Heritage Bank car loans

Heritage Bank
Heritage Bank's overall rating for car loans

(as rated by the Mozo community)

9.1 / 10

based on 14 reviews

Heritage Bank offers a range of car loan packages based on your needs and payment preferences. Check out the different options below for an overview of interest rates, fees and more. And if you have some questions around getting a car loan with Heritage Bank, scroll down for more detailed information.

Heritage Bank offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

5.99% p.a.

6.63% p.a.based on $30,000
over 5 years


8.99% p.a.

9.62% p.a.based on $30,000
over 5 years


11.99% p.a.

12.61% p.a.based on $30,000
over 5 years


*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. WARNING: 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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Heritage Bank car loan FAQs

Should I choose a fixed or variable interest rate?

This really depends on whether you feel more comfortable following a fixed repayment routine on a competitively low, set interest rate or if you prefer the flexibility of making extra loan repayments and redrawing from them at your convenience.

If you’re in favour of the first option, then you should go with Heritage Bank’s secured fixed rate option. But if you want some wriggle room even if it might mean a slightly higher interest rate, you’re better off with a variable rate loan. But don’t forget, a variable rate is subject to market fluctuations so your repayments can go up or down over time.

Is it a good idea to secure my car against a loan?

The main advantage of a secured car loan is your interest rate will usually be better than what is offered with the unsecured loan alternative. But keep in mind, if you default on your repayments, the bank has the authority to claim your car to pay for financial losses.  

What are the minimum and maximum borrowing limits?

Heritage Bank offers quite a generous price range for car loans - with a secured car loan, you can borrow a minimum of $5k and a maximum of $100k and with an unsecured personal loan, you can borrow anything between $5k to $25k.

How frequent will my loan repayment due dates be?

It’s up to you - you can choose to make weekly, fortnightly or monthly loan repayments. Think about what works best for you based on your monthly income and household expenses. It makes sense to pick the date your salary comes in to make repayments easier on the pocket.

What would a Heritage Bank secured car loan repayment look like?

Let’s assume you spend $30k on a brand new set of wheels and you take out a Heritage Bank secured loan with a 5 year term. Based on the comparison rate at the time of writing, your monthly repayments would be $627. But if you prefer to make fortnightly repayments, you’ll pay $289 every 14 days.

If you want to calculate how much you’ll need to pay for different rates and loan cycles, play around with our car loan repayments calculator.

What does a Heritage Bank loan term typically look like?

A Heritage Bank fixed rate secured loan term ranges between 1-7 years (up to 5 years for the unsecured fixed version), whereas the variable rate options can be paid from 1-10 years.

Can I make extra loan repayments?

Yes, with a Heritage Bank car loan you can make additional loan repayments if you like.

What if I want to clear my car loan debt early?

One of the great features of a secured variable car loan with Heritage Bank is that it lets you clear your debt before the loan term comes to an end without extra charges. But if you’re on a fixed rate or on an unsecured loan, you may need to pay additional charges for paying your dues early.

Will I have access to a redraw facility?

Yes, you can dip into extra repayments with a Heritage Bank secured car loan. But there may be terms and conditions applicable - for example, on the amount you can redraw - so it’s best to check with the provider for the exact numbers based on your requirements.

What if I’m late on making a repayment?

As with most lenders, Heritage Bank too will impose a late payment fee of around $20 if you default on a loan installment. But that’s not the only thing to be concerned about - a late repayment can also impact your credit rating, which could have other implications when you apply for a bigger loan like a home loan.    

What information do I need to apply for a car loan?

You’ll need to provide the bank with some basic documents to ensure a smooth application process. Here’s a quick list of what you should be ready with when you sit down to apply:

After the application is complete, Heritage Bank should get back to you soon on whether your loan has been approved or not.

And if you want to explore more options, you can head back to our car loans hub to compare a wide array of providers.

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