$10k to $125k
monthly over undefined years
- No application fees
- No ongoing fees
- No early repayment fees
- Can apply online
- Can apply in branch
- Suitable for both new or used car
- Requires security to be held
Missed Payment Penalty
Redraw Activation Fee
Secured By Vehicle
Early Exit Penalty Fee
Available to 457 Visa Holders
$10k - $125k
Car age up to 6 years old
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 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.
Some lenders will charge you an establishment fee, or one-off upfront fee, to cover the cost of setting up your car loan.
One thing to bear in mind is that lenders who offer no credit check car loans are likely to charge higher interest rates and higher fees than on car loans that include a credit check. Also, lenders who no credit check car loans might expect you to pay a higher deposit. You might also be expected to provide security.
Lenders regard no credit check car loans as riskier than other car loans, which is why it’s a niche product that often features special conditions.
Even if you have bad credit or no credit history there are loans that are available to you through specialised lenders. Some lenders in Australia advertise car loan offers without running credit checks, however, the Australian National Consumer Credit Protection act requires lenders to loan money responsibly, so credit checks are normally required by all responsible lenders.
There are also costs associated with vehicle ownership, such as paying for petrol and the obligatory ongoing maintenance. But should you cut down on costs by servicing your own vehicle?
If you’re considering getting out the tool box, spanner, and grease-laden towel, you need to carefully weigh up the risks and benefits. A trained mechanic will need to complete certain tasks, while you may be perfectly capable to handle other aspects yourself.
If you’re short on time, it may be worth paying for the convenience of a full vehicle service. However if you’re trying to slash your expenses, there are some basic maintenance tasks that you can complete yourself.
You should call a mechanic if you’re unsure about a vehicle maintenance task you’re about to take on. However there are a number of maintenance tasks that you may be able to complete with your own two hands including:
- Replacing your car battery
- Changing the oil
- Replacing worn windscreen wipers
- Replacing blown fuses
Remember to keep your car’s body in good condition, by washing and applying a protective wax on a regular basis, too.
Always check your car warranty agreement as some new car purchases come with an extended car warranty provided your services are conducted at the vehicle service centre where you purchased the car. In these circumstances, you may find the service fee is capped, alleviating some of the maintenance woes.
Some companies will advertise no credit check car loans, however under the Australian National Consumer Credit Protection act, credit checks are required by all responsible lenders, so such lenders are likely to have high interest rates. Depending on your income and credit history, you may qualify for a low interest StepUP loan from Good Shepherd Microfinance.
Anyone who knows your circumstances and trusts you to meet your repayments is someone who could potentially go guarantor for you on a car loan, providing that they have an excellent credit history and/or are a home owner.
Parents are the most likely to be accepted by lenders as guarantors, but immediate family such as grandparents, adult children, siblings and de facto partners are also accepted. If you want a friend of colleague to go guarantor for you it is possible but may require a specialist lender and may incur a premium fee.
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.
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.