Rates and fees verified as correct at 25 November, 2020. Other information correct at the time of writing. Advertiser disclosure.
|Product||Interest rate from||Comparison rate from||Upfront fee|
|Car Loan (Fixed, Secured)|| |
8.76% p.a.based on $30,000
|Unsecured Personal Loan (Fixed)|| |
11.81% p.a.based on $30,000
WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.
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How would I benefit from a fixed rate?
Bankwest car loans have fixed rates, meaning the rate you are charged in interest throughout your loan term is set in stone. If you like the competitively low rate bankwest has to offer, you’ll benefit by being protected from changes in the market down the track.
Should I secure my ride to the loan?
Absolutely, secure it! That is, if you want to score the lowest interest rate Bankwest can offer you, which involves signing a dotted line allowing them to claim your car if you default on the loan.
Any car loan minimums or limits?
Bankwest secured car loans start at $10k up to $100k, while its unsecured loans can be a little smaller at $5k.
What would a secured car loan repayment look like?
Let’s say you bought a fancy preloved car for $30k using a Bankwest car loan. Based on the comparison rate at the time of writing, if you paid it off over 5 years, each weekly loan repayment would be $143. For a personalised scenario, try out this useful calculator.
How often would I need to make repayments?
It’s your pick. Choose from weekly, fortnightly or monthly loan repayment frequencies.
What could my car loan term potentially look like?
From 3 to 7 years. Settle on a loan term that reflects how much you can afford to make in repayments on each due date.
Are extra loan repayments allowed?
They sure are. Just think twice before you hand over the extra money, because Bankwest will not give you the option to redraw it.
So are there early loan repayment fees?
Yes, if you pay off your loan less than 2 years into your loan term. Wait ‘till after then and you won’t be charged a fee.
And there isn’t a redraw facility?
Can I buy a second-hand car with one of these loans?
Yes! So long as your car is not over 12 years old when the loan term ends, it will qualify as security.
Are there penalties for making late repayments?
At the time of writing, Bankwest will not penalise you financially for making a repayment late. If you do it often, keep in mind you’ll risk damaging your credit score. To avoid this, set up a direct debit so you never miss a repayment again!
What do I need to apply?
Don’t want to apply online? That’s okay, just call Bankwest’s hotline or visit a local branch. Once you’ve given them all they need to know, Bankwest will get back to you shortly after to let you know how you went. Good luck!
Mozo users have rated Bankwest car loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
I haven't had much experience with banks, but BankWest seems ok. Interest rates could be lower. I'm paying 7.79% over 7 yearsRead full review
I haven't had much experience with banks, but BankWest seems ok. Interest rates could be lower. I'm paying 7.79% over 7 years