$5k to $125k
based on $30,000 loan amount for 5 years
- No ongoing fees
- No early repayment fees
- Can apply online
- Can apply in branch
- Suitable for both new or used car
- Application fee charged
Missed Payment Penalty
Redraw Activation Fee
Secured By Vehicle
Early Exit Penalty Fee
Available to 457 Visa Holders
$5k - $125k
Compare and review car loans with similar features
Beyond Bank offers a range of car loans, whether you’re buying your car from a dealer or from an ad in the paper. Car loans start from $5,000, with loan terms lasting for up to seven years. Beyond Bank can pre-approve your car loan, so you can search for your car with confidence. Discounts are available for borrowers who are purchasing a green vehicle. Beyond Bank also offers bank accounts, home loans, personal loans, credit cards and insurance. Beyond Bank is a customer-owned institution with more than 200,000 customers and more than 40 branches.
About Beyond Bank car loans
Beyond Bank is a customer-owned bank that provides personal finance products online and through branches, including car loans. Beyond Bank offer a range of low cost car loans that may be suitable for your needs. These include a fee-free loan, a low rate loan and a loan that offers flexible features. Customers of Beyond Bank can contact the bank to discuss products through their call centre, online or in a branch.
Features of a Beyond Bank car loan
Depending on which Beyond Bank car loan you decide on you could have access to a range of different features. These may include the ability to make extra repayments and a redraw facility if you wish to access these payments at a later date. If you do wish to take advantage of these features, you will end up paying a higher interest rate so it is important to weigh up what may be of the greatest use to you.
Beyond Bank car loans have various minimum borrowing amounts from $5000-$10,000 and can be repaid in a period of up to seven years. If you wish to pay off the loan sooner there are no additional penalties. Some of Beyond Bank’s car loans will have a restriction on how old a used car can be when purchased if you plan to use the car as security. If you are unsure if the vehicle you have in mind will qualify for the loan, then it is good to contact the lender before making your decision.
- Customer service centre (phone)
- Mobile app
- Online banking
- Live Chat
- Mobile banking staff
- Below average rates available
- No fee loan options available
- Flexible features loan available
- Available for new and used vehicles
- Some fees may apply
- Not available to 457 visa holders
What RateCity says
Beyond Bank offers a range of car loans that will appeal to borrowers who are looking to keep costs down. Depending on what you are looking for in a loan, Beyond Bank offers below average interest rates and fee free loans that are quite competitive if you meet the eligibility criteria. If you prefer flexibility in a car loan, Beyond Bank also has loan options that may suit although you will be paying a higher interest rate for the privilege.
Beyond Bank offer environmental discounts to borrowers who are purchasing a vehicle for an approved environmental purpose. If you think your vehicle may qualify then you should contact the lender to see what kind of discounts may apply. Borrowers who are looking to purchase a used vehicle may find that not all Beyond Bank loans will be suitable for their needs as the car will need to be less than six years old.
To be eligible for a Beyond Bank car loan you must be able to prove that you are financially able to support the loan by showing proof of a steady income. You will also have to make sure your vehicle is eligible under the loan, especially if you are applying for a loan to purchase a used vehicle.
- Must meet eligibility criteria
- Must be able to pay required fees
- Must not be a 457 visa holder
- Must be applying for a loan for an eligible vehicle
You don’t need good credit to get a car loan, although the worse your credit history, the harder and more expensive it’s likely to be.
Some lenders will do business only with borrowers who have good credit. However, there are other lenders that are willing to offer car loans to borrowers who don’t have good credit. The catch, though, is that they may charge higher interest rates and fees, and also require more paperwork.
If you don’t have good credit and want a car loan immediately, you can search for lenders that work with bad credit borrowers. If you are able to wait, you can work to improve your credit score and then apply for a car loan once you have good credit.
You may be able to get a no credit check car loan in certain circumstances, although it’s important to weigh up your options before doing so.
