Thumbnail icon for Suncorp

Suncorp Car Loan

Interest rate from
5.49% p.a.
Comparison rate from*
6.09% p.a.based on $30,000
over 5 years
Upfront fee
$175

Mozo editorial review Suncorp Car Loan

Last updated: 4 June 2020.

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What's hot
  • Low 5.49% interest rate (6.09% comparison rate*)
  • Flexible repayment options
  • Free extra repayments facility
  • 2019 Mozo Experts Choice Award winner
What's not
  • $300 early repayment penalty (if the loan is paid out within 12 months of settlement)
Mozo snapshot

The Suncorp Car Loan hands over the control of the steering wheel with a low 5.49% interest rate (6.09% comparison rate*) and a flexible weekly, fortnightly or monthly repayment schedule, over a term between 1 and 7 years. There’s also a free extra repayments facility to pay down your loan quicker, but not too quick… there’s a $300 early repayment fee if you pay the whole thing off within 12 months of settlement. This car loan also took out a 2019 Mozo Experts Choice Award for best Car Loan and Used Car Loan. 

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Key features

If you want to keep the excitement of buying a shiny new car, it’s vital to score a killer car loan to help pay for it. Well, with a low 5.49% fixed interest rate (6.09% comparison rate*), loan terms from 1 to 7 years, plus plenty of other great features the Suncorp Car Loan might be just the thing you need.

Is flexibility something you’re looking for in a car loan? Then you’ll be happy to hear that not only are you able to choose from weekly, fortnightly or monthly repayments, but you can also put any extra savings you’ve got towards your loan by using the free extra repayments facility. Just make sure you don’t go crazy and pay off the loan within 12 months of settlement, otherwise a $300 early repayment fee will be coming your way.  

Other fees to consider include $175 application fee, $5 service fee and a $20 late payment fee.

Also remember, in order to qualify for this loan, you must be purchasing a vehicle that is less than seven years old and with a market value of at least $7,500. 

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Who is it good for

Anyone who likes to stay in control of their repayments with flexible options and wants a nice low rate.

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Any catches

While you can take advantage of the free extra repayments facility and pay your loan down sooner, you’ll want to make sure it’s not within the first 12 months of settlement otherwise you’ll get stung with a $300 early repayment penalty. And don't forget that there’s no redraw facility available, so once you’ve made an extra repayment, you won’t be able to get those funds back in an emergency.

Details

Rates and fees information correct as at 11 July 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
  • Fixed

  • 5.49% p.a. fixed

  • 6.09% p.a.based on $30,000
    over 5 years

Fees
  • $175.00

  • $5.00

  • $20.00

  • $0.00

  • $300 if the loan is paid out within 12 months of settlement.

Other financial bits
  • $5,000.00

  • none

  • 1 Year

  • 7 Years

  • Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • Car must be valued over $7,500.

  • none

*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. WARNING: 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 Suncorp personal loans rated by the Mozo community?

Overall customer rating
7.3/10
Price
6.8/10
Features
6.4/10
Customer service
7.5/10
Convenience
7.6/10
Trust
7.6/10

Latest reviews of Suncorp Car Loan

  • Overall 8/10
    Good interest rates

    Good interest rates, great customer service .

    Read full review

    Good interest rates, great customer service .

    Price
    7/10
    Features
    7/10
    Customer service
    8/10
    Convenience
    7/10
    Trust
    8/10
    Less
    Kristy, Queensland reviewed about 5 years ago
  • Overall 10/10
    The best customer service I have ever had

    Out of all of the banks I looked into to get my car loan, Suncorp had the lowest interest rate. Whilst completing my application form I was always kept in the loop and was treated so well. The man dealing with my application was fun, friendly but very helpful and provided easy to understand information regarding the legalities. My loan is a 5 year loan and have been with them for three years. Not once have I gotten off the phone from one of the call centre staff angry or frustrated. All of the staff I have spoken to have always been helpful and friendly. I have never gotten better service from any company. I recommend them to a lot of my friends and family members.

    Read full review

    Out of all of the banks I looked into to get my car loan, Suncorp had the lowest interest rate. Whilst completing my application form I was always kept in the loop and was treated so well. The man dealing with my application was fun, friendly but very helpful and provided easy to understand information regarding the legalities. My loan is a 5 year loan and have been with them for three years. Not once have I gotten off the phone from one of the call centre staff angry or frustrated. All of the staff I have spoken to have always been helpful and friendly. I have never gotten better service from any company. I recommend them to a lot of my friends and family members.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Rebecca, Queensland reviewed over 6 years ago
  • Overall 9/10
    Personalised and fair

    A long time ago now I wanted to update my car. My bank understood me where I had come from and where I was headed. They gave me the credit and the chance I needed and deserved.

    Read full review

    A long time ago now I wanted to update my car. My bank understood me where I had come from and where I was headed. They gave me the credit and the chance I needed and deserved.

    Price
    9/10
    Features
    7/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Mozo community reviewer, Queensland reviewed almost 7 years ago
  • Overall 8/10
    Friendly, helpful, local customer service.

    Friendly, helpful, local customer service.

    Read full review

    Friendly, helpful, local customer service.

    Price
    7/10
    Features
    5/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Mozo community reviewer, Queensland reviewed almost 7 years ago
  • Overall 8/10
    the only job!!

    the only job!!

    Read full review

    the only job!!

    Price
    6/10
    Features
    6/10
    Customer service
    6/10
    Convenience
    6/10
    Trust
    4/10
    Less
    Mozo community reviewer, New South Wales reviewed almost 7 years ago
Suncorp

About Suncorp

From small beginnings as a Queensland agricultural bank, Suncorp has grown to become Australia's sixth largest bank. Today Suncorp provides term deposits, savings accounts, home loans, personal loans and other financial services to over 800,000 customers through 178 retail outlets, 680 ATMs, 46 Business Centres, online banking and 24-hour call centres. Suncorp's branches are spread mainly throughout Queensland, Victoria and New South Wales, but are expanding into other states.

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