Greater Bank New Car Loan

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Buying a new car? If you need a loan that is both competitive and flexible, check out Greater Bank’s New Car Loan. Not only does it come with a low fixed rate of 5.49% (5.87% comparison rate*), it also has a bunch of flexible repayment features. Plus, you could be approved for the loan as quickly as 24 hours.

Key features

Greater Bank’s New Car Loan has more than one thing going for it. 

It comes with a super low 5.49% fixed rate (5.87% comparison rate*) and a range of loan terms from one year up to seven years. Borrowers can take out loans anywhere from $5,000 to $100,000 to purchase a new car. Just bear in mind though, you can only borrow up to 80% of the car’s value, so you must have saved at least 20% before you apply. 

With Greater Bank’s New Car Loan customers can choose a weekly, fortnightly or monthly repayment schedule. Plus, they can also make free extra repayments and access a redraw facility if they want to. Also keep in mind, there is no penalty for borrowers that pay down their loan early.  

While there are no monthly service fees attached to this loan, there are a couple of fees to be mindful of. There is a $275 upfront application fee, and it is best to set up automatic repayments because if you miss a regular repayment you will be charged $6 every time you do.

Who is it good for

Greater Bank’s New Car Loan could be a good loan choice for anyone looking for a finance option with a low rate and flexible repayment options. And for those that love banking out of the palm of their hand, customers can track their loan 24/7 on the Greater Bank app.

Any catches

This is a secured loan so you will be putting your new car down as security. 

To qualify for this loan you must be an Australian resident, over 18 and live in either NSW, QLD or ACT. Plus, you must have an annual income of over $20,000 and a satisfactory credit history.