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Gateway Bank New Car Loan

Advertiser disclosure
Interest rate from
7.04% p.a.
Comparison rate from
7.25% p.a.based on $30,000
over 5 years
Upfront fee
$149

Mozo editorial review Gateway Bank New Car Loan - last updated: 5 February 2021

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What's hot
  • Free extra repayments
  • Redraw facility
  • No early repayment penalty
What's not
  • $149 application fee
Mozo snapshot

If you’re after a new ride, the Gateway Bank New Car Loan might be what you need to get you behind the wheel. With this loan, not only are there plenty of options when it comes to loan amount, loan terms, repayment schedules and more, there are also minimal fees to worry about. Plus, if you’re also on the hunt for some car insurance, there’s a juicy discount up for grabs when you take out this loan.

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Key features

After a variable rate loan to fund your new car? Get familiar with the New Car Loan from Gateway Bank. Whether you’re after a small city car or an outback ute, the variable rate sits at 7.04% (7.25% comparison rate*) for cars up to 12 months old. You can borrow between $3,000 and $50,000. 

Loan terms range from 1 to 7 years and borrowers have the choice of making weekly, fortnightly or monthly repayments. On top of that, there is the option of free extra repayments and a redraw facility. Plus, there is no early repayment penalty if you pay off your loan ahead of time. Not only that, there are also no exit fees or ongoing monthly service charges either! Just remember to budget for the $149 application fee when you first sign up. 

Looking for car insurance too? Another perk of the Gateway Bank New Car Loan is that it gives you a discount on your car insurance premiums if you take out a policy online with CGU.

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Who is it good for

This loan is a good option for someone looking to buy a new car and can benefit from flexibility when it comes to paying down their debt. It would also suit a customer looking to buy car insurance as well, as they can take advantage of the CGU discount.

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Any catches

Bear in mind that this loan is designed for cars up to 12 months old, no older. So if you are looking to purchase a vehicle that has a few more years under its belt, the Gateway Used Car Loan may suit you better.

Details

Rates and fees information correct as at 17 September 2021. 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

Variable

7.04% p.a.variable

7.25% p.a.based on $30,000
over 5 years

Fees

$149.00

$0.00

$0.00

n/a

$0.00

Other financial bits

$3,000.00

$50,000.00

1 Year

7 Years

Vehicle

Features

Weekly, Fortnightly, Monthly

yes

yes

none

Discount on CGU Car Insurance premiums

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.

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About Gateway Bank