Westpac Car Loan

Information verified correct on October 25th, 2016

If you’re looking for a way to finance your new car purchase, then you may want to consider the Westpac car loan.

Westpac Bank’s car loan allows borrowers to access up to $100,000 for the purchase of a new or used car. The loan is offered with a fixed 8.49% p.a. interest rate and the repayment period can be extended for up to 7 year(s).

Product NameWestpac Car Loan
Interest Rate (p.a.)From 8.49% (fixed)
Comparison Rate (p.a.)9.54%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term7 years
Min Loan Amount$10,000
Max. Loan Amount$100,000
Application Fee$250
Monthly Service Fee$10
Loan SecuritySecured


  • High loan amount available for borrowing
  • Make additional payments with no penalties
  • Loan terms extend up to 7 years


  • High application fee of $250
  • Ongoing monthly service fee of $10
  • Higher than normal minimum loan amount

The fees noted above begin at the time of loan origination and are added to you balance as they accrue.

Interests rates

The fixed annual interest rate of 8.49% p.a. is available for a limited time. It should be noted that the above comparison rate will change depending on the individual terms of your loan.

Features of the Westpac car loan

  • Loan amount. Loan amounts from $10,000 to $100,000 can be borrowed. The car purchased is used as security for the loan.
  • Interest rates. Fixed annual interest rate of 8.49% p.a. (not inclusive of added establishment fees).
  • Loan term. Loan terms extend from 1 to 7 years.
  • Nature of repayments. Tailor the frequency of your repayments to match your job’s pay schedule (weekly, fortnightly or monthly).
  • Extra repayments. You may extra repayments on this car loan - but if you choose a term greater than 2 years and pay back the loan in less than 2 years, a fee of $175 applies. However, this fee can be avoided when borrowers refinance with another personal loan issued by Westpac.
  • Interest rate discount. Discounted interest rates are available for those holding the Westpac Choice Student, the Westpac Choice Youth or the Westpac Plus packages. If your employer is part of Westpac’s Corporate Connections program, you might also be eligible for a discounted interest rate.

Westpac insurance plans

  • Westpac car insurance. Once your car loan is approved, you must provide verification of car insurance before the loan funds will be released. For those without insurance, Westpac offers tiered plans to insure your vehicle. Premiums are included as part of the amount you borrow and this creates the added convenience of having your monthly car loan and insurance payments all in one place.
  • Personal loan protection insurance (optional). Westpac also offers optional insurance to protect you in case times of economic hardship. If you lose your job or become ill, Westpac’s Personal Loan Repayment Protection insurance can cover your loan repayments until you recover and get back to work. It also helps cover repayments in the event of your death.

How to apply for the Westpac car loan

Applying for the Westpac car loan is easy; if you’d like to take advantage of the Westpac car loan, click "Go to Site" on this page. Please allow up to 15 minutes to complete the application form.

Eligibility is based on the following criteria:

  • You must be a permanent resident of Australia
  • At least 18 years of age
  • Have a regular and verifiable income

You'll also need the following information to submit your application:

  • A valid Australian driver’s license (or other form of government ID)
  • Employment details and salary information
  • Contact info (email, phone number and residential address)

Once your application is complete, you will be notified of the results within 24 hours. After your approval, you have 30 days to find your car. Fax in your car dealer’s invoice and registration papers, sign your loan contract and send it back to Westpac. A bank cheque will then be issued and you can finalise your purchase.

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