Bankwest Car Loans
Compare Bankwest car loans
The table below displays a snapshot of Bankwest‘s car loan products on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a five-year loan in NSW.
What car loan(s) does Bankwest offer?
At the time of writing, Bankwest offers a secured car loan for cars and other vehicles. This loan offers the following features:
- Flexible repayment options – your choice of both the loan term and repayment frequency
- A fixed rate to ensure your repayments don’t change
- A potentially lower interest rate than Bankwest’s unsecured personal loan
- The ability to make extra payments if you want to
Is your car eligible for a secured loan with Bankwest?
To be eligible for a secured car loan with Bankwest, your application will be subject to its normal lending criteria. Generally, your chosen vehicle might need to be:
- For personal use
- Less than seven years old
- A new or used vehicle valued between $10,000 to $120,000
Check the PDS (product disclosure statement) for Bankwest’s car loan criteria.
Does Bankwest also offer personal loans?
Yes, Bankwest does offer unsecured personal loans as well as its car loan product. The table below displays a snapshot of Bankwest’s personal loan products on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.
In order to take out a secured car loan with Bankwest you must be looking to borrow at least $10,000.
Bankwest allows you to choose a term ranging from three to seven years for your secured car loan.
There are a number of fees to be aware of when taking out a car loan with Bankwest:
- A once-off $299 application fee when you first apply for your loan
- A $5 monthly loan maintenance fee
- A $250 early repayment fee if you pay off and close your loan in the first 12 months
- A $100 early repayment fee if you pay off and close your loan in the first 13-24 months
See this article for look at the average fees currently charged by car loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017), to see if Bankwest’s fees are more or less what the average customer is paying.
Applying for a Bankwestcar loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with Bankwest (or most providers in Australia for that matter), you generally need to meet the following criteria:
- The car or motorcycle must be for personal use
- You must be 18 or over
- You must be a permanent Australian resident or valid work visa holder
- Currently employed with a stable income
- Have a solid credit rating and not be bankrupt
In addition, you may also have to meet the minimum loan amounts specified by the provider (see above). If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:
- A current driver’s license
- Details of your current and previous (if applicable) employer
- Details of your income, assets, expenses and liabilities
- Previous tax returns if you are self-employed
You may also require your current account number for Bankwest if you’re an existing member.
Bankwest was founded in 1895 by the state government to provide for farmers, under the name Agricultural Bank of Western Australia. Back then, WA was a wide and relatively empty expanse, so Bankwest staff would hit the road and travel for miles between farms, sleeping on the side of the road. In 2008, Bankwest joined the Commonwealth Bank Group.
Bankwest was responsible for a number of banking “firsts” in Australia – they launched blue light signature verification units, drive-through bank branches, WA’s first after-hours cash dispenser (the pre-cursor to the ATM), and Australia’s first bank to fully implement electronic data processing. They were also the first bank in WA to give women jobs as bank tellers.