If you’re after a new or used car, big four bank Westpac can offer you two fixed rate loans to help finance it. So should you choose the secured or unsecured version? Use this page to help you reach a decision, thanks to the table of rates and FAQs answered below.
|Product||Interest rate from||Comparison rate from*||Upfront fee|
Car Loan (Fixed, Secured)
8.68% p.a.based on $30,000
Personal Loan (Fixed, Unsecured)
13.15% p.a.based on $30,000
† 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.
Good question, as Westpac only offers fixed rate car loans. Unfortunately, like many fixed rate products in the market, they have few flexible features. On the plus side, the competitively low interest rate is guaranteed for the life of your loan. If you’d prefer a variable rate loan, return to our hub and compare car loans. Otherwise, read on….
It’s an indicative rate to reflect what you’ll pay over the course of your loan, such as the signup fee, monthly admin costs and the interest rate. Use it to help gage how much money on top of the loan you could end up paying to Westpac.
Yes, if you want a cheaper loan. With a Westpac secured loan, you’ll end up paying much less in interest, compared to what you would pay as an unsecured loan customer. But you’ll need to borrow at least $10k, as that’s the minimum loan amount. If you only want a basic car, pay more interest on a lower loan amount with an unsecured loan instead.
Unsecured loan amounts range from $4k to $50k, while Westpac’s secured car loans start from $10k, all the way up to $100k. Of course, you need to pass the credit history test and be in a suitable financial situation to meet your repayment obligations.
From 1 to 7 years- plenty of time to repay your loan. Choose a term that reflects your financial situation, as you’ll be charged a fee for clearing your debt before being required to.
Ask Westpac that question, as the figure will be a calculation based on financial loss for the bank. If you end up facing the dilemma of whether to clear your debt or wait, find out which scenario will pinch your hip pocket the least.
Yes, but your choice of wheels needs to be 7 years old or newer to qualify for security. It should also be insured and registered. If you want an unsecured loan instead, there’s really no age limit on the car you can purchase with it.
It’s never been easier to apply for a car loan online, but you can also do it in person or over the phone. Just be prepared to give Westpac the deets they need, including:
Once you’ve applied, you won’t need to wait long. Westpac will get back to you on the outcome within a few business days. Then you can enjoy that new or used set of wheels!