Westpac

Car Loan

Advertised Rate

7.49%

Fixed

Comparison Rate*

8.68%

Upfront Fee

$250

Loan amount

$10k to $100k

Real Time Rating™

1.75

/ 5
Repayment

based on $30,000 loan amount for 1 year

Advertised Rate

7.49%

Fixed

Comparison Rate*

8.68%

Upfront Fee

$250

Loan amount

$10k to $100k

Real Time Rating™

1.75

/ 5
Repayment

based on $30,000 loan amount for 1 year

Calculate repayment for Westpac product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$2,603

based on $30,000 loan amount for 1 year

MICHAEL KIANG

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Pros and Cons

Pros and Cons

  • Flexible repayment options
  • Can apply online
  • Can apply in branch
  • Suitable for both new or used car
  • Service fee charged
  • Requires security to be held

Westpac Features and Fees

Westpac Car Loan Features and Fees

Details

Total repayments

Interest rate type

Fixed

Borrowing range

$10k - $100k

Security type

Secured

Loan term

5 Years

Secured by

Vehicle

Loan type

Is Fully Drawn Advance

Repayment frequency

Weekly, Fortnightly, Monthly

Age of car

7 years

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

Fees

Upfront Fee

$250

Ongoing Fee

$12 Monthly

Missed Payment Penalty

$15

Early Exit Penalty Fee

$175 during first 2 years

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Application method

Online

Phone

Broker

In branch

Specials
  • Rewards $250 IKEA eGift card when you take out a new Westpac Unsecured Personal Loan
    This offer is only available to customers who apply and are approved for a new Unsecured Personal Loan or Car Loan and sign the loan contract via e-contract between 27 October and 7 December 2020. You must provide your email address at the time of application to receive the eGift Card. Applicants can apply by calling 1300 720 697, visiting a branch or via the online ‘Apply now’ application button. This offer is available to single applicants only and cannot be used in conjunction with any other offer and may be varied or withdrawn at any time. Limit of one eGift Card per customer. Read the product Terms and Conditions before deciding and consider whether a Personal Loan is appropriate for you. If you need help, call 1300 720 697. You will be sent a unique redemption code via email along with instructions on how to redeem your IKEA eGift Card online, within 8 weeks of signing your new loan contract. You must follow the redemption instructions and activate your redemption code within 85 days of receiving your code. After this point, the code to redeem will expire and you will not be able to redeem the IKEA eGift Card. IKEA Gift Cards can be used as full or partial payment on IKEA.com.au or in any IKEA Australia store. IKEA Gift cards cannot be redeemed for cash, or balances transferred to new cards. IKEA is unable to replace the card if lost or stolen. IKEA Gift Cards are valid for 3 years from initial date of issue. Cards may take up to 36 hours to activate. To view full terms and conditions visit IKEA.com.au/terms.

Other Restrictions

Conditions, fees and charges apply

Pros and Cons

  • Flexible repayment options
  • Can apply online
  • Can apply in branch
  • Suitable for both new or used car
  • Service fee charged
  • Requires security to be held

Westpac Car Loan Features and Fees

Details

Total repayments

Interest rate type

Fixed

Borrowing range

$10k - $100k

Security type

Secured

Loan term

5 Years

Secured by

Vehicle

Loan type

Is Fully Drawn Advance

Repayment frequency

Weekly, Fortnightly, Monthly

Age of car

7 years

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

Fees

Upfront Fee

$250

Ongoing Fee

$12 Monthly

Missed Payment Penalty

$15

Early Exit Penalty Fee

$175 during first 2 years

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Application method

Online

Phone

Broker

In branch

Specials
  • Rewards $250 IKEA eGift card when you take out a new Westpac Unsecured Personal Loan
    This offer is only available to customers who apply and are approved for a new Unsecured Personal Loan or Car Loan and sign the loan contract via e-contract between 27 October and 7 December 2020. You must provide your email address at the time of application to receive the eGift Card. Applicants can apply by calling 1300 720 697, visiting a branch or via the online ‘Apply now’ application button. This offer is available to single applicants only and cannot be used in conjunction with any other offer and may be varied or withdrawn at any time. Limit of one eGift Card per customer. Read the product Terms and Conditions before deciding and consider whether a Personal Loan is appropriate for you. If you need help, call 1300 720 697. You will be sent a unique redemption code via email along with instructions on how to redeem your IKEA eGift Card online, within 8 weeks of signing your new loan contract. You must follow the redemption instructions and activate your redemption code within 85 days of receiving your code. After this point, the code to redeem will expire and you will not be able to redeem the IKEA eGift Card. IKEA Gift Cards can be used as full or partial payment on IKEA.com.au or in any IKEA Australia store. IKEA Gift cards cannot be redeemed for cash, or balances transferred to new cards. IKEA is unable to replace the card if lost or stolen. IKEA Gift Cards are valid for 3 years from initial date of issue. Cards may take up to 36 hours to activate. To view full terms and conditions visit IKEA.com.au/terms.

Other Restrictions

Conditions, fees and charges apply

FAQs

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.

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 micro-financing 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 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 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 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.

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 a commercial hire purchase?

A commercial hire purchase, or CHP, 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 an interest rate?

The interest rate is the price you have to pay for borrowing money. The interest rate is expressed as an annual percentage of however much of the loan remains to be paid. For example, if you took out a $10,000 car loan with an interest rate of 8.75 per cent, you would be charged 8.75 per cent of $10,000, or $875 of interest per year. But if you then reduced the outstanding loan to $9,000, your annual interest bill would be 8.75 per cent of $9,000, or $787.50.

What is borrowing capacity?

Borrowing capacity is the amount of money that a consumer is able to borrow from a lender. Each consumer’s circumstances are unique, so different people will have different borrowing capacities. Lenders use their own in-house formulas to calculate borrowing capacity, so the same consumer might have different borrowing capacities at different lenders.

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 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 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.

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 a chattel mortgage?

A chattel mortgage is a mortgage on a movable item. In the case of a car loan, the chattel is the vehicle. The lender maintains a mortgage over the chattel/vehicle until the loan is fully repaid.

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.

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.

What is trade-in value?

The trade-in value is the price you could realistically charge if you were to sell your car to a dealer while buying a replacement vehicle. Generally, a car’s trade-in value is less than its market value. That’s because the dealer has no interest in buying your car unless it can make a profit – which can only be done if the dealer has room to increase the price.

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 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.