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Gateway Bank Used Car Loan

Advertiser disclosure

The details shown below are for a variable loan between $3,000 and $50,000

The details shown below are for a variable loan between $3,000 and $50,000

Choose the version of this loan that suits you best

  • Loan: $3,000 $50,000

  • Loan: $3,000 $50,000

Interest rate from
5.99% p.a.
Comparison rate from
6.20% p.a.based on $30,000
over 5 years
Upfront fee
$149
Interest rate from
9.74% p.a.
Comparison rate from
9.95% p.a.based on $30,000
over 5 years
Upfront fee
$149

Mozo editorial review Gateway Bank Used Car Loan - last updated: 12 November 2020

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What's hot
  • Flexible repayment options
  • Solid 5.99% p.a. variable rate (6.20% comparison)*
  • Free extra repayments and redraws
  • 2021 Mozo Experts Choice Award winner
What's not
  • $149 application fee
Mozo snapshot

Are you after a low-cost loan with flexible features to help you take home a character-filled secondhand car? A Gateway Bank Used Car Loan could be your ticket. You can make additional repayments as well as redraw on that pool of funds if need be, while also taking advantage of the competitive 5.99% p.a. variable interest rate (6.20% p.a. comparison)*. It has also proved its mettle as a used car loan, taking out a win in the 2021 Mozo Experts Choice Awards.

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Key features

Whether you’re looking to drive home your first ever ride (paint scratches and all) or pick up a pre-loved upgrade, this award-winning used car loan could be a great way to reach your goal sooner.

Loan amounts range from $3,000 to $50,000 (if the car is under 5 years old, with a solid variable interest rate of 5.99% p.a. (6.20% p.a. comparison)* and a bunch of flexible loan features. If you’ve got extra cash, you can pay down the loan quicker as there’s penalty-free extra repayments. Then if you do need to dip back into it, there’s also a free redraw facility.

There are no ongoing fees, and you could also score discounts on your car insurance premium when you take out this loan and apply online for CGU car insurance.

You’ll have up to five years to pay off your loan with Gateway Bank and can choose to do so through weekly, fortnightly or monthly instalments.

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Who is it good for

Anyone looking for a smaller loan amount to get you over the finish line of a used car purchase and maintain budget flexibility while you repay it.

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Any catches

While this is relatively budget-friendly financing for buying a used car, don’t forget to factor in that $149 application fee.

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

5.99% p.a.variable

6.20% 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.

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

9.74% p.a.variable

9.95% 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