Macquarie Group Limited (commonly known as Macquarie Bank) employs more than 14,000 staff in over 70 office locations across 28 countries. The Australian multinational group is headquartered in Sydney.
Macquarie Bank provides a wide range of financial services and loans, including transaction accounts, credit cards, various home loans, personal loans and car loans. The bank has car loans for personal and business customers.
Customer service is available through the online service portal, mobile app, or via phone.
Macquarie Bank car loan repayment calculator
Total interest paid
Total amount to pay
Macquarie Bank car loans rates
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New Car Loan (Home Owner)
$10k to $250k
Used Car Loan Dealership (Home Owner)
$10k to $250k
New Car Loan (Non-Home Owner)
$10k to $250k
Used Car Loan Dealership (Non-Home Owner)
$10k to $250k
Pros and cons
- Application turnaround in as little as 24 hours
- No early repayment fees
- Loans for new and used cars available
- Establishment fee charged
- Monthly fee charged
- Higher interest rate for older cars
Features of a Macquarie Bank car loan
Macquarie Bank provides secured car loans suitable for car purchasers looking for a new and used vehicles. This bank particularly suits borrowers who prefer a lender that can offer extra services.
You can borrow between $10,000 and $250,000 and pay it off over a maximum loan term of seven years.
Macquarie Bank charges a one-off establishment fee on its car loans, as well as a monthly fee. But you can pay off your loan early without being penalised. Borrowers can choose to reduce their regular repayments by paying a one-off lump sum at the end of the loan. This is known as a ‘balloon payment’.
This lender tailors its car loan rates according to your financial situation and credit history. But as it is a big bank, its rates may not be the lowest on the market.
Macquarie Bank car loans – customer service
Customers can contact Macquarie Bank by phone, or make an online enquiry. Macquarie Bank’s phone line is in operation from 9am to 5pm (AEST/ADST) on weekdays.
Who is eligible for a Macquarie Bank car loan?
- Must be over the age of 18
- Must be a permanent resident of Australia
How to apply for a Macquarie Bank car loan?
You can get an indicative quote from Macquarie Bank and apply for a car loan through their website. Applications may be processed in as little as 24 hours.
- Go to Macquarie Car Loans.
- Select ‘Get a tailored quote’.
- Review your indicative quote and repayment.
- If you’re happy with it, fill in and submit an application. Or you may come back to the quote within five days.
- You will be contacted through email and phone by a dedicated finance specialist.
Alternatively, you can give them a call to speak with a car loan specialist.
Macquarie Bank car loans review
Macquarie Bank provides borrowers a range of tailored car loans. Customers can borrow between $10,000 and $250,000, with a maximum term of seven years.
Macquarie Bank charges several fees, including an establishment fee and monthly fees. However, customers can pay their loan early without penalty.
Borrowers may find Macquarie Bank appealing if they prefer a lender with extra services. For example, car buying specialists at Macquarie Bank may be able to negotiate on your behalf, book test drives and, if you are trading in, help you get your vehicle valued.
The interest rate you can get at Macquarie Bank may vary. This lender tailors its rates according to the customer’s financial situation. This means those with better credit histories and/or a property may be eligible for a better interest rate, while borrowers with poorer credit histories and/or no property may face a higher interest rate.
If you’re looking for the best car loan for you, it’s worthwhile to compare interest rates and features from several different lenders.
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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.
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 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.
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.
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.