Suncorp Car Loan

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Get fast approval online and enjoy a competitive fixed interest rate with a Suncorp Secured Car Loan.

The Suncorp Secured Car Loan is a low rate fixed interest option, suitable for new or relatively new used cars. The fixed interest rate gives you the convenience of knowing what your repayments will be every month, for the entire term of the loan. It also comes with the flexibility of unlimited early repayments, which allows you to get ahead on your loan.

Product NameSuncorp Bank Secured Car Loan
Interest Rate (p.a.)From 6.49% (fixed)
Comparison Rate (p.a.)7.09%
Interest Rate TypeFixed
Min Loan Amount$5,000
Max. Loan Amount$80,000

Pros

  • Low interest rates
  • Flexible loan terms
  • Fast and easy approval

Cons

  • Monthly fee of $5
  • Early termination fee of $300

Things to consider about Suncorp Secured Car Loans

The Suncorp Secured Car Loan has a competitive fixed interest rate of 6.49% p.a. and low ongoing fees. It is suitable for cars that are worth more than $10,000 and will be less than 12 years old by the end of the loan term. Borrow from as little as $5,000 and for terms between 1 and 7 year(s).

Features of the Suncorp Secured Car Loan

If you think that the Suncorp Secured Car Loan might be the right loan for you, here’s a more detailed list of features for you to consider:

  • Fast approval online. Conditional approval is usually given the day after you apply but it can be quicker if you apply online. Make sure you have the required information ready to speed up the process.
  • Flexible repayment schedule. Make repayments at the same frequency as your pay cycle: either weekly, fortnightly or monthly.
  • Fixed rate interest. Have the security of knowing what your repayments will be for the life of your loan with the fixed rate of interest. The interest rate is a competitive 6.49% p.a. regardless of the amount or term.
  • Early payout available. There are no penalties for additional or lump sum payments, which means you can pay out your loan sooner and save on costs. The is no charge for early pay out after one year from the establishment date.
  • Loan terms. Loans terms are available from 1 to 7 year(s).
  • New or used car. The car you purchase can be no more than 12 years old at the end of your loan term. This means that you could purchase a car up to 10 years old with a one-year loan.
  • Loan amount. Borrow a minimum of $5,000 and a maximum of $80,000. The loan must be used to purchase a car worth at least $10,000.
  • Optional consumer credit insurance. Insure your loan so that you never have to worry about not being able to meet your repayments due to disability or death.

How much will the loan cost?

  • Establishment fee. $175 when you open the loan. This can be included in the loan amount.
  • Monthly fee. $5 every month for the term of your loan.
  • Early payout fee. $300 if the loan is paid out within 12 months of establishment.
  • Government charges. Loans are subject to stamp duty and a Personal Property Security Registry fee.

How to apply for the Suncorp Secured Car Loan

Applying online will get you a faster approval response. To get started click “Go to site” on the link above. To be eligible you will need to be:

  • At least 18 years old
  • Earning a net income of at least $25,000 p.a.
  • An Australian resident
  • Able to meet the repayments

You will need the following information and documents when you apply:

  • Proof of identity
  • Proof of income – either pay slips or a tax assessment
  • Proof of liabilities – loan statements or credit card bills
  • Proof of non-Suncorp assets – bank statements or shareholding statements

The Suncorp Secured Car Loan is a low cost option for new or relatively new used cars. Make sure you compare other loans to ensure that you are getting the most suitable product for your needs.

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