Westpac Car Loan

8.49% p.a.

9.67% p.a.based on $30,000
over 5 years

$250

Westpac Car Loan

8.49% p.a.

9.67% p.a.based on $30,000
over 5 years

$250

Mozo Review   Westpac Car Loan Review

Last updated: 9 April 2019.

What's hot:
  • Fixed 8.49% interest rate (9.67% comparison rate*)

What's not:
  • Early repayment penalty

  • $250 establishment fee

Mozo snapshot:

The Westpac Car Loan has one low fixed rate whether you are borrowing money for a new car or a used car. You can choose your loan term, up to a maximum of 7 years and flexible repayment options means you can make repayments when it suits you (weekly, fortnightly or monthly), and not the bank.

Key features:

The interest rate of the Westpac Car Loan is a competitive 8.49% (9.67% comparison rate*) 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.

Any catches?

If you pay out the loan earlier than two years (and initially opted for a longer loan term) just be aware that you'll need to pay a $175 early payment fee.

Details

Rates and fees information correct as at 18 September 2019. 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

  • 8.49% p.a. fixed

  • 9.67% p.a.based on $30,000
    over 5 years

Fees
  • $250.00

  • $12.00

  • $15.00

  • $0.00

  • $175

Other financial bits
  • $10,000.00

  • $100,000.00

  • 1 Year

  • 7 Years

  • Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • none

  • 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

This product is not currently reviewed.

Westpac

About Westpac

As Australia's first bank, Westpac has been serving customers since 1817. Westpac merged with St.George to create Australia's largest financial services company, and customers can enjoy from peace of mind from having the security offered by a major bank behind them. Check out Westpac's range of banking products such as savings accounts, home loans, personal loans, credit cards and other financial services such as its car and home and contents insurance.

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