8.7 / 10

based on 1392 reviews as rated by Mozo community

Greater Bank car loans

Greater Bank offers a range of financial products, including loans
to help everyday Aussies buy new and preloved cars. If you need a new
vehicle in your life sooner rather than later, read this page to learn
what flexible features are packed into these loans...

Greater Bank offers the following car loans

Rates and fees verified as correct at 24 November, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
New Car Loan (Fixed, Secured)

5.49% p.a.

5.87% p.a.based on $30,000
over 5 years

$275

Secured Personal Loan (Fixed)

6.49% p.a.

6.88% p.a.based on $30,000
over 5 years

$275

Unsecured Personal Loan (Fixed)

8.95% p.a.

n/a

$275

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.


Greater Bank car loan FAQs

All Greater’s car loans have fixed rates. Is that a good thing?

Yes, if you don’t want interest rate changes to affect you negatively while you’re paying off your loan. On the other hand, because fixed rates cannot change during loan terms, there’s no chance of the rate dropping and you paying less in interest. On the plus side, Greater Bank has attached some of the lowest fixed rates to its car loans in the market!

What if I don’t want to secure my car to the loan?

You can opt for a Greater Bank unsecured loan, which involves being charged at a higher interest rate than its new car loan and secured loan. One benefit to this is not having to sign the paperwork that goes along with securing your car.

Another key difference to keep in mind, is that Greater’s secured and unsecured loans have different borrowing limits. More on this below.

Is there a minimum or maximum borrowing amount?

Yes, if you take out a new car loan or secured personal loan to fund your vehicle, the loan minimum is $5k and maximum $100k. Alternatively, unsecured loans are limited to $50k.

How frequently do I need to make my loan repayments?

Like many car loans in the market, you’re free to choose between weekly, fortnightly or monthly loan repayment dates. Might sound trivial, but choosing the right frequency can really make paying off your loan easier (like the week you get paid for instance).

How long can my car loan contract go for?

Your car loan term can vary, as it comes down to a period that you and Greater agree upon. Generally speaking, secured loans range between 1-7 years, whereas the unsecured version can be up to 5.

Are extra loan repayments allowed?

Certainly, all Greater car loans allow you to make extra repayments, so if you have the cash and want to pay less interest, then go for it!

What about break costs or early loan repayment penalties?

There are none. Some providers can charge borrowers quite a bit for repaying their loan before the final due date, so this is a big plus if you don’t want to wait around for the term to end.

Is there a redraw facility available?

There sure is. And if you’re wondering what a redraw facility is, it’s simply a feature that gives you access to any extra loan repayments you’ve made. With Greater, redrawing funds online is free, unless you do it at a branch.

Can I use a Greater Bank car loan to purchase a preloved car?

It goes without saying that the Greater Bank “new car loan” isn’t, where you secure your new ride to the loan as security for a low rate. But if you have collateral to offer up as security instead, you could take out a regular secured loan to finance a used car.

Otherwise, the Greater Bank unsecured loan could be the way to go for funding your second-hand ride. It has a higher fixed rate than the other two mentioned above.

Can a car loan affect my credit score negatively?

Potentially, if you fall behind on your car loan repayments, or worse, default on the loan. To avoid this happening, set up direct debit payments and only commit to a loan you can afford to repay.

I think Greater Bank offers the right kind of car loan for me. How can I apply?

Oh that’s easy, just get all your details ready to include first, such as:

  • Proof of ID in the form of driver’s licence and/or passport details
  • Residential address in Australia
  • Details of your salary and proof of employment
  • The value of your assets (for secured personal loans)

Next, visit a Greater Bank branch in person, give them a call, or head to the official website to submit an application. Greater will let you know of the car loan outcome within days.

How are Greater Bank car loans rated?

Mozo users have rated Greater Bank car loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of car-loans
Greater Bank car loans
Overall
7.8/10
Price
Features
Customer service
Convenience
Trust

13 Reviews

Recent Greater Bank car loan reviews

Greater Bank Car Loan review
Overall 10/10
Friendly and personal customer service

Pros: Great personal customer service, an old fashioned meeting with the Bank Manager, a conversation about why you want the loan, helpful information and advice about the best options the Bank can offer and a friendly phone call from the same Manager to advise that the loan has been approved and is in your account. Cons: None that I can think of!

Read full review

Pros: Great personal customer service, an old fashioned meeting with the Bank Manager, a conversation about why you want the loan, helpful information and advice about the best options the Bank can offer and a friendly phone call from the same Manager to advise that the loan has been approved and is in your account. Cons: None that I can think of!

Price
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Julie, New South Wales reviewed about 1 year ago
Greater Bank Car Loan review
Overall 6/10
average

Okay

Price
5/10
Features
6/10
Customer service
6/10
Convenience
6/10
Trust
6/10
Less
Malcolm, New South Wales reviewed over 5 years ago
Greater Bank Car Loan review
Overall 8/10
Competative

Convenient service

Read full review

Convenient service

Price
6/10
Features
7/10
Customer service
7/10
Convenience
7/10
Trust
7/10
Less
Carmel, New South Wales reviewed about 6 years ago
Greater Bank Car Loan (Used) (Fixed) review
Overall 0/10
Service is terrible

For a person with over $5000 in savings, I can't even get a car loan. Being employed full time won't help either. You're happy to take $60 month in fees but not for a loan... Cheated comes to mind here. I could easily pay back $5000. I secured a loan elsewhere so we have no real need for Greater anymore.

Read full review

For a person with over $5000 in savings, I can't even get a car loan. Being employed full time won't help either. You're happy to take $60 month in fees but not for a loan... Cheated comes to mind here. I could easily pay back $5000. I secured a loan elsewhere so we have no real need for Greater anymore.

Price
0/10
Features
0/10
Customer service
0/10
Convenience
5/10
Trust
0/10
Less
Mark, New South Wales reviewed over 6 years ago

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