| Product | Interest rate from | Comparison rate from | Upfront fee |
|---|---|---|---|
| Discounted Green Car Loan (Fixed, Secured) |
6.29% p.a. |
6.56% p.a.based on $30,000 |
$195.00 |
| Discounted Green Car Loan (Variable, Secured) |
6.29% p.a. |
6.56% p.a.based on $30,000 |
$195.00 |
| Discounted New Car Loan (Fixed, Secured) |
6.79% p.a. |
7.06% p.a.based on $30,000 |
$195.00 |
| Discounted New Car Loan (Variable, Secured) |
6.79% p.a. |
7.06% p.a.based on $30,000 |
$195.00 |
| Discounted Used Car Loan (Fixed, Secured) |
7.79% p.a. |
9.13% p.a.based on $10,000 |
$195.00 |
| Discounted Used Car Loan (Variable, Secured) |
7.79% p.a. |
9.13% p.a.based on $10,000 |
$195.00 |
| Green Car Loan (Fixed, Secured) |
9.29% p.a. |
9.57% p.a.based on $30,000 |
$195.00 |
| Green Car Loan (Variable, Secured) |
9.29% p.a. |
9.57% p.a.based on $30,000 |
$195.00 |
| New Car Loan (Fixed, Secured) |
9.79% p.a. |
10.07% p.a.based on $30,000 |
$195.00 |
| New Car Loan (Variable, Secured) |
9.79% p.a. |
10.07% p.a.based on $30,000 |
$195.00 |
| Used Car Loan (Fixed, Secured) |
10.79% p.a. |
12.16% p.a.based on $10,000 |
$195.00 |
| Used Car Loan (Variable, Secured) |
10.79% p.a. |
12.16% p.a.based on $10,000 |
$195.00 |
Yes, cars deemed environmentally friendly by having a C02 value of 180 grams per kilometre or less can be purchased using the Discounted Green Loan. Even if you don’t want to secure your ride, you’ll still receive a lower rate for going green.
If you deposit your salary into a seperate Bank First Bank account, your loyalty will pay off in the form of a discounted interest rate, whether it’s on a secured or unsecured loan.
The good thing about Bank First, is that when it comes to interest rates, there are plenty of options. First you have variable interest rate loans, where your repayments are subject to change in line with potential rate fluctuations in the future. On the plus side, clearing your debt when there’s still time left on your loan term won’t trigger break cost fees. Then there are fixed car loans, where your rate is guaranteed for the length of your contract.
Can’t decide? Consider a split rate car loan, where the interest rate will stay fixed for a set period before switching to variable, protecting you from a potential rate hike early on, but giving you the freedom to repay your loan before the end of your contract fee free in the variable rate period.
Absolutely, if you want to access an interest rate on the lower end of the scale. Just remember that it involves tying your vehicle into the contract as collateral. If you don’t want to wind up carless if you somehow default on your loan, pick the unsecured version with a higher interest rate instead.
Sure can. If the car of your dreams is over 2 calendar years old, Bank First may allow you to secure it in return for a more competitive interest rate.
Note: Keep in mind, to be considered as security your car can't exceed 12 years of age by the time you pay out your loan. Want to buy an older ride? Go for the unsecured loan where you can pick any model you like.
Secured loans for used cars start from $5k, while new car loans kick off at $10k. There isn’t a minimum or maximum loan amount when it comes to unsecured car loans.
You’ll elect a weekly, fortnightly or monthly loan repayment schedule when you borrow the funds. Pick one that suits your budget best, like the day your pay comes in.
Yes, but there’s a $500 minimum redraw amount to consider. Also keep in mind that break cost fees apply when you pay out your debt earlier than required during a fixed rate term.
Loan terms can last for up to 9 years.
Taking out a Bank First loan to buy a new or preloved car couldn’t be easier. All you need to do is complete an online form, apply verbally over the phone or visit a branch in Victoria. Expect to be asked for the following details when you apply:
When all has been submitted, Bank First will let you know how you went in a few business days. Then you can say hello to your dream car.
Mozo users have rated Bank First car loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
They were extremely helpful during the application process of my car loan.
Read full reviewThey were extremely helpful during the application process of my car loan.
You can bank on teachers to give you a wealth of knowledge, just like you can bank on VTMB to provide great personal service, great products and great rates. What more do you want from a bank.
Read full reviewYou can bank on teachers to give you a wealth of knowledge, just like you can bank on VTMB to provide great personal service, great products and great rates. What more do you want from a bank.
A little difficult initially, but very reliable.
Read full reviewA little difficult initially, but very reliable.
Amazing loan interest rate with my new green car, much less than anywhere else I researched.
Read full reviewAmazing loan interest rate with my new green car, much less than anywhere else I researched.