Westpac Used Car Loan

Moneybuddy says

The Westpac Used Car Loan give you finance for a secondhand car that is less than 7 years old. With a Westpac Car Loan you get fixed minimum repayments that don't change over the life of the loan. You can also make extra repayments if you want to repay your loan faster - a repayment fee of $175 does apply if you repay it in less than 2 years (and the period of the loan chosen is 2 to 7 years). When buying a used car it needs to be valued at $10,000 or more to qualify for a Westpac car loan. You can choose to pay your loan back weekly, fortnightly and monthly. No redraw facility is available however.

The Basics

Interest Fixed

Car type Used

Security Secured

Car loan type Conventional Car Loan

Start rate p.a. 9.99%

Comparison rate p.a. 11.03%

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 Yes

Additional repayments allowed Yes

The Facts & Figures

Min. loan $10,000

Min. term 1 year

Max. term 7 years

The ugly stuff: fees

Signup fee $250

Exit fee $175

Monthly fee $10

Comparison Rate Disclaimer -

Early Repayment Fee -

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Warning: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Westpac says

Get your dream car sooner with a Westpac Car Loan.

Key features

  • For a limited time, get a special 9.99% p.a. fixed rate when you apply now
  • Borrow between $10,000 and $100,000 for a loan term of 1 to 7 years
  • fixed minimum payments, that won't change for the life of the loan
  • Make weekly, fortnightly or monthly repayments
  • $250 establishment fee
  • $10 monthly fee
  • Prepayment fee of $175 if your loan term is greater than 2 years and you pay it off within 2 years
  • Make extra repayments when you have additional funds to repay your loan faster

Pros

  • No early repayment penalty after the 2 year mark
  • Competitive interest rate
  • Make extra repayments when you have additional funds
 

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