ANZ Secured Car Loan

Moneybuddy says

The ANZ Car Loan provides finance for a new or used car (less than 7 years old), with a fixed rate and up to 100% of the car's value. Interest rates are set depending on how much you need to borrow, how old the car is and the term of the loan which can be 1 to 7 years. You can also include on-road costs, insurance and registration costs in some instances. The amount borrowed must be over $7,500. Loan administration charge (LAC) of $5 per month applies.

The Basics

Car type Used and New

Security Secured

Car loan type Conventional Car Loan

Start rate p.a. 13.95%

Interest Fixed

Max. loan $100,000

The cool stuff: features

Loan insurance available? Yes

Repayment schedule Fortnightly or Monthly

Online application Yes

Redraw facility No

Early repayment allowed No

Additional repayments allowed No

The Facts & Figures

Comparison rate p.a. 17.07%

Min. loan $7,500

Min. term 12 months

Max. term 84 months

The ugly stuff: fees

Signup fee $350

Exit fee -

Monthly fee $5

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ANZ says

If you’re looking for a great competitive rate and quick approval (normally within 3 hours) then an ANZ Secured Car Loan may be your best option. We offer a lower interest rate than most personal loans, as we use the car as security.With a fixed interest rate, budgeting is easy because there will be no changes to your repayments during the term of the loan. And with 100% finance available to approved customers, you can get into your new car sooner without having to save a deposit.

Key features

Borrow from $7,500
Loan terms of 1 to 7 years
Flexible repayment options
Get a lower interest rate than personal loans because the car is used as security

Pros

Fixed rate means you can plan your repayments
Competitive rates
$5 monthly fee is lower than many banks

Cons

Establishment fee of $350 is steep

Terms & conditions

ANZ Secured Car Loan application requirements:The car must be less than seven years old.You must be employed.You must be at least 18 years old.The amount being financed must be over $7,500.All applications are subject to ANZ Car Loans' normal credit approval criteria.Please refer to our ANZ Consumer Lending Terms & Conditions (PDF 1.02MB).