| Product | Interest rate from | Comparison rate from | Upfront fee |
|---|---|---|---|
| Secured Personal Loan (Fixed) |
6.49% p.a.to 12.99% p.a. |
7.61% p.a.to 14.06% p.a.based on $30,000 |
$195.00 |
| Unsecured Personal Loan (Fixed) |
6.89% p.a.to 19.99% p.a. |
7.81% p.a.to 20.83% p.a.based on $30,000 |
$150.00 |
| Unsecured Personal Loan (Variable) |
6.89% p.a.to 19.99% p.a. |
7.81% p.a.to 20.83% p.a.based on $30,000 |
$150.00 |
Should I opt for the fixed or variable rate?
It depends on whether you’re willing to pay a little more in interest for the comfort of a loan with flexible features. For instance, a BankSA variable rate car loan has a higher interest rate than the fixed rate version but comes with plenty of flexibility allowing you to make extra repayments, dip into them via a redraw facility and repay your loan early without the bite of a fee. But the fixed rate car loan has a much lower rate that is guaranteed to stay the same throughout your loan term.
Should I secure my car to a BankSA loan?
Yes...if you want the lowest possible fixed or variable interest rate BankSA can offer you! Securing your vehicle to a loan involves signing a legal document to give your lender the power to claim your car if you default on the loan. Alternatively, you could opt for an unsecured loan and be charged interest at a higher rate.
Are there any borrowing minimums or limits?
If you go for a BankSA secured car loan, the price of your car can range from $3k to $80k. The loan limit with its unsecured personal loans is $40k.
What would a BankSA car loan repayment look like?
Let’s look at a scenario. Say you rode out of the showroom with a $30k new ride to upgrade that old vehicle sitting in your driveway. Based on the comparison rate at the time of writing, over 5 years on a fixed rate secured BankSA loan, each monthly repayment would be $628. Crunch the numbers for your situation with this car loan repayments calculator.
Can I choose how frequently I make repayments?
You sure can! Take your pick between weekly, fortnightly or monthly loan repayments. That way, you’ll have the freedom to select one that fits into your budget best.
What could my car loan term potentially look like?
It depends on your loan type. For instance, a fixed rate loan can range from 1-5 years, whereas those with variable rates can go up to 7.
Can I make extra loan repayments?
Yes, but only with variable rate BankSA car loans.
What about clearing my debt before the loan term ends?
Again, you can only do this without financial penalty if you have a variable rate loan.
Say I wanted to dip into extra repayments. Could I do that?
That’s another plus with BankSA variable rate loans, you can draw from additional loan repayments as you please.
Can I use the BankSA car loan for a preloved vehicle?
Yes, your used car can be up to 15 years of age on the date that your loan term ends. Vintage car buyers can select a BankSA personal loan instead, or browse the Mozo car loans hub to find a more suitable loan.
So what happens if I make a late repayment or miss one?
You may be charged a penalty fee - or worse - damage your precious credit score. That’s why it’s always important to choose a car loan you can comfortably afford.
How can I apply?
That’s easy, just scroll up to the top of this page and click a “go to site” button beside the loan you want. Alternatively, visit BankSA’s web address directly, visit a branch or give its hotline a call.
In your application, be prepared to supply the following details:
Once that’s all done and dusted, BankSA should get in touch with you shortly to discuss the outcome of your application.
Mozo users have rated BankSA car loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
13 Reviews
Okay, my partner a few years ago when she was receiving a higher pay took out a personal loan to purchase a car as she has a kid (Now two kids), but then later down the line her pay was shortened. The bank told her that they would decrease the payback to the minimal charge, but that charge is still FAR too large for her to afford without risking the health, housing and nutrition of hers and my children. Not only that but she pays what she can afford to pay due to this and because it simply, 'isn't enough', she continually gains additional late fees of really high proportions onto her loan. It's absolutely disgusting. BankSA needs to take into consideration changing financial matters and create more effective ways of resolving payback for their loans.
Read full reviewOkay, my partner a few years ago when she was receiving a higher pay took out a personal loan to purchase a car as she has a kid (Now two kids), but then later down the line her pay was shortened. The bank told her that they would decrease the payback to the minimal charge, but that charge is still FAR too large for her to afford without risking the health, housing and nutrition of hers and my children. Not only that but she pays what she can afford to pay due to this and because it simply, 'isn't enough', she continually gains additional late fees of really high proportions onto her loan. It's absolutely disgusting. BankSA needs to take into consideration changing financial matters and create more effective ways of resolving payback for their loans.
The only problem I have is with the opening and closing times and closure for lunch. I live 20 km from town.
Read full reviewThe only problem I have is with the opening and closing times and closure for lunch. I live 20 km from town.
Fantastic service from the manager assigned to me, I have had several occurances where she has looked after me in the last five years, she knows her product and always works to help me with the best package for my needs and budget! Completely professional staff.
Read full reviewFantastic service from the manager assigned to me, I have had several occurances where she has looked after me in the last five years, she knows her product and always works to help me with the best package for my needs and budget! Completely professional staff.