So, I'm pretty much knee-deep into my first year studying psychology part-time and juggling a couple of part-time jobs. When it came to getting my very own set of wheels, let's just say my savings account wasn't ready to cover the whole 'first car' dream. That's where Macquarie stepped in with a car loan that gave me the extra $15K I needed. Here's the real talk on how it all went down. The Good Stuff: Getting Approved: The thumbs up from Macquarie was super quick. It felt like they were just as excited about my new car as I was! Customer Service: Every time I rang up with a million questions (and trust me, there were many), they were chill and really helpful. Flexibility: They've got options to make extra payments, which is awesome 'cause I'm planning to knock this loan out ahead of schedule. Manageability: The online platform is pretty user-friendly. I can check my balance and manage payments without needing a degree in computer science. The Not-so-Great: Interest Rates: Okay, so I didn't exactly have my glasses on when reading the fine print. The interest rate? Higher than I expected. That's on me though — lesson learned to keep my eyes wide open. Loan Length: I've signed away five years to this loan. It's a bit of a bummer thinking about it, but I'm aiming to get ahead with those extra payments. Overall, I'm sitting comfy with my Macquarie car loan. It's a solid 7 out of 10 for me. Sure, I'm paying a bit more in interest than I'd like, but that's what you get when you jump in head-first. I've got my car, I've got a plan, and I'm learning heaps along the way — about cars, loans, and always reading the details!
Great and easy approval process. However, no online app no statements or emails or SMS updates. Would appreciate more on hands updates or contact. However we have had the car loan for almost 5 years and it's going fine.
I was looking for a competitive car loan last year, I was knocked back by another lender for not having ever used a line of credit. Macquarie didn't bat an eyelid and made my application easy and pain-free for an EV car loan. My only grip is that their online loan banking is terrible, it doesn't easily show you how much is remaining on the loan, you have to request this as a document. I've seen better.
Great rates, flexible repayment options and excellent customer service.
I have had a number of car loans with Macquarie Bank and they have been great people to deal with.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 7.29% would cost $36,387.95 including fees.
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.74% would cost $37,153.94 including fees.
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.
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