Compare Esanda Personal Loans for new and used cars
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.
Esanda car loan repayment calculator
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- Loans generally approved within three business hours
- 100% loans available
- Establishment fee charged
- Monthly fee charged
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
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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.
If you already own a car, you could potentially bring down the cost by selling your car in the process. Before that happens, though, you’ll need to find out how much your car is worth.
One of the first places to find this value is to research the value of your current car, giving you an idea of roughly how much it’s worth in its peak condition.
There are plenty of websites that offer a free online valuation, allowing you to enter your car’s make, model, year, badge and description, with results listing a price guide based on both selling your car privately and through a dealership.
Of course, dealerships will try to profit on your trade-in by buying it for less than they can sell it, making it highly unlikely that you’ll get the same price selling a car to a dealer as you would selling a car privately.
However, private car sales can be costly and can take months to sell, making car trading more convenient with a guaranteed return, even if you may not be able to realise the total value of your car’s worth.
Remember that everything is negotiable. If the dealership is offering you less for your trade than you wanted, try to negotiate elsewhere to gain that money back. Start by negotiating on the price of the trade and then ask them if they can give you a further discount on your new car.
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.
Even if you’ve been denied a car loan before, you might still be able to get car finance. The key is to make the right application to the right lender.
The ‘right’ application is one that makes you look like an acceptable risk, which might include things like improving your credit score, increasing your savings rate and accumulating a bigger deposit.
The ‘right’ lender is one that deals with borrowers like you. For example, while some car loan lenders only deal with good credit borrowers, there are others that specialise in bad credit or poor credit borrowers.
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.
A bad credit car loan is a car loan for borrowers who have ‘bad credit’ or a bad credit history.
Some lenders refuse to offer bad credit car loans, because they believe there is an excessive risk that bad credit borrowers will not repay their loans. However, other lenders are willing to provide bad credit car loans.
Generally, these lenders charge higher interest rates for bad credit car loans than ‘prime’ car loans, reflecting the higher level of risk. Bad credit car loans may also have higher fees than prime car loans.
However, the big advantage of a bad credit car loan is that it allows borrowers with bad credit to access finance. Another advantage is that it could help bad credit borrowers improve their credit rating, assuming they make all their repayments on time.
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.
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.