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Gateway Bank car loans

Welcome to the page that answers all questions you may have about
Gateway Credit Union car loans. With a history spanning over 60 years,
this provider currently offers car loans that have competitive interest rates and a range of features. Continue on your quest to find an ideal one by reading below...

Gateway Bank offers the following car loans

Rates and fees verified as correct at 04 December, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Edge Overdraft (Variable, Unsecured)

11.74% p.a.



New Car Loan (Variable, Secured)

7.04% p.a.

7.25% p.a.based on $30,000
over 5 years


Unsecured Personal Loan (Fixed)

10.59% p.a.

11.63% p.a.based on $10,000
over 3 years


Unsecured Personal Loan (Variable)

9.84% p.a.

10.87% p.a.based on $10,000
over 3 years


Used Car Loan (Over 5 years old, Variable, Secured)

9.74% p.a.

9.95% p.a.based on $30,000
over 5 years


Used Car Loan (Under 5 years old, Variable, Secured)

5.99% p.a.

6.20% p.a.based on $30,000
over 5 years


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.

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.

Gateway Credit Union car loan FAQs

What do Gateway’s car loan rates look like?

Gateway Credit Union provides highly competitive variable interest rate car loans, where the rate you are entitled to depends on the car’s age. For instance, taking out a secured car loan to buy a new car will give you the lowest rate Gateway has on offer. It increases slightly when you are financing a second hand car less than 5 years old, then higher again for older used cars.  

While Gateway can adjust its car loan rates during loan terms, unlike many fixed rate loans, you are free to clear that debt early without paying a break cost. But if fixed rates are more your thing, compare other products in the car loan market here.

Is it necessary to secure my car to the loan?

If you want to buy a new or pre-loved ride, securing your car to the loan as collateral is one sure way to score the most competitive rate Gateway can offer you (for the age of the car). If you don’t want to secure it, you’ll need to take out a regular unsecured loan.

How much can my car cost?

Keeping in mind the amount you can borrow will depend on your credit rating and financial circumstances, Gateway can issue loans from $3k to $75k for new cars and $3k to $50k for used cars.

What can I expect to be paying?

Say you bought a brand new $30k car with a Gateway Credit Union new car loan. Using Mozo’s personal loan repayment calculator, based on the comparison rate at the time of writing at 6.20%, each monthly repayment would be $583.

How frequently would I be making car loan repayments?

Weekly, fortnightly or monthly. Great, right? It means you can coincide your car loan repayment frequency with the week you get paid to help keep your budget in check!

What do Gateway car loan terms looks like?

With a Gateway Credit Union car loan, you’re looking at a term from 1-7 years with a new car and 1-5 if your new ride is pre-loved. These are time-frames you can discuss with Gateway.

With a Gateway Credit Union car loan, can I make extra repayments?

Yes you can! If you want to pay less dollars in interest and make additional repayments, Gateway will let you do it fee free too.

I don’t like being in debt too long. What if I want to repay my loan before the final repayment is due?

Go ahead if you like, because these secured car loans don’t have break fees.

Does Gateway Credit Union have a redraw facility?

It sure does, and the facility is free too! You have access to any additional loan repayments you’ve made during the loan term, but there is a minimum required amount. This flexibility means you can benefit from paying less dollars in interest by making extra repayments, plus dip into them when life’s other expenses crop up.

What if I don’t want to buy a new car, but a second hand or vintage one?

That’s totally fine, just remember older cars spell slightly higher interest rates. So long as your car meets the requirements to be a secured asset and the price tag is $3k or more, a Gateway Credit Union car loan could be suitable for you.

Will I be penalised for making a late repayment?

Now this is where you need to be careful. Like most car loans, making a late repayment should be avoided. If you think you won’t be able to make the next one on time, contact Gateway Credit Union pronto. Usually late repayments equal late fees, and one too many could potentially put a dent in your credit score. The worst case scenario of missing car loan repayments would be that you forfeit the loan and lose your car (if you’ve secured it).

So...how can I take out one of these car loans?

Easy peasy. Start by clicking a “go to site” icon next to the loan of your choice at the top of the page, and fill out a Gateway Credit Union online form. In your application you’ll need to…

  • Supply details of any assets you have such as land, house, contents, vehicles, savings, shares and super.
  • Prove your ID with a passport or driver’s licence number.
  • Provide proof of income and employment details.
  • Disclose debts you have including from other loans, overdrafts, credit and store cards.

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