Thumbnail icon for Bank Australia

Bank Australia Car Loan (Fixed)

Interest rate from
6.45% p.a.
Comparison rate from*
6.66% p.a.based on $30,000
over 5 years
Upfront fee
$150

Mozo editorial review Bank Australia Car Loan (Fixed)

Last updated: 20 May 2020.

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What's hot
  • 6.45% p.a. fixed interest rate (6.66% p.a. comparison rate*)
  • No exit or monthly service fees
  • Extra repayments accepted
  • 2019 Mozo Experts Choice Award-winner
What's not
  • $150 upfront fee
Mozo snapshot

If you’re looking for a car loan that comes with a fixed rate and no surprises then the Bank Australia Car Loan (Fixed) could be the pick for you. This loan comes with a 6.45% p.a. fixed interest rate (6.66% p.a. comparison rate*) and a reasonable $150 application fee. No wonder this car loan picked up a 2019 Mozo Experts Choice Award in the Used Car Loan category. 

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Key features

Although the Bank Australia Car Loan (Fixed) is a no-frills car loan, that doesn’t mean it’s short on value. This low-cost loan features a 6.45% p.a. fixed rate (4.66% p.a. comparison rate*) and comes with no exit or monthly service fee, allowing you to solely focus on putting every last dollar toward getting debt free, though there is a $150 application fee. 

You’ll also get your choice of repayment frequency, either on a weekly, fortnightly or monthly basis, plus, you’ll have the freedom to make additional repayments on your loan. But just remember, if you choose to make any extra repayments, you won’t be able to redraw them. And if you’re planning on buying a second-hand car, keep in mind that the maximum loan term is five years.

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Who is it good for

The Bank Australia Car Loan (Fixed) could be a great choice for borrowers who are after a basic car loan and don’t want to miss out on the added flexibility of choosing when they can make their repayments.

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Any catches

Just keep in mind that the maximum loan term for a second-hand car is five years, so if you were looking to purchase a used car, you may be expected to pay the loan off faster.

Details

Rates and fees information correct as at 19 September 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Fixed

  • 6.45% p.a. fixed

  • 6.66% p.a.based on $30,000
    over 5 years

Fees
  • $150.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

Other financial bits
  • $1,000.00

  • none

  • 1 Year

  • 7 Years

  • Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • 5 year maximum loan term for used cars.

  • none

*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.

Customer Reviews

How are Bank Australia personal loans rated by the Mozo community?

Overall
7.6/10
Price
7.7/10
Features
7.4/10
Customer service
7.5/10
Convenience
7.2/10
Trust
7.9/10

Latest review of Bank Australia Car Loan (Fixed)

  • Overall 9/10
    Fantastic customer service and great products

    I am really pleased to be in a credit union with CSIRO and science teachers, we have a lot of really good programs with environmental emphasis and social responsibility.

    Read full review

    I am really pleased to be in a credit union with CSIRO and science teachers, we have a lot of really good programs with environmental emphasis and social responsibility.

    Price
    9/10
    Features
    5/10
    Customer service
    7/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Rosalie, Victoria reviewed about 5 years ago
Bank Australia

About Bank Australia

Bank Australia is a customer owned bank. Formerly bankmecu, Bank Australia has over 130,000 customers which act as shareholders of the bank. It offers a full range of products including home loans, savings, credit cards and loan products, and because its shareholders are its customers, they benefit from lower rate and fees. Bank Australia also invests up to 4% of its profits in various community projects every year.

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