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Qudos Bank Car Loan (Variable)

Advertiser disclosure
Interest rate from
6.19% p.a.
Comparison rate from
6.40% p.a.based on $30,000
over 5 years
Upfront fee
$150

Mozo editorial review Qudos Bank Car Loan (Variable)

Last updated: 12 November 2020.

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What's hot
  • 2021 Mozo Experts Choice Award winner
  • No ongoing account keeping fees
  • Flexible repayment options
  • Solid 6.19% p.a. variable interest rate (6.40% p.a. comparison rate)*
What's not
  • $150 establishment fee
  • No redraw facility
Mozo snapshot

If you’re thinking about pumping the breaks on your dream car purchase because you can’t find the right loan, think again. Qudos Bank is offering a pretty competitive variable rate on its secured car loan and won’t charge you ongoing fees while you pay it off. Plus, a medal in the used car loan category of the 2021 Mozo Experts Choice Awards really sweetens the deal.

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Key features

This is a car loan that’ll work for drivers making a significant vehicle purchase or upgrade. To buy a car that’s less than three years old, you can borrow between $10,000 and $150,000 (up to $75,000 for cars aged 3-5 years) at a relatively competitive variable interest rate of 6.19% (6.40% comparison rate)*. 

If you are inching towards the top end of that scale, keep in mind you’ll need to repay the full amount within seven years. You can choose to make repayments weekly, fortnightly or monthly to suit your budgeting needs. 

If you suddenly find yourself in a position to pay more each cycle, you can also make free extra repayments to pay off your loan early without penalties. Just make sure you can afford to take this route, as you aren’t able to redraw on these extra payments.

There are no account keeping fees, but you will have to stump up a $150 establishment fee when you first take out the Qudos Car Loan. And don’t forget this is a secured car loan, so you’ll need an asset (often the car itself) as security should you default on the loan.

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Who is it good for

Any driver wanting a fresh set of wheels and a way to pay off the cost flexibly.

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Any catches

Don’t forget to factor in that $150 establishment fee to your overall car-buying budget. 

And remember, even though you can borrow up to $150,000 if the car you purchase is less than three years old, you still have to repay the loan within seven years. It’ll pay to ensure you have the budget to do so.

Details

Rates and fees information correct as at 24 November 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
  • Variable

  • 6.19% p.a.variable

  • 6.40% p.a.based on $30,000
    over 5 years

Fees
  • $150.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

Other financial bits
  • $10,000.00

  • $150,000.00

  • 1 Year

  • 7 Years

  • Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • none

  • 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.

Customer Reviews

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

Overall
6.8/10
Price
6.7/10
Features
6.2/10
Customer service
6.4/10
Convenience
6.2/10
Trust
6.8/10
Qudos Bank

About Qudos Bank

Qudos Bank (previously Qantas Credit Union) is a customer owned bank and was established in 1959. Qudos Bank has an A2 investment grade rating and offers a full range of banking products including credit cards, home loans, personal loans and saving accounts.

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