Westpac car loans

Westpac's overall rating for car loans

(as rated by the Mozo community)

7.1 / 10

based on 106 reviews

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.

Westpac offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

7.49% p.a.

8.68% p.a.based on $30,000
over 5 years


11.99% p.a.

13.15% 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.

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.

Westpac car loan FAQs

Where’s the variable rate?

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….

What is a comparison rate?

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.

Should I secure my car to the loan?

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.

How much can I borrow?

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.

How frequently will I need to make repayments?


How long can I take to pay off my loan?

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.

How much will an early loan repayment penalty set me back?

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.

Can I use a Westpac loan to buy a preloved car?

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.

What’s the application process like?

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!

More helpful car loan quick links