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My First Car Loan

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Customise your loan summary by entering your details:

I want to borrow

Loan Term

years

Repayment Frequency

My First Car Loan Pros and Cons

Pros:
  • No ongoing fees
  • No early exit penalty
  • Can apply online
  • Can apply in branch
  • Suitable for both new or used car
Cons:
  • Application fee charged
  • Requires security to be held
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BankVic My First Car Loan Fees and Features

New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Upfront Fee
Upfront Fee
$90
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Borrowing range
Borrowing range
$3k - $100k
Total Repayments
Total Repayments
$36,480
Missed Payment Penalty
Missed Payment Penalty
$0
Redraw Activation Fee
Redraw Activation Fee
N/A
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Secured
Secured by vehicle
Secured by vehicle
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Upfront Fee
Upfront Fee
$90
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Borrowing range
Borrowing range
$3k - $100k
Total Repayments
Total Repayments
$36,480
Missed Payment Penalty
Missed Payment Penalty
$0
Redraw Activation Fee
Redraw Activation Fee
N/A
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Secured
Secured by vehicle
Secured by vehicle
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Other Restrictions
must be aged between 18 and 25 years.

FAQs

There are four different ways you can get a car loan. You can go straight to a lender. You can get a finance broker to organise a car loan for you. You can get ‘dealer finance’ – which is when the car dealer organises a car loan for you. Or you can organise your own car loan through a comparison website, like RateCity.

Whichever method you choose, you will need to provide proof of identification, proof of income and proof of savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. You might also be asked to provide proof of insurance.

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