St.George Bank offers variable-rate and fixed-rate car loans for borrowers who are looking for their first vehicle, or who want to upgrade to a newer or bigger model. Borrowers can take out loans of up to $80,000 for up to seven years. St.George also offers the full range of personal products, including home loans, savings accounts, credit cards, insurance, investments and superannuation. St.George was founded in Sydney in 1937. It achieved full banking status in 1992 and has been part of the Westpac Group since 2008, following a merger.
Pros and cons
- Borrow up to $80,000
- Loans can be variable or fixed
- Establishment fee charged
- Monthly fee charged
New Car Loan interest rates
Used Car Loan interest rates
Car loan repayment calculator
Thinking about taking out a car loan with St.George Bank? Use our car loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how St.George Bank car loans compare with other options.
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About St.George car loans
From its foundation as a building society in 1937, to its establishment as a bank in 1992, to its merge with Westpac in 2008, St.George has provided Australian customers and clients with an assortment banking services. Its personal banking products include savings and transaction accounts, credit cards and home loans, as well as car loans.
By using the value of your car to secure your St George car loan, you’ll be able to benefit from a low interest rate, helping to keep your repayments affordable for the full term of your car loan. There are options available for variable rate car loans, offering additional flexibility in your repayment options, and for fixed rate car loans, which keep your repayments consistent for simpler budgeting.
St.George branches can be found across Australia, and its services can also be accessed by phone or online.
Features of a St.George car loan
It’s important to note that St.George doesn’t offer car loans specifically – it instead offers personal loans, which can be used to purchase a new or used car. This isn’t that unusual – many car loans are essentially just secured personal loans with fixed interest rates – however St.George also offers additional options.
You can choose one of four available St.George car loan options, depending on whether you’d prefer a personal loan that’s secured or unsecured, and fixed or variable.
Plus, if you’re an existing St.George customer, you may be eligible for other special offers, such as having your establishment fees waived.
- Customer service centre (phone)
- Mobile app
- Online banking
- Live Chat
- Can apply online
- Can apply in branch
- Suitable for both new or used car
- Monthly fee charged
- Application fee charged
- Requires security to be held (secured loans only)
What RateCity says:
If the main feature you’re looking for in a car loan is a low interest rate, then the secured fixed rate car loan option from St.George should be the way to go. With the value of your vehicle reducing St.George’s risk, you’ll be able to benefit from a reduced interest rate that helps to keep your repayments consistently low for the full term of the loan.
If you’re looking for greater flexibility in your car loan, consider one of St.George’s variable rate options. Each of these loans offers access to a Redraw facility, so if you make extra payments to get ahead on your car loan, you’ll have the option to withdraw this money again, should the need arise.
Regardless of which St.George car loan you choose, the same fees and charges will apply, both at the establishment of the loan and monthly.
Anyone can apply for a St.George personal loan online, over the phone, or in a branch, though existing St.George customers may receive additional benefits. To apply, you’ll need to be 18+ and supply your:
- current employment details
- recent financial records
- details for one personal reference.
Learn more about car loans
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.
Can you get a chattel mortgage with bad credit?
Getting approval for a chattel mortgage with bad credit may be possible, given ‘chattel’ (usually a piece of equipment or car) is put up as security for the loan. That means if you fail to repay the loan, the creditor can recover the loaned amount by repossessing and selling the car or piece of equipment. This differs from unsecured car loans, where the asset is not tied to the loan and cannot be taken if you don’t meet the repayments.
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 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.
Can I get a no credit check car loan?
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.
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 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.
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.
How do you get pre-approval for a Commonwealth Bank car loan?
You can apply for a CommBank car loan pre-approval online, over the phone or by visiting a branch. The steps to apply for CommBank car loan pre-approval are similar to any other car loan application and include the following:
- Consider checking your credit rating before applying for the loan. The lender uses your credit score and credit history to help determine your creditworthiness, and decide if you should be granted approval. Your credit score will likely also be used to determine what interest rate they are prepared to offer you.
- Gather all the required documents and your personal information. This should include proof of income, identity and residency.
- Review all the terms and conditions, interest rate and additional fees related to the loan to ensure it meets your requirements.
- Submit your application to CommBank for approval.
Commonwealth Bank will then review and confirm all your details and, if successful, offer you pre-approval. Once you receive the pre-approval for the car loan from Commonwealth Bank, you can start shopping around for a new car with the knowledge you have finances secured.
Where can I find lenders who offer no credit check car loans?
One thing to bear in mind is that lenders who offer no credit check car loans are likely to charge higher interest rates and higher fees than on car loans that include a credit check. Also, lenders who no credit check car loans might expect you to pay a higher deposit. You might also be expected to provide security.
Lenders regard no credit check car loans as riskier than other car loans, which is why it’s a niche product that often features special conditions.
Who provides bad credit car loans?
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.
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.
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.