7.8 / 10

based on 5474 reviews as rated by Mozo community

Suncorp car loans

Suncorp loans have attractively low interest rates and nifty features suitable for those looking to take the next step and purchase a new or used car. If borrowing funds from a regional banking alternative to the big four appeals to you, read all about Suncorp car loans below.

Suncorp offers the following car loans

Rates and fees verified as correct at 02 December, 2020. Other information correct at the time of writing. Advertiser disclosure.

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

7.79% p.a.

8.39% p.a.based on $30,000
over 5 years

$175

Unsecured Personal Loan (Fixed)

10.49% p.a.

11.08% p.a.based on $30,000
over 5 years

$175

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.

Suncorp car loan FAQs

Should I choose a fixed or variable interest rate?

First up, consider your car loan options with this lender. You can opt for a fixed rate, secured car loan, or unsecured personal loan with a choice between either interest rate version.

Even though Suncorp’s car loans with fixed rates are more competitive, remember that variable rates can potentially drop or get bumped up during the loan term, which affect how much interest you pay. Another thing to consider is whether you want the flexibility to repay your loan early. While Suncorp’s variable rate loans don’t have break costs, its fixed rate loans do.

What’s the benefit of opting for the secured car loan?

The great thing about buying a car using a Suncorp loan is your opportunity to secure it, which can leave you better off financially. Secured car loans are cheaper as they have lower rates. The catch? Your choice of car needs to fit the criteria of not being over 12 years old on the contract expiry date.

How much can I borrow?

It all depends on your credit history and financial situation, but all Suncorp car loans range from $5k to $80k. Even though you can take out a secured car loan worth $5k, the value of your car must be $10k or over.

How frequently will I need to make repayments?

It’s up to you. Pick between weekly, fortnightly or monthly due dates. You’re free to bring the balance down even more by making extra repayments, just factor in early loan repayment fees (unless your loan has a variable rate).

How long can I take to pay off my loan?

Terms start from 1 year, all the way up to 7. Work out with Suncorp an ideal time-frame, so you can comfortably pay your bills.

How old can my car be?

Age doesn’t matter when it comes to unsecured car loans, while cars need to be 12 years old or under to qualify as security.

What’s the application process like?

It involves a little preparation. Suncorp will need you to prove your ID, income, liabilities and savings, so round up:

  • Your passport, driver’s licence and most recent utility bill addressed to you,
  • documents that detail any outstanding debts and assets or savings (for example, bank statements),
  • and your last payslip.

To be eligible for a Suncorp car loan, you must be earning at least $25k annually, aged 18 years or older and capable of committing to the loan contract. Ready to take out a Suncorp car loan? Apply online, over the phone or at a local branch. Once you’ve done that, the turnaround is quick and Suncorp can approve your loan within days.

Best of luck and enjoy that new ride!

How are Suncorp car loans rated?

Mozo users have rated Suncorp 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
Suncorp car loans
Overall
7.6/10
Price
Features
Customer service
Convenience
Trust

43 Reviews

Recent Suncorp car loan reviews

Suncorp Car Loan review
Overall 8/10
Happy with their customer support and rates.

Very helpful customer support and trustworthy. Happy with the financial rates.

Read full review

Very helpful customer support and trustworthy. Happy with the financial rates.

Price
6/10
Features
8/10
Customer service
10/10
Convenience
8/10
Trust
9/10
Less
Roy, Queensland reviewed about 1 year ago
Suncorp Car Loan review
Overall 10/10
Suncorp is very good

Suncorp is a very good bank.

Read full review

Suncorp is a very good bank.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Fiona, Queensland reviewed almost 3 years ago
Suncorp Car Loan review
Overall 9/10
A great site for banking

Happy staff that know what you need

Read full review

Happy staff that know what you need

Price
9/10
Features
1/10
Customer service
8/10
Convenience
9/10
Trust
10/10
Less
Gary, Victoria reviewed almost 3 years ago
Suncorp Car Loan review
Overall 6/10
Good enough

They are a bank and do what is expected of them.

Read full review

They are a bank and do what is expected of them.

Price
5/10
Features
5/10
Customer service
5/10
Convenience
6/10
Trust
7/10
Less
Sean, Queensland reviewed over 4 years ago

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