Bankwest Car Loan

With 211 business locations and over one million retail customers in Australia, Bankwest is a well-known financial service company. Bankwest provides customers with savings and transaction accounts, home loans, insurance, as well as a large list of personal loan options. If you're looking for a car loan, Bankwest provides a competitive secured loan to consider. Find out more about Bankwest's vehicle financing options on this page.

Things to consider about the Bankwest car loan

You can apply for between $10,000 and $100,000 and have up to 7 years to repay. The car you're purchasing can be from a dealer or private seller, with the vehicle you buy used as security for the loan. You can also use the loan to refinance an existing car loan, pay for home improvements or even a holiday as long as you provide security.

Features of a Bankwest car loan

• Fixed payments. This loan comes with a fixed rate of 8.99% p.a., keeping your repayments the same throughout the loan term.
• Flexible loan term. Bankwest offers loan terms of between 3 to 7 years to suit your budget.
• Additional repayments. You can make extra repayments when paying off your Bankwest Car Loan. However, paying off this loan early will attract an early repayment fee of $250 in the first year and $100 in the second and third years. You will then need to pay the total interest amount that is owing at the time you terminate your loan.
• Flexible loan purpose. You have a few options when it comes to using the loan amount. If your car is worth over $10,000 and less than seven years old you can secure it against the loan and then use the funds for any purpose.
• Redraw facility. You can redraw on any additional payments you make above your minimum repayments.
• Same day funds. If you are an existing Bankwest customer and have at least three months salary deposited in your Bankwest account, you can be approved for the loan today. You will need to apply before midday, have submitted a complete application, and not be applying for a guarantor secured loan.

How much will the loan cost:

The following fees apply to this loan:

• Monthly fee. There's a monthly fee of $5 which is charged with this loan. There are other fees and charges that may apply during the credit period, for example, Government charges.
• Early repayment fees. If you repay your loan early you will be charged fees. The fee is $250 for repaying your loan in the first year, and $100 for repaying your loan in the second and third years. You will also need to pay the total interest calculated at the time you terminate the loan.

How does Bankwest Car Loan compare with other car loan providers

More Info	Go to site More Info	Go to site More Info
Interest rate From 8.99% p.a.	Interest rate From 6.24% p.a.	Interest rate From 6.24% p.a.
Comparison rate 9.33% p.a.	Comparison rate 6.59% p.a.	Comparison rate 7.37% p.a.
Loan term 3 to 7 years	Loan term 1 to 7 years	Loan term 3 to 7 years
Loan amount $10,000 to $100,000	Loan amount $2,000 to $125,000	Loan amount $5,000 to $150,000
Not what you're looking for? Compare more car loan providers

Can your car be used as security?

For a vehicle to be eligible as a guarantee, it generally needs to:

• Be a motorcycle or car and;
• Have a value of at least $10,000 or;
• Be under seven years old at the time of application

Other Bankwest personal loan products

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
Bankwest Unsecured Personal Loan Fixed3 - 7 Years $3,000 - $50,000	Interest Rate (p.a.) 10.99%	Comp. Rate (p.a.) 11.32%	Application Fee $0	Monthly Fee $5	Monthly Repayment $659.68	ContinueMore Info Compare	You'll receive a fixed rate of 10.99% p.a. Borrow from $3,000 to $50,000 with the flexibility to repay over 3 to 7 years. Note: Secure a discounted fixed rate of 10.99% p.a. on applications submitted before 30 June 2022. Fees, charges and T&Cs apply. Rates are subject to change.

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How to apply for the Bankwest car loan

Bankwest provides an online application process that can be completed in a few minutes. Make sure you meet the following criteria to apply:

Eligibility

• You're over 18
• You are a permanent Australian resident
• You have a regular, permanent income
• You don't have conditional approval on another personal loan

This is even faster for existing customers since they can easily do this via online banking. If you cannot finish your application for a given reason, you can save it and resume later. When forwarding your inquiry, you will need to have:

Documentation

• Your personal and contact details such as your name, email address and residential address
• Your driver's licence number
• Employment details such as the length of your employment and your employer's contact numbers
• Financial details, including your income, assets and expenses

Once you've submitted all the required details, your application for a Bankwest Car Loan will be verified and approved. You can always check your application status online.

Bankwest offers a competitive car financing product that is worth considering, but it's important to compare it with similar offerings before you apply.

Compare car loan providers

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
IMB New Car Loan Fixed1 - 7 Years $2,000 - $125,000	Interest Rate (p.a.) 6.24%	Comp. Rate (p.a.) 6.59%	Application Fee $274.78	Monthly Fee $0	Monthly Repayment $619.01	Go to siteMore Info Compare	You'll receive a fixed rate of 6.24% 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.
Simplify New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.19% to 18%	Comp. Rate (p.a.) 6.6% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $622.21	Go to siteMore Info Compare
OurMoneyMarket New Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	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	Go to siteMore Info Compare
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	Go to siteMore Info Compare	You'll receive a fixed rate from 6.52% p.a. depending on the lender you are approved with. Apply for up to $300,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
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	Go to siteMore Info Compare	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/Demo - Variable Rate Variable3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 6.24% to 7.39%	Comp. Rate (p.a.) 7.37% to 8.5%	Application Fee $400	Monthly Fee $8	Monthly Repayment $630.83	Go to siteMore Info Compare
OurMoneyMarket Used Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	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	Go to siteMore Info Compare
Simplify Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.19% to 18%	Comp. Rate (p.a.) 6.6% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $622.21	Go to siteMore Info Compare
Stratton Finance Used 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	Go to siteMore Info Compare	You'll receive a fixed rate loan from 6.52% p.a. with a comparison rate of 6.95% p.a. A used car loan of up to $300,000 with quick approval times and balloon payment options.
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	Go to siteMore Info Compare	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.
Latitude Variable Rate Personal Loan Variable2 - 7 Years $5,000 -	Interest Rate (p.a.) 9.49% to 29.99%	Comp. Rate (p.a.) 10.37% to 30.69%	Application Fee $0	Monthly Fee $13	Monthly Repayment $653.57	Go to siteMore Info Compare	Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.

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