Beyond Bank car loans

Beyond Bank
Beyond Bank's overall rating for car loans

(as rated by the Mozo community)

8.6 / 10

based on 12 reviews

Is there a car on your wishlist of things to buy this year? Consider taking out a Beyond Bank loan to make it happen sooner. As you’ll find by reading below, this credit union offers no less than 5 different car loans that include special perks for environmentally friendly vehicles! Scroll down for more information...

Beyond Bank offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

13.50% p.a.

13.76% p.a.based on $30,000
over 5 years

$175

13.45% p.a.

13.71% p.a.based on $30,000
over 5 years

$175

5.69% p.a.

5.97% p.a.based on $30,000
over 5 years

$200

7.99% p.a.

8.62% p.a.based on $30,000
over 5 years

$200

8.89% p.a.

8.89% p.a.based on $30,000
over 5 years

$0

* 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 for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

Beyond Bank car loan FAQs

First up, what discounts can I receive by choosing to buy an environmentally friendly car?

Beyond Bank likes to reward customers who choose to go green. If you apply for one of its secured car loan products, you may be eligible for a further rate reduction by discussing it with them.

Most of these loans have fixed rates. How are variable rates different?

Fixed rates stay put, while variable interest rates are subject to fluctuate as you pay off your loan, potentially working in or against your favour.

When it comes to Beyond Bank’s only variable rate loan on offer known as the “Flexi” personal loan, you cannot secure your car to it. In other words, if you opt for the variable rate, you’ll be charged interest at a higher rate.

What is a comparison rate?

That rate sitting beside the interest rate in the comparison table above? Well, it’s there to help you gage how much interest you’ll pay along with the common fees. It combines admin fees, sign up costs and the interest rate into one.

Are Beyond Bank secured loans cheaper than its unsecured loans?

Yes. You’ll pay much less in interest if you buy a new or used set of wheels using a Beyond Bank secured car loan, as rates are low and competitive. Choosing a secured loan does require a little more effort, as you’ll need to sign some extra forms and pay a small fee*.

*Security fee not applicable to “No Fee Car Loans”.

Apart from the rates and fees, are Beyond Bank secured and unsecured loans really any different?

No, they all have the same product features like redraw facilities and zero early loan repayment penalties. What makes the “No Fee Car Loan” and “Low Rate Car Loan”
different, is that you’re required to borrow at least $10k and $25k respectively.

How much can I borrow?

It depends on how you’ve repaid debts in the past, as reflected in your credit history that Beyond Bank will obtain when you apply for your loan.

Different loan products have various loan amounts too:

Beyond Bank’s unsecured car loans range from $5k to $80k, whereas you can borrow up to a whopping $125k with a secured loan.

When will I be billed for repayments?

Either each week, fortnight or month. When you first take out the loan, you’ll elect a preferred repayment frequency.

How long will my contract last for?

Your contract will stipulate a loan term, which you and Beyond Bank agree on at the start. It can range from 1 - 7 years. Don’t want to be in debt for too long? It’s okay, you won’t be penalised in fees for finalising your loan early.

So I can bring my balance down with extra repayments?

Yes you can, which essentially brings down the amount of interest you are charged.

Do Beyond Bank car loans have redraw facilities?

Absolutely, every car loan detailed on this page offers a fee-free redraw facility, meaning you’ll have access to extra repayments.

Can I use a Beyond Bank loan for a preloved car?

If you’ve fallen for a handsome old car, it mustn’t be older than 6 years old to qualify for a secured loan, except for the “Special Low Rate Car Loan”, which excludes all used vehicles. Alternatively, a Beyond Bank unsecured car loan does not have any restrictions on the car you choose to buy.

Will I be charged extra for repaying my loan off early?

No Beyond Bank car loan have such penalties.

What’s the application process like?

It’s straightforward taking out a car loan these days, and Beyond Bank’s setup is no different. Sign the dotted line at a local branch, give its customer service line a ring, or do it all online.

Before you leave this page and apply, take note of the things you’ll need to supply Beyond Bank with:

Once you’ve submitted your application, the turnaround is quick. You should hear back from Beyond Bank in a few business days and be cruising around in no time!

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