7.6 / 10

based on 592 MyState Bank reviews as rated by Mozo community

MyState Bank car loans

MyState Bank Limited is a financial services provider based in Tasmania with a steady customer base of around 120k. Boasting over 50 years experience in lending money, MyState Bank continues to offer everyday Aussies a range of financing options for those who need a new or used vehicle. Read on if you’re one of them, for all your FAQs answered.

MyState Bank offers the following car loans

Rates and fees verified as correct at 12 April, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
General Purpose Personal Loan (Unsecured, Fixed)

9.99% p.a.

12.45% p.a.based on $10,000
over 3 years

$200

General Purpose Personal Loan (Variable, Unsecured)

9.99% p.a.

13.51% p.a.based on $10,000
over 3 years

$200

Secured Personal Loan (vehicles 2-7 years old, Fixed)

8.49% p.a.

9.12% p.a.based on $30,000
over 5 years

$200

Secured Personal Loan (vehicles 2-7 years old, Variable)

9.49% p.a.

10.46% p.a.based on $30,000
over 5 years

$200

Secured Personal Loan (vehicles up to 2 years old, Fixed)

6.99% p.a.

7.62% p.a.based on $30,000
over 5 years

$200

Secured Personal Loan (vehicles up to 2 years old, Variable)

7.99% p.a.

8.96% p.a.based on $30,000
over 5 years

$200

MyState Bank car loan FAQs

What is a variable interest rate?

It’s simply a rate that could increase or decrease while you’re paying the loan out. If your rate changes during your loan term, what you are billed in repayments will be recalculated either in your favour or not.

All MyState Bank car loans have variable rates and come with plenty of convenient features, which could suit you more than fixed rate loans, that are known to come with less flexibility.

What is a secured car loan?

Good question, as you’ll need to decide whether or not to tie your car to the loan as collateral. Ask yourself if you want to access the lowest interest rate. Answered yes? Then sign all necessary papers giving MyState Bank the power to repossess your vehicle if you default on your loan, and in return it will charge you far less interest. Alternatively, you can opt for a “General Purpose Loan”, which is unsecured and has a narrower borrowing range, but most features like the redraw facility (more on this later) still remain.

How much can I borrow?

The price of your car can range from $3k to $30k if you opt for a General Purpose Loan, or between $10k and $75k with any MyState Bank secured car loan. Make sure you have a strong credit history and financial situation to support your application, as it will help prove your ability to repay the loan.

Can I buy a used car?

Absolutely, but your interest rate will be slightly higher than if you buy a new car that has been on the road for 2 years or less. MyState Bank will allow you to secure vehicles aged between 2 and 7 years old.

Have your heart set on an old Aston Martin instead? Go for MyState Bank’s General Purpose Loan, or simply compare your options and choose another at our car loan hub.

How frequently will I need to make repayments?

Each week, fortnight or month. You’ll elect one billing cycle out of the three when you first take out your loan.

Can I make additional loan repayments and use a redraw facility?

Yes, and here’s the thing...All MyState Bank car loans - whether secured or not - allow you to dip into any extra loan repayments you make while paying off your loan. Convenient, right?

How long can I take to pay off my loan?

It depends on the type of loan you have. Secured loans can range from 1 to 10 years, while unsecured loan contracts can be written up for 1 year up to 7.

What will happen if I repay my loan early?

You’ll be out of debt sooner, and MyState Bank will not charge you a penalty fee for paying off your loan before the final due date.

What’s the car loan application process like?

Straightforward. Like many car loans these days, you’re not expected to visit a branch and can simply apply from your phone or home computer. You’ll be required to provide some personal details in the process too, including:

  • Your passport or driver’s licence
  • Place of employment and income
  • Residential address in Australia
  • Full disclosure of existing debts

Once you’ve given MyState Bank everything they need, the turnaround should be quick. You’ll hear back from them in a couple of business days, and with a little luck those new car keys will be in your hands in no time!

How are MyState Bank car loans rated?

Mozo users have rated MyState 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
MyState Bank car loans
Overall
8.7/10
Price
Features
Customer service
Convenience
Trust

7 Reviews

Recent MyState Bank car loan reviews

MyState Bank General Purpose Personal Loan review
Overall 9/10
Low income issues

Not flexible on incomes without co loaner but overall very helpful and satisfying experience.

Read full review

Not flexible on incomes without co loaner but overall very helpful and satisfying experience.

Price
6/10
Features
7/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Miranda, Tasmania, reviewed almost 6 years ago
MyState Bank Car Loan review
Overall 10/10
Competent service delivery and access to services

Convenient face to face, online access and phone phone applications. Very convenient to the worker employed away from the home environment. Access to ATM's nationally. Great customer service. Quick to "fix" issues with debiting processes when they occur.

Read full review

Convenient face to face, online access and phone phone applications. Very convenient to the worker employed away from the home environment. Access to ATM's nationally. Great customer service. Quick to "fix" issues with debiting processes when they occur.

Price
8/10
Features
6/10
Customer service
9/10
Convenience
10/10
Trust
10/10
Less
Anna maree, Tasmania, reviewed almost 6 years ago
MyState Bank Car Loan review
Overall 8/10
Great interest rates and online banking!

Great interest rates and online banking features. Due to my location in the ACT I cannot go into the branch but otherwise a fantastic company.

Read full review

Great interest rates and online banking features. Due to my location in the ACT I cannot go into the branch but otherwise a fantastic company.

Price
10/10
Features
10/10
Customer service
5/10
Convenience
5/10
Trust
10/10
Less
Mozo community reviewer, Australian Capital Territory, reviewed over 7 years ago
MyState Bank Car Loan review
Overall 9/10
This CU goes the extra bit to help, they care.

I needed to get an automatic car after an accident with my back and thus needed to change over as quick as I could. I went to My State in in the morning and filled out some forms and they suggested a few car dealers that I might find helpful. I went out to look for a car and found one and was able to drive it around for the day, but drove it home and up and down hills, took it to the Credit Union and the person I saw looked it over and the price and I also took it to the RACT for a check up. The Credit Union person phoned the car dealership, made sure I got a good deal on my old car and a good deal on the newer one and I had a cheque. and by 4 pm that afternoon, I was driving away from the credit union in my new car, which I had for a number of years and never gave me any trouble. I was very pleased with the help and car I received.

Read full review

I needed to get an automatic car after an accident with my back and thus needed to change over as quick as I could. I went to My State in in the morning and filled out some forms and they suggested a few car dealers that I might find helpful. I went out to look for a car and found one and was able to drive it around for the day, but drove it home and up and down hills, took it to the Credit Union and the person I saw looked it over and the price and I also took it to the RACT for a check up. The Credit Union person phoned the car dealership, made sure I got a good deal on my old car and a good deal on the newer one and I had a cheque. and by 4 pm that afternoon, I was driving away from the credit union in my new car, which I had for a number of years and never gave me any trouble. I was very pleased with the help and car I received.

Price
5/10
Features
9/10
Customer service
10/10
Convenience
8/10
Trust
8/10
Less
Sandra, Tasmania, reviewed about 8 years ago

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