Regional Australia Bank car loans

Regional Australia Bank

Regional Australia Bank is owned by its members who funnel over 5% of profits back into grassroots community projects. If you’re looking for a feelgood, smaller alternative to the big banks to help fund your next car, Regional Australia Bank could suit your needs. As we explain in more detail on this page, with this bank you can opt for a secured or unsecured car loan and have access to competitive rates and great features.

Regional Australia Bank offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee
Accelerator Car Loan (Variable)
Regional Australia Bank

7.49% p.a.

8.83% p.a.based on $10,000
over 3 years

$195

Car Loan (Variable)
Regional Australia Bank

11.49% p.a.

12.86% p.a.based on $10,000
over 3 years

$195

9.99% p.a.

11.35% p.a.based on $10,000
over 3 years

$195

Unsecured Personal Loan (Variable)
Regional Australia Bank

15.99% p.a.

17.40% p.a.based on $10,000
over 3 years

$195

* 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 for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Regional Australia Bank car loan FAQs

What is a variable rate?

It’s a rate that Regional Australia Bank can bump up or decrease as it likes, even when you’re paying off your loan. As you may have noticed in the table above detailing the car loans on offer, they all have variable rates. The good thing is, that they are competitively low, flexible loans. Just make sure you can afford a potential rate hike before committing to one.

What’s the difference between secured and unsecured loans?

Secured car loans have lower rates than unsecured loans, which charge you more in interest. If you tie your car to the loan as collateral, you’ll need to sign a few extra papers and choose a vehicle aged up to 10 years old.

How much can I borrow?

It really comes down to whether you’ll be a reliable customer of Regional Australia Bank by meeting your loan repayment obligations, which the bank will base on your credit history and financial situation. Your borrowing power may also be limited if your car cannot be secured, but on the plus side, unsecured loans have low minimums and can start at $500. With secured car loans, you can borrow $5k on a regular loan type, or opt for the “accelerated” version and take out a loan of $10k+, while being charged the lowest rate among the lot.

When will I be billed for repayments?

Each week, fortnight or month. It’s your choice!

How long will my contract last for?

Secured car loans can be paid off on a 1 - 5 year term. The life of an unsecured loan can range from 1 - 7 years, unless you are eligible for the “enviro” or “personal touch” loan, which is limited to a 5 year contract.

So I can bring my balance down with extra repayments?

Of course, it’s a great way to cut back that debt. You won’t be penalised if you decide to do it either.

Is there a redraw facility?

Yes, all Regional Australia Bank car loans have redraw facilities, meaning you can dip into any additional funds you’ve topped up your account with.

Do I have to buy a new car?

Not at all. In fact, you can buy a vehicle that has spent 10 years on the road, so long as it’s safe to drive and registered. Of course, opting for an unsecured loan as opposed to a secured type will not restrict your car choice, and you can pick whichever one you like.

Will I be charged extra for repaying my loan early?

Feel free to pay off your debt earlier than expected, as no penalty fee applies.

What’s the application process like?

Straightforward, like many loans these days. Do it online, over the phone, or, if you live near a branch, in person. Keep in mind, you’ll need to include the following details about yourself:

After you’ve submitted everything needed, Regional Australia Bank will get in touch with you within a few business days to discuss the loan outcome. Then you can look forward to taking that new or used set of wheels for a spin!

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