Most lenders refuse to provide no credit check car loans, because they don’t want to give loans to borrowers without first confirming that they have a track record of repaying debts. So any lenders that do provide no credit check car loans would take measures to protect themselves against the risk of default.
That’s why no credit check car loans have higher interest rates than other car loans. Also, borrowers often have to provide security and put down a larger deposit.
You might be better off finding a specialist lender who will look at your credit history and income, who will decide whether or not you are able to responsibility pay back the loan. Alternatively, you could contact a car finance broker.
Being a student is tough enough, and while you might find the odd student discount on movies and technology, the same can’t be said about car loans, as you can’t really get a discounted student car loan.
Lenders make money on the interest and fees that they charge with loans, and the lowest interest and fees are given to the most reliable credit holders: people with excellent credit history.
As a student, you are unlikely to have enough on your credit report to warrant an excellent history. There are however, ways of getting a lower interest car loan if you can’t get an interest-free loan from the bank of mum and dad. One way of doing this may be through getting a guarantor car loan, which can get you a secured car loan by setting your parents up as guarantors.
Poor credit doesn’t necessarily mean you won’t be able to get finance for your car purchase, though your options aren’t likely to be the same as someone with good credit.
In fact, a number of specialist lenders exist offering car finance for customers with poor credit, able to provide access to bad credit car loans.
However having a history of poor credit will likely mark you as a potential risk to lenders, so your car financing needs could see higher fees and interest rates. Alternatively, consider a secured car loan, which is a type of loan that uses the car you purchase as collateral, reducing the risk.
Other options include getting someone close to act as a guarantor for your car loan, or to talk to a broker about a personalised rate specific to your circumstances.
A guarantor on a car loan is a third party, usually a relative or friend, who guarantees to meet the repayments of a loan for the purchase of a car, if the borrower/owner of the car defaults on the loan.
Guarantor car loans can be useful for people who would otherwise struggle in being accepted for credit to purchase a vehicle. These may include people with bad credit, students and young people who may have no credit history, as well as some pensioners.
Many lenders offer guarantor car loans, guarantor personal loans and guarantor home loans, because of the significantly reduced risk to the lender.
Yes, you can get a car loan with bad credit, although you’ll probably find the process trickier and dearer than that experienced by people who have good credit histories.
You can find a number of lenders that specialise in bad credit car loans. However, make sure you compare bad credit car loans before you sign on the dotted line, because not all car loans are alike and having bad credit may mean you are more likely to be hit with higher fees and interest rates.
If you have bad credit, it’s important not to take out a car loan unless you can afford the repayments because a default could further damage your credit rating. Conversely, if you make all the repayments and repay the loan successfully, your credit rating might improve.
While it’s not necessarily a guarantee, having a guarantor on your car loan will improve your chances of having your application accepted, and may mean that you are able to attain a lower interest rate loan.
Having a guarantor with excellent credit history and/or is a property owner reduces the risk to the lender because the payments are guaranteed by someone who is considered to be financially secure and reliable.
As such, even if your credit history isn’t perfect, a guarantor may be able to help you secure a lower rate from some lenders.
Student car loans are not a necessarily a product in and of themselves, but what you may be looking for is a guarantor car loan.
A guarantor car loan has a third-party act as a form of guarantee for your loan application, telling the bank or lender that if you default on your loan, someone will pay the loan repayments.
Going guarantor on a car loan is no new thing, and before internet-based credit scores, guarantor car loan applicants would apply for loans with a guarantor or property owner who could vouch for the person borrowing the loan.
To get a guarantor car loan, you’ll need someone willing to act as a guarantor for your car loan.
It’s up to individual car dealers to decide whether to promise to hold on to cars in exchange for deposits.
Some car dealers will request a deposit and promise, in return, to hold on to the car for a certain period of time. Others will request a deposit but make no guarantees, other than to return the deposit if they end up selling the car to someone else.
Some car dealers ask for deposits; others don’t. If you get asked for a deposit and you decide to pay it, make sure the dealer gives you signed paperwork before you make the payment and a receipt after you’ve made the payment.