Auswide Bank car loans

If you’re on a budget then going for a fixed rate loan will be a good option as your rate  is locked in for the life of the loan. Whereas variable rates can increase or decrease over the course of the term, changing how much you get charged in interest, which means you’ll benefit if rates go down but will need to budget for any potential rate rises down the track. Pick one you feel most comfortable with, after deciding whether you can afford a negative rate change.

The best part about taking out a secured car loan is that it’s much cheaper than an unsecured one, as you end up paying less in interest. Tying a vehicle to your loan as security will give Auswide Bank permission to possess you car if you cannot repay your debt, so if you don’t like the sound of that, choose an unsecured loan instead.

We don’t know your credit history, which accounts for how you’ve previously dealt with money lent by financial institutions, but Auswide Bank will factor it in when you apply. Consider the loan limits and minimums too, as secured loans can range from $5k to $75k, while unsecured loans start at $3k to $50k.

You’ll only have the opportunity to make loan repayments monthly.

It depends on the loan. If you secure a new car under 18 months old, the loan term can range from 1 - 7 years. On the other hand, unsecured and secured loans taken out for older vehicles will vary from 1 - 5 years.

Some lenders have tough age limits on how old your car must be in order to qualify for security. With Auswide Bank, you have a little more wiggle room, and can select a car up to 10 years old! Of course, if you opt for an unsecured loan, there are no restrictions on what you buy.

Simply pop into a branch, start your application over the phone or online. It won’t take long, but you will need to gather some info about yourself first, such as:

• Proof of ID- think driver’s licence or passport

• Employment details in the form of your last payslip

• Place of residence

• A list of your assets and liabilities

After Auswide Bank has reviewed the submission, they’ll let you know how it all went. The turnaround will take around two business days. Good luck and enjoy!