QBANK

New Car Loan

Advertised Rate

5.99%

Variable

Comparison Rate*

6.62%

Upfront Fee

$195

Loan amount

$1k to $100k

Real Time Rating™

3.33

/ 5
Repayment

based on $30,000 loan amount for 5 years

Advertised Rate

5.99%

Variable

Comparison Rate*

6.62%

Upfront Fee

$195

Loan amount

$1k to $100k

Real Time Rating™

3.33

/ 5
Repayment

based on $30,000 loan amount for 5 years

Calculate repayment for QBANK product

I'd like to borrow

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Loan term

years

Your estimated repayment

$580

based on $30,000 loan amount for 5 years

MICHAEL KIANG

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Pros and Cons

Pros and Cons

  • Lower than average rate
  • No early exit penalty
  • Unlimited extra repayments
  • Flexible repayment options
  • Can apply online
  • Can apply in branch
  • Service fee charged
  • Limited to new cars
  • Requires security to be held

QBANK Features and Fees

QBANK Car Loan Features and Fees

Details

Total repayments

Interest rate type

Variable

Borrowing range

$1k - $100k

Security type

Secured

Loan term

5 Years

Secured by

Vehicle

Loan type

Is Fully Drawn Advance

Repayment frequency

Fortnightly, Weekly, Monthly

Age of car

5 years

Features

Extra repayments

Yes

Redraw facility

redraw activation fee of $0

Instant approval

Time to funding

Fees

Upfront Fee

$195

Ongoing Fee

$5 Monthly

Missed Payment Penalty

$0

Early Exit Penalty Fee

$0

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Application method

Online

Phone

Broker

In branch

Other Benefits

Salary credit

Other Restrictions

Car age up to 5 Years old, Must hold an Everyday Plus account and deposit $1,500 per month

Pros and Cons

  • Lower than average rate
  • No early exit penalty
  • Unlimited extra repayments
  • Flexible repayment options
  • Can apply online
  • Can apply in branch
  • Service fee charged
  • Limited to new cars
  • Requires security to be held

QBANK Car Loan Features and Fees

Details

Total repayments

Interest rate type

Variable

Borrowing range

$1k - $100k

Security type

Secured

Loan term

5 Years

Secured by

Vehicle

Loan type

Is Fully Drawn Advance

Repayment frequency

Fortnightly, Weekly, Monthly

Age of car

5 years

Features

Extra repayments

Yes

Redraw facility

redraw activation fee of $0

Instant approval

Time to funding

Fees

Upfront Fee

$195

Ongoing Fee

$5 Monthly

Missed Payment Penalty

$0

Early Exit Penalty Fee

$0

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Application method

Online

Phone

Broker

In branch

Other Benefits

Salary credit

Other Restrictions

Car age up to 5 Years old, Must hold an Everyday Plus account and deposit $1,500 per month

FAQs

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.

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 early termination fee?

Some lenders will make you pay a penalty, or early termination fee, if you pay off your loan ahead of schedule. This is to compensate them for the interest payments they don’t get to collect.

Can I get car finance on a pension?

 

Yes, as long as you meet basic criteria set out by lenders you are eligible for car finance. Your interest rate will be determined based on your financial history which can be found in your credit report, your income and any property you may own.

Comparing car loans for pensioners before you settle on one is important though, if you want to secure the best possible loan for your circumstances.

What is an establishment fee?

Some lenders will charge you an establishment fee, or one-off upfront fee, to cover the cost of setting up your car loan.

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 variable-rate loan?

A variable-rate loan is one where the lender can change the interest rate whenever it wants. For example, if you sign up for a variable-rate loan at 8.75 per cent, the lender might change the interest rate to 8.90 per cent the month after and then 8.65 per cent the month after that. By contrast, if you take out a five-year fixed-rate loan at 8.75 per cent, the lender is obliged to leave your interest rate at 8.75 per cent for at least five years.

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 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 an upfront fee?

An upfront fee is a one-off fee that many lenders charge when you take out a car loan.

What is compulsory third-party insurance?

Compulsory third-party insurance, also known as CTP 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 compulsory third-party insurance will be used to pay any compensation due to anyone who might be injured or killed. However, compulsory third-party insurance doesn’t cover you for vehicle damage or theft.

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 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.

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 is comprehensive insurance?

Comprehensive insurance protects you in the event you’re responsible for a car accident. Policies vary from provider to provider, but comprehensive insurance generally covers you for damage to your car and property, as well as the other parties’ cars and property. A comprehensive insurance policy may also protect you from theft, vandalism and natural disasters.

What is a CHP?

A CHP, or commercial hire purchase, 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. Once the final payment is made, you take ownership of the car. 

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 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 the principal?

The principal is the value of the loan that is still outstanding. So if a borrower takes out a $20,000 loan, the principal is $20,000. If the borrower repays $5,000 in the first year, the principal is now $15,000.