Macquarie Bank

New Car Loan (Home Owner)

Advertised Rate

6.42%

Variable

Comparison Rate*

7.72%

Upfront Fee

$520

Loan amount

$10k to $250k

Real Time Rating™

2.74

/ 5
Repayment

based on $30,000 loan amount for 5 years

Advertised Rate

6.42%

Variable

Comparison Rate*

7.72%

Upfront Fee

$520

Loan amount

$10k to $250k

Real Time Rating™

2.74

/ 5
Repayment

based on $30,000 loan amount for 5 years

Calculate repayment for Macquarie Bank product

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Loan term

years

Your estimated repayment

$586

based on $30,000 loan amount for 5 years

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Pros and Cons

Pros and Cons

  • Lower than average rate
  • Flexible repayment options
  • Can apply online
  • Can apply in branch
  • Service fee charged
  • Limited to new cars
  • Requires security to be held

Macquarie Bank Features and Fees

Macquarie Bank Features and Fees

Details

Total repayments

Interest rate type

Variable

Borrowing range

$10k - $250k

Security type

Secured

Loan term

5 Years

Secured by

Vehicle

Loan type

Is Fully Drawn Advance

Repayment frequency

Fortnightly, Monthly

Age of car

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

Fees

Upfront Fee

$520

Ongoing Fee

$8.25 Monthly

Missed Payment Penalty

$50

Early Exit Penalty Fee

$750

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Application method

Online

Phone

In branch

Other Benefits

Earn 1 Qantas Point for every dollar financed up to 100,000 points

Other Restrictions

Brand new vehicles - vehicle cannot be older than 12 years at expiry of loan term. Max rate may apply for vehicles manufactured in 2014 or older. For loan terms over 60 months, an interest rate loading of 1% is applicable. Valuation and inspection fees at cost.

Pros and Cons

  • Lower than average rate
  • Flexible repayment options
  • Can apply online
  • Can apply in branch
  • Service fee charged
  • Limited to new cars
  • Requires security to be held

Macquarie Bank Features and Fees

Details

Total repayments

Interest rate type

Variable

Borrowing range

$10k - $250k

Security type

Secured

Loan term

5 Years

Secured by

Vehicle

Loan type

Is Fully Drawn Advance

Repayment frequency

Fortnightly, Monthly

Age of car

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

Fees

Upfront Fee

$520

Ongoing Fee

$8.25 Monthly

Missed Payment Penalty

$50

Early Exit Penalty Fee

$750

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Application method

Online

Phone

In branch

Other Benefits

Earn 1 Qantas Point for every dollar financed up to 100,000 points

Other Restrictions

Brand new vehicles - vehicle cannot be older than 12 years at expiry of loan term. Max rate may apply for vehicles manufactured in 2014 or older. For loan terms over 60 months, an interest rate loading of 1% is applicable. Valuation and inspection fees at cost.

FAQs

How much can I get towards a new car as a single parent?

It really depends on your financial circumstances as to how much a lender will grant you towards a new car as a single parent. With most lenders, the smaller the loan you apply for, the higher your chances are of approval, so getting a cheaper car or adding some savings of your own, may be a valid option if you are struggling for approval on a car loan.

What is proof of residence?

Before giving you a car loan, lenders will ask for proof of residence – documentary evidence that you live where you claim you live. Lenders will typically want some combination of utility bills, bank statements, mortgage documents or driver’s licence. The reason lenders want proof of residence is to verify your identity and credit history.

What is a finance lease?

A finance lease, also known as an asset lease or car lease, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. At the end of the lease, you can either buy the car or hand it back. 

What is an asset lease?

An asset lease, also known as a finance lease or car lease, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. At the end of the lease, you can either buy the car or hand it back.

What is a credit score?

Your credit score is a number that represents how credit-worthy you are. The higher your credit score, the more credit-worthy you are and the more likely you are to receive loans from credit providers.

There is no industry standard for credit scores – different credit reporting bodies use different methodologies. For example, Equifax gives consumers scores between 0 and 1,200; Illion (through the Credit Simple service) gives scores between 0 and 1,000; and Experian gives scores between 0 and 999.

When it comes to car loans, lenders tend to offer lower interest rates to borrowers with better credit score. There are steps you can take to improve your credit score, including paying bills on time and paying off existing loans.

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.

Can I get a car loan if I am on disability benefit?

