState Bank Secured Car Loan (New up to 2 years)
Interest Rate (p.a.) 4.89%
Comp. Rate (p.a.) 5.44%
Interest Rate Type Variable
Min Loan Amount $3,000
Max Loan Amount $75,000

Factors to consider about the MyState Bank Secured Car Loan

Interest rates start at 4.89% 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 4.89% 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

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1 - 13 of 13
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Car Loan - Excellent Credit
ExclusiveFixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
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Comp. Rate (p.a.)
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Application Fee
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Monthly Repayment
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OurMoneyMarket New Car Loan
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
$250
min.
Monthly Fee
$0
Monthly Repayment
$622.82
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loans.com.au - New - Fixed Rate Special
Fixed3 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
6.79%
Comp. Rate (p.a.)
7.91%
Application Fee
$400
Monthly Fee
$8
Monthly Repayment
$635.94
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You'll receive a fixed rate of 6.79% 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.

CarMoney New Car Loan
ExclusiveFixed18 Months - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
6.89%
to 15.09%
Comp. Rate (p.a.)
8%
to 16.16%
Application Fee
$400
Monthly Fee
$8
Monthly Repayment
$636.87
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Finder Exclusive: Apply for and settle a car loan and get a $200 cashback. Limited time offer. Terms and conditions apply.
NRMA New Car Loan
Fixed1 - 7 Years $5,000 - $130,000
Interest Rate (p.a.)
7.29%
to 16.99%
Comp. Rate (p.a.)
8%
to 17.77%
Application Fee
$499
Monthly Fee
$0
Monthly Repayment
$635.67
Go to siteMore Info
Note: Take out a loan for an eligible electric vehicle and receive a 1.5% discount on your personalised interest rate (interest rates start from 5.49% p.a. and comparison rates from 6.19% p.a.)
RACV New Car Loans
Fixed1 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
7.29%
to 16.99%
Comp. Rate (p.a.)
8%
to 17.77%
Application Fee
$499
Monthly Fee
$0
Monthly Repayment
$635.67
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You'll receive a fixed rate from 7.29% 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.
loans.com.au - New - Variable Rate Special
Variable3 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
6.24%
Comp. Rate (p.a.)
7.36%
Application Fee
$400
Monthly Fee
$8
Monthly Repayment
$630.83
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CarMoney Used Car Loan
Fixed18 Months - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
6.2%
to 15.75%
Comp. Rate (p.a.)
6.71%
to 16.18%
Application Fee
$399
Monthly Fee
$0
Monthly Repayment
$622.43
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RACV Used Car Loans
Fixed1 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
8.49%
to 16.99%
Comp. Rate (p.a.)
9.21%
to 17.77%
Application Fee
$499
Monthly Fee
$0
Monthly Repayment
$647.01
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You'll receive a fixed rate from 8.49% p.a.
Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.
NRMA Used Car Loan
Fixed1 - 7 Years $5,000 - $130,000
Interest Rate (p.a.)
8.49%
to 16.99%
Comp. Rate (p.a.)
9.21%
to 17.77%
Application Fee
$499
Monthly Fee
$0
Monthly Repayment
$647.01
Go to siteMore Info
You'll receive a fixed rate from 8.49% 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.
Great Southern Bank Fixed Rate Car Loan
Fixed1 - 7 Years $5,000 - $100,000
Interest Rate (p.a.)
6.49%
to 15.04%
Comp. Rate (p.a.)
6.86%
to 15.44%
Application Fee
$265
Monthly Fee
$0
Monthly Repayment
$621.01
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You'll receive a fixed rate of 6.49% p.a.
A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.
Stratton Finance New Car Loan
Fixed1 - 7 Years $10,000 - $300,000
Interest Rate (p.a.)
6.52%
to 18%
Comp. Rate (p.a.)
6.95%
to 23%
Application Fee
$395
Monthly Fee
$0
Monthly Repayment
$625.27
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You'll receive a fixed rate from 6.52% p.a. depending on the lender you are approved with.
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Stratton Finance Used Car Loan
Fixed1 - 7 Years $10,000 - $300,000
Interest Rate (p.a.)
7.05%
to 18%
Comp. Rate (p.a.)
8.36%
to 23%
Application Fee
$482
Monthly Fee
$8.90
Monthly Repayment
$641.79
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You'll receive a fixed rate loan from 7.05% p.a. with a comparison rate of 8.36% p.a.
A used car loan of up to $300,000 with quick approval times and balloon payment options.
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