Esanda offers conventional car loans as well as novated leases for employees who receive a car as part of their salary package. Loan applications are normally decided within three business hours. Approved customers may be able to bundle insurance and on-road costs in the loan total. Loan terms range from one to seven years. Repayments are fixed and can be paid in fortnightly or monthly instalments. Approved customers can borrow up to 100 per cent of the purchase price. Esanda was founded in 1955 and, in the 1970s, became a wholly owned subsidiary of ANZ.
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Pros and cons
- Loans generally approved within three business hours
- 100% loans available
- Establishment fee charged
- Monthly fee charged
Esanda car loans rates
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About Esanda car loans
A specialist provider of vehicle finance and insurance services, Esanda was first established as a commercial financing division of the English, Scottish and Australia Bank (whose initials, “ES and A” inspired the Esanda name), which later merged with ANZ Bank. Esanda remained a wholly owned subsidiary of ANZ for many years, until the dealer finance section of the business was sold to the Macquarie Group in 2015.
While Esanda also offers business loans and car insurance, it’s best known as a car loan provider, offering car finance privately and through dealerships. Esanda doesn’t have its own branches or offices, so if you’re interested in applying for one of its car loans, you’ll need to do so online or over the phone. Once you’ve applied, it’s possible for your application to be approved in as little as three business hours, so you can drive away with no worries!
Features of an Esanda car loan
Esanda’s car loans are secured by the value of your vehicle, which helps reduce their financial risk so your interest rate stays low. These rates are also fixed, so you’ll make the same repayments for the full term of the loan, keeping your budgeting simple.
The repayment options are also flexible – you can choose a term of 1 to 7 years, paid monthly or fortnightly. You can further reduce your repayments by opting to make a final balloon payment at the end of the loan.
You also have the option of bundling your car’s insurance and on-road costs into your car loan.
- Customer service centre (phone)
- Online banking
- Can apply online
- Available for 457 visa holders
- Suitable for both new or used car
- Monthly fee charged
- Application fee charged
- Requires security to be held
- Cannot apply in branch
What RateCity says:
While you can’t apply for an Esanda car loan in a branch, it is possible to make your loan repayments in person at your local ANZ branch.
Esanda’s car loans have interest rates that are below the market average, though the establishment fee is on the higher side. There are also ongoing fees to pay, and if you pay off your car loan early, there may be additional early termination fees to consider.
If you’re buying a car for business use, there are business car finance options available, including chattel mortgages, offers to hire, and finance leases.
Esanda also provides additional options for cars, such as motor insurance, and may allow you to bundle these costs in to the value of your loan. Just remember that if you exercise this option, you’ll need to pay interest on these costs as you repay your loan.
To apply for an Esanda car loan, you’ll need to be:
- 18 years or older
- looking to borrow $7500 or more
- a permanent resident of Australia or hold a relevant work Visa
- employed, or a self-funded retiree
- not currently bankrupt
Learn more about Esanda
Where can I get a student car loan?
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.
What is a secured car loan?
A secured car loan is a loan that is connected to a form of security, or collateral. Generally, the security for a car loan is the car itself. If you fail to repay the loan, the lender might seize your car, sell it and then use the proceeds to recover their debt.
How to find a great car loan
Historically, finding a great car loan would require excess research ranging from visiting an excess of websites or making phone calls, but technology has moved on. Using RateCity, Australia’s leading financial comparison service, you can check out great deals from a range of lenders on the one site.
To start, select the amount you want to borrow and the length of the loan, narrowing your search to show just fixed or variable interest rate results.
Once you’ve indicated your search criteria, you’ll see an immediate list of lenders, ranked by interest rate or application fees. You’ll also be able to view the monthly repayment amount for each result, helping you to know what you can afford.
Up to six products can be compared side-by-side, complete with more information about each car loan, giving you more information about your options.
When comparing your car loan options, it’s ideal to keep in mind some points find a great car loan for your needs. Consider the following:
- Choosing a low interest car loan can reduce costs
- Selecting an option with low fees and charges is ideal, because these can really add up
- Be aware of penalties, such as early exit penalties if you pay off the loan sooner than expected
- Consider the features that best suit your situation
There are many ways to ensure that you get a great car loan. Ultimately, you’ll end up with the best deal by doing your research and selecting the most suitable product for you.
What is a car loan?
A car loan, also known as vehicle finance, is money that a consumer borrows with the express purpose of buying a vehicle, such as a car, motorbike, van, truck or campervan. Car loans can be used for both new and used vehicles.
How do you get a car loan?
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.
What is a guarantor on a car loan?
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.
What is a guarantor car loan?
A guarantor car loan is a type of loan that features a guarantor on the agreement. The guarantor is a third-party individual, often a friend or relative, who guarantees the loan will be repaid if the borrower defaults on the car loan.
Guarantor car loans are often geared at people who might otherwise struggle being accepted for a secured car loan when purchasing a vehicle. Some of the reasons might include a lack of credit history such as with a student or young person, if there’s bad credit, or age as a factor such as with pensioners.
What is dealer finance?
Dealer finance is a car loan organised through a car dealer – as opposed to car loans organised by a finance broker or directly by the lender.
What are the pros and cons of guarantor car loans?
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.
Can I buy a car as a student?
Buying a car is a huge financial decision, and shy of marriage and purchasing a house (or perhaps around the world travels), it may be the biggest financial decision you make. But if you’re looking at your empty pockets, don’t despair! Your dream of owning your own car could become a reality, if you look for and compare the right car loans for your circumstances.
What are loan repayments?
Loan repayments are the regular payments you make to pay off your car loan. Loan repayments generally occur on a monthly basis, although many lenders will also give you the option of making fortnightly or weekly loan repayments.
Can I get a discounted student car loan?
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.
Can I get a car loan with poor credit?
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.
What is a loan-to-value ratio?
The loan-to-value ratio, or LVR, is a percentage that expresses the amount of money owed on the car compared to the value of the car. For example, if you take out a $15,000 loan to buy a $20,000 car, you have a loan-to-value ratio of 75 per cent. Loan-to-value ratios change over time as you pay off your loan and your car depreciates in value. For example, two years later you might now owe $10,000 on your car, which might now be worth $15,000. In that case, although there would still be a $5,000 difference between the size of the outstanding loan and the value of the car, the loan-to-value ratio would now be 67 per cent.