Yes, there are some lenders who will consider your application if you are on a disability pension. As long as you have an income, usually of over $400 a week, there are lenders that are willing to supply you with a loan. There are also microfinancing charitable organisations that provide low interest loans for people on low incomes for certain necessary amenities, such as cars, if they match the specified criteria.

What is a finance broker?

Finance brokers help borrowers organise car loans with lenders – that is, they act as middlemen between borrowers and lenders. While lenders will only recommend their own products, finance brokers recommend products from a range of lenders. Finance brokers need to be accredited with a lender to do business with that lender; a typical broker will be accredited with between 10 and 30 lenders. Finance brokers generally don’t charge consumers; instead, they receive commission payments from lenders.

What is repayment frequency?

Repayment frequency is how regularly you have to make car loan repayments to your lender. The most common repayment frequency is monthly, but many lenders will also give you the option of making fortnightly or weekly repayments.

What is CTP insurance?

CTP insurance, also known as compulsory third-party insurance or a green slip, is compulsory if you want to register a vehicle in Australia. If you’re responsible for a car accident, your CTP insurance will be used to pay any compensation due to anyone who might be injured or killed. However, CTP insurance doesn’t cover you for vehicle damage or theft.

What is an LVR?

The LVR, or loan-to-value ratio, 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 an LVR of 75 per cent. LVRs 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 LVR would now be 67 per cent.

What is a green slip?

A green slip, also known as compulsory third-party insurance or CTP insurance, is compulsory if you want to register a vehicle in Australia. If you’re responsible for a car accident, your green slip will be used to pay any compensation due to anyone who might be injured or killed. However, a green slip doesn’t cover you for vehicle damage or theft.

What is vehicle finance?

Vehicle finance, also known as a car loan, is money that a consumer borrows with the express purpose of buying a vehicle, such as a car, motorbike, van, truck or campervan. Vehicle finance can be used for both new and used vehicles.

What is salary packaging?

Salary packaging is an arrangement you can make with your employer that can allow you to buy a car from your pre-tax salary. The advantage of salary packaging is that it will redue your taxable income.

What is a balloon payment?

Some lenders will offer borrowers reduced monthly repayments in return for a one-off lump sum – or balloon payment – that the borrower has to pay at the end of the loan. Generally, the total repayments on a loan with a balloon structure will be higher than a loan without.

What is an operating lease?

An operating lease is an arrangement by which a company leases a car from a vehicle fleet supplier for a set period. It’s a bit like a long-term car rental in that the company gains access to the car but the supplier retains ownership. Companies like operating leases because they are tax-deductible and because they save the company from having to make a large upfront payment to buy a car.

Can you get a car loan as a single mum?

Getting a car loan can be tricky if you’re a single mum, but it’s not impossible. Juggling your finances can be difficult, particularly if you are reliant on a sole income or on Centrelink payments (or a combination of the two), and having a car is a necessity rather than a luxury for many who have to look after children. Luckily there are specialist providers and services that can help you get the loan you’re after, even if you’re in a tough spot financially.

What is a novated lease?

A novated lease is a car lease that is ‘novated’, or transferred from one party to another. Novated leases are often used when companies provide a car as part of a salary package. The employer signs for the lease and makes the lease payments, but the employee assumes the responsibility of looking after the car. While most car leases involve two parties, novated leases involve three – employer, employee and financier.

What is collateral?

Collateral, or security, is an asset you agree to surrender to a lender if you fail to repay a loan. Generally, the collateral for a car loan is the car itself. So if you fail to repay the loan, the lender might seize your car, sell it and then use the proceeds to recover their debt.

Where can I find car loans for single mothers?

Single mothers can sometimes find that due to their circumstances the bigger banks can be less inclined to lend to them, but there are smaller companies and specialist lenders who can be willing to provide loans to people in a range of circumstances.

Single mothers could benefit from getting in touch with a car finance broker, as a broker is likely to have knowledge and access to options that are suited to their needs.

Advantages to using a broker:

  • Finance brokers often don’t charge for their services as they work on a commission basis from lenders.
  • Brokers will have industry knowledge and contacts within lending companies and is therefore more likely to be able to find the best deal for your circumstances.
  • Brokers are qualified professionals who are licensed under the National Consumer Credit Protection Act so have an obligation to follow responsible lending practices and to work in your best interests.

Find car finance through a broker.