The interest rate of the Westpac Car Loan is a competitive 8.49% fixed for your loan term. Loan terms range from 1 - 7 years and you can make extra repayments to pay off your loan faster. But if you choose a loan term longer than 2 years and pay it off sooner, you'll be up for a $175 early repayment fee.
When you choose this loan, remember there is an $250 establishment fee and a $12 monthly fee to budget for. If you are buying a used car just be aware that the minimum loan amount for this loan is $10,000 but it goes up to a maximum of $100,000 so if you've been eyeing off a Porsche this could suit you.
While you can make extra repayments at any time just be aware that there is no redraw facility on this car loan so if you decide you need the money at a later date you won't be able to redraw the cash.
Westpac also offer three convenient options for you to apply for the loan including online, in person at a branch or over the phone.
Who it's good for:
Whereas some car loans only have low rates for new car purchases, the Westpac Car Loan has a competitive rate whether you are buying a new or a used car.
There is some criteria to be aware of as well. You have to be an Australian resident over the age of 18 years and have a regular permanent income.
If you pay out the loan earlier than two years (and initially opted for a longer loan term) just be aware that you'll be up for a $175 early payment fee.