Rates and fees verified as correct at 17 April, 2021. Other information correct at the time of writing. Advertiser disclosure.
|Product||Interest rate from||Comparison rate from||Upfront fee|
|Edge Overdraft (Variable, Unsecured)|| |
|New Car Loan (Variable, Secured)|| |
7.25% p.a.based on $30,000
|Unsecured Personal Loan (Fixed)|| |
11.63% p.a.based on $10,000
|Unsecured Personal Loan (Variable)|| |
10.87% p.a.based on $10,000
|Used Car Loan (Over 5 years old, Variable, Secured)|| |
9.95% p.a.based on $30,000
|Used Car Loan (Under 5 years old, Variable, Secured)|| |
6.20% p.a.based on $30,000
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.
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.
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.
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.
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!
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.
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.
Go ahead if you like, because these secured car loans don’t have break fees.
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.
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.
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).
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…