The Beyond Bank Low Rate Car or Personal Loan not only comes with a solid fixed rate but also has a bunch of flexible features. Whether it's to fund the purchase of a car or another big purchase, as long as you put up a vehicle as security you can borrow anywhere from $5,000. There’s also plenty of options when it comes to loan terms and regular repayments, as well as the option to make free extra repayments and redraws.
There are plenty of things going for the Beyond Bank Low Rate Car or Personal Loan. This product comes with a fixed interest rate, meaning it won’t change over the life of the loan. Plus, you can borrow upwards of $5,000 and choose a term between 1 to 7 years.
But what about the repayment features? Well, Beyond Bank lets you choose what’s best for you. There’s the option of making weekly, fortnightly or monthly repayments as well as free extra repayments and a redraw facility.
And when it comes to fees there are only a handful attached to this loan. There are no exit or early repayment costs, just keep in mind there is an upfront $175 application charge straight off the bat and a $5 ongoing monthly service fee.
This could be a good option for borrowers looking to buy a vehicle or make a large personal purchase. It is a secured option, so customers must put up a vehicle that is a maximum of 6 years old against the loan as collateral.
Remember, this loan is designed for customers borrowing upwards of $5,000 for either a car or personal purchase. However, if you are borrowing $25,000 or more, and are looking to purchase a vehicle, you may qualify for a lower interest rate with the Beyond Bank Low Rate Car Loan Special Offer.
Fixed
6.49% p.a. fixed
7.62% p.a.based on $30,000
over 5 years
$175.00
$5.00
$20.00
$0.00
$0.00
$5,000.00
none
1 Year
7 Years
Vehicle
Weekly, Fortnightly, Monthly
yes
yes
Maximum age of vehicle is 6 years.
none
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.
Very competitive rates.
Read full reviewVery competitive rates.
Greatest loan rates and hassle free to get a loan. Friendly and helpful staff. Issues resolved over internet or email.
Read full reviewGreatest loan rates and hassle free to get a loan. Friendly and helpful staff. Issues resolved over internet or email.
Paid off over 20000 in loans in last 10 yrs, wanted a small redraw 550 for car repairs on a car loan initially 5,500 when down to about 4000. Counter staff talked me into applying for alternative product - 500 overdraft as it would be paid off in 2 pays and increased flexibility. Declined for small income. Car failed. I now walk or bus. Have been a member approx. 45 years, recruited about 500 new members in credit union early years, promised special features after 30 yrs service. Very disappointed. Was a friendly savings & loans society now just a bank.
Read full reviewPaid off over 20000 in loans in last 10 yrs, wanted a small redraw 550 for car repairs on a car loan initially 5,500 when down to about 4000. Counter staff talked me into applying for alternative product - 500 overdraft as it would be paid off in 2 pays and increased flexibility. Declined for small income. Car failed. I now walk or bus. Have been a member approx. 45 years, recruited about 500 new members in credit union early years, promised special features after 30 yrs service. Very disappointed. Was a friendly savings & loans society now just a bank.
The product itself is great, but the staff during the application process were terrible. They forgot to include the cost of insurance so when the loan was about to go through they were going to charge us more than we applied for. Then when it did get approved none of the things the loan were going towards were actually paid. It took phonecalls to national managers to fix the mistakes of one person. This is not common of the bank itself, we have had very good dealings with other branches. It just seems to be the one branch that has poor customer service.
Read full reviewThe product itself is great, but the staff during the application process were terrible. They forgot to include the cost of insurance so when the loan was about to go through they were going to charge us more than we applied for. Then when it did get approved none of the things the loan were going towards were actually paid. It took phonecalls to national managers to fix the mistakes of one person. This is not common of the bank itself, we have had very good dealings with other branches. It just seems to be the one branch that has poor customer service.
I've taken out a few personal loans with Beyond Bank (or its predecessors) over a number of years. This most recent experience largely mirrored earlier ones. Very competitive rates, knowledgeable staff, quick loan assessment process, all sorted within days. While taken out for investment purposes, I can repay this loan early without penalty. If only all banks were this efficient.
Read full reviewI've taken out a few personal loans with Beyond Bank (or its predecessors) over a number of years. This most recent experience largely mirrored earlier ones. Very competitive rates, knowledgeable staff, quick loan assessment process, all sorted within days. While taken out for investment purposes, I can repay this loan early without penalty. If only all banks were this efficient.
Beyond Bank, formerly Community CPS, is one of Australia's largest customer owned banks. Based in South Australia, Beyond Bank operates more than 46 branches across the country. Beyond Bank offers a wide range of banking and financial products including home loans, credit cards, savings accounts, term deposits, bank and and business accounts, and personal loans. The winning combination of great products and local service has helped Beyond Bank win many industry awards, including Best Credit Union in the Mozo People's Choice Awards 2012.
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