Westpac Car Loan
- Application Fee
- $250
- Interest Rate (p.a.)
- 6.49% (fixed)
- Comparison Rate (p.a.)
- 7.69%
- Max Loan Amount
- $100,000
Summary
Finance a new or used car and have the option to borrow extra to cover on-road costs.
Westpac's Car Loan offers a number of convenient features to benefit those looking to purchase a car. You can finance a new or used vehicle with loans from $10,000 available. You also have the option to borrow an extra 10% of the car's value to cover on-road costs such as insurance and registration. Westpac offers a car search to get an indicative cost of the car you want and also lets you choose how you pay the seller.
Pros
-
Finance a new or used vehicle up to 7 years old
-
Choose how you pay the seller
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Option to borrow 10% of car's value for on-road costs
Cons
-
$12 monthly fee
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High minimum borrowing amount
-
Early repayment fees may apply
Details
Product details
| Product Name | Westpac Car Loan |
| Interest Rate (p.a.) | 6.49% to 12.99% |
| Comp. Rate (p.a.) | 7.69% to 14.14% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $10,000 |
| Max Loan Amount | $100,000 |
Westpac was started in 1817 and it was the first bank to be established in Australia. Its first office was set up in Sydney, but it has now expanded both within Australia and beyond. The group offers products with the aim of assisting customers to save and invest.
Westpac also extends financing to individuals, institutions, multinational corporations and even government agencies. Car loans fall under their personal loans division, and these can help you get the amounts you need to purchase your next new or used car.
Westpac car loan comparison
Main points to consider with the Westpac car loan
This loan comes with a fixed rate of 6.49% p.a. when you attach your new or used car as security. A $250 establishment fee applies, along with a $12 monthly fee. Fees also apply for early loan repayment.
You can apply for this loan and find out if you're approved in 60 seconds. Loan amounts of between $10,000 and $100,000 are available depending on the value of the car, but you can borrow an extra 10% of the value of the car to cover on-road costs. If you're approved, you can choose to pay your car seller straight away or hold off on the payment.
You're able to make extra repayments, but if you choose a term greater than two years and pay it off within two years, a fee applies.
Features of the Westpac car loan
- Wide range of borrowing amounts. Loan amounts from $10,000 to $100,000 can be borrowed depending on the value of the car.
- Borrow extra to cover on-road costs. You can borrow an extra 10% of the value of your car to cover on-road costs such as insurance, registration or transfer costs.
- Choice of car. You're able to finance a new or used vehicle with this loan. Keep in mind the vehicle must have been made in Australia or imported by the manufacturer and be less than 7 years old at the time of application.
- Interest rates. A fixed annual interest rate of 6.49% p.a. applies with this loan. Including fees, the comparison rate is 7.69% p.a..
- Loan term. Loan terms extend from 1 to 7 years.
- Repayment flexibility. Tailor the frequency of your repayments to match your job’s pay schedule (weekly, fortnightly or monthly).
- Extra repayments. You may make 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.
- Pay the seller how you like. You can choose to pay the seller straight away or delay the payment of your approved funds. You also have the choice of electronic transfer or bank cheque.
- Car value search. Westpac offers a car search tool that you can use to get an indicative cost of the vehicle you want once you're approved for the loan.
- 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.
Can you use your car as security?
If your vehicle meets the following criteria it can be used as security for the Westpac car loan:
- New car or used car if refinancing
- The vehicle needs to have been imported to Australia by the manufacturer
- You may be able to borrow extra funds to purchase additional items to upgrade your car
How does Westpac car loan compare with other car loan providers
 |  |  |
| More Info | ||
Interest rate From 6.49% p.a. | Interest rate From 6.29% p.a. | Interest rate From 7.19% p.a. |
Comparison rate 7.69% p.a. | Comparison rate 6.98% p.a. | Comparison rate 7.75% p.a. |
Loan term 1 to 7 years | Loan term 1 to 7 years | Loan term 3 to 7 years |
Loan amount $10,000 to $100,000 | Loan amount $10,000 to $300,000 | Loan amount $10,000 to $100,000 |
Not what you're looking for? | ||
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
Eligibility is based on the following criteria:
- You must be a permanent resident of Australia or hold an acceptable visa
- At least 18 years of age
- Have a regular and verifiable income of at least $35,000 per year
- Hold a current Australian driver's licence or learner's permit
Documentation
You'll also need the following information to submit your application:
- Employment information such as your employer's name and contact details
- Recent tax information if you're self-employed
- Weekly after-tax income for each loan applicant
- Details of your assets, savings and investments
- Amounts owing on credit and store cards
- Details of your expenses
You'll find out if you have been conditionally approved for the loan in 60 seconds. After your approval, you have 30 days to find your car. You will then need to send in your car dealer’s invoice and registration papers, sign your loan contract and send it back to Westpac. Once you accept your contract and you provide full proof of comprehensive insurance you will receive the funds as specified.
How Westpac car loan compares to other providers
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