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|
|Green Personal Loan (Fixed, Secured)|| |
7.50% p.a.based on $30,000
|Green Personal Loan (Fixed, Unsecured)|| |
13.89% p.a.based on $10,000
|Secured Personal Loan (Fixed)|| |
8.49% p.a.based on $30,000
|Student Secured Personal Loan (Fixed)|| |
6.93% p.a.based on $30,000
|Student Unsecured Personal Loan (Fixed)|| |
9.99% p.a.based on $10,000
|Unsecured Personal Loan (Fixed)|| |
14.89% p.a.based on $10,000
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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What’s so good about having a fixed rate car loan?
If you don’t like change, then it’s pretty good. Bendigo Bank can’t hike your rate at any point during the loan term, so you are protected from fluctuations in the market. Usually, fixed rates spell inflexibility, but this loan is an exception, with a tiny break cost (around $25), fee-free extra repayments and a redraw facility. With a competitive rate too, you could say it’s a win-win.
Should I pick a secured loan?
Yes, do it! That is, if you don’t mind signing a dotted line allowing Bendigo to claim your car if you default on your loan. In return, you’ll score the lowest rate the bank can offer you.
What type of cars are eligible for the green car loan?
All vehicles with 5 star energy ratings can qualify for the lower rate loan.
Are there any borrowing minimums or limits?
Yes, Bendigo has a decent car lending range as loans can start from $2k. There is no specified limit.
What would a car loan repayment look like?
Let’s do some maths. Say you bought a regular vehicle for $30k and secured it to a Bendigo Bank car loan with a 5 year term. Based on the comparison rate at the time of writing, you would be making loan repayments worth $284 each fortnight. We came up with this figure using our nifty car loan repayment calculator.
What if I want to make extra repayments?
You can do it without being charged a fee and choose to redraw any extra repayments via a redraw facility.
What could my car loan term potentially look like?
It could range from 1 to 7 years. Choose a term to compliment your budget (a.k.a how much you want your loan repayments to be).
What about clearing my debt before the loan term ends?
You’ll need to pay a small penalty fee.
Say I wanted to dip into extra repayments. Could I do that?
Yes, as mentioned earlier, Bendigo Bank has a redraw facility. Be mindful, there may be a minimum amount you must redraw per transaction.
What about second-hand cars?
You can buy a preloved car with a secured Bendigo loan, provided it is in good condition for resale. For the finer points on purchasing used cars, contact the bank.
So what happens if I make a late repayment or miss one?
It’s never advisable to miss a car loan repayment, but things happen. Bendigo may charge you a fee, and too many late repayments can damage your credit score.
What do I need to apply?
A few personal details for Bendigo Bank such as your salary, home address and driver’s licence number. If you have any outstanding debts or own assets, make sure you let them know. When it comes to applying, you can visit a Bendigo branch or give the bank a call. Probably the most convenient way to apply is from the comfort of your own home online. You should hear back from Bendigo with the outcome of your application in a couple of business days.
Mozo users have rated Bendigo Bank car loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
I have been with Bendigo for quite a while now, they were very good helping me with my car loan. Very helpful.Read full review
I have been with Bendigo for quite a while now, they were very good helping me with my car loan. Very helpful.