$5k to $125k
based on $30,000 loan amount for 5 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
- Redraw facility available
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
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.
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.
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.
The loan term is the amount of time the lender gives you to repay the car loan. For example, if you take out a $20,000 car loan with a five-year loan term, you would be expected to pay off the entire $20,000 (plus interest) within five years.
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.
Lenders that provide bad credit car loans tend to be smaller challenger lenders rather than the bigger banks.
Bad credit car loans are a niche product. The bigger banks tend to focus on mainstream car loan finance for borrowers with better credit histories. That’s why smaller lenders tend to be the ones that provide bad credit car loans.
Bad credit car loans can have high interest rates and fees, so it’s important to compare options before submitting an application.
Like all things, there are positives and negatives to guarantor car loans, though one may outweigh the other depending on your needs.
Guarantor car loan pros may include that you’re more likely to be approved for a long if you have no credit or a history with bad credit, that you’re more likely to secure a car loan with a lower interest rate, and that because your guarantor car loan is based on a relationship, you will be more inclined to meet your repayment schedule.
However, there are negatives, as well. Guarantor car loan cons may include leaving a detrimental mark on a personal relationship with added strain if you don’t meet your repayments, and you may take out a loan that you can’t actually afford.
Weighing these pros and cons will give you a greater understanding of whether a guarantor loan is ideal for 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.