Beyond Bank Car Loans

Customer Owned Institution of the year

Beyond Bank provides car loans as well as bank accounts, home loans, personal loans, credit cards, and general insurance.

What car loans does Beyond Bank offer?

At the time of writing, Beyond Bank offers four car loan products:  Low Rate Car Loan, No Fee Car Loan, and Flexi Rate Car Loan, plus a Low Rate Special Car Loan Offer. These loans offers the following features:

  • The option of a fixed or variable interest rate depending on your choice of product
  • Redraw available on certain variable rate loans
  • Discounted rates for new cars
  • Borrow up to 150% of the value of your car with the Low Rate Car Loan
  • Weekly, fortnightly or monthly loan repayment options
  • Interest rate benefit may apply if you purchase for an approved environmental purpose

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Is your car eligible for a secured loan with Beyond Bank?

To be eligible for a secured car loan with Beyond Bank, your application will be subject to its normal lending criteria. Generally, your chosen vehicle might need to be:

  • For personal use
  • Up to six years old (up to two years old for the Low Interest Car Loan Special Offer)
  • A new or used vehicle

Check the PDS (product disclosure statement) for more information regarding Beyond Bank’s car loan criteria.

Does Beyond Bank also offer personal loans?

Yes, Beyond Bank also offers both secured and unsecured personal loans as well as its car loan product.

What are the minimum loan amounts on Beyond Bank car loans?

Beyond Bank says its Low Rate Car Loan and Flexi Car Loan  products come with a minimum amount of $5,000; its No Fee Car Loan has a minimum loan amount of $10,000; its Low Rate Car Loan Special Offer has a minimum amount of $25,000. Beyond Bank’s car loan products have a maximum amount of $80,000.

What loan terms does Beyond Bank offer for car loans?

Beyond Bank car loans come with terms ranging from one to seven years.

What are the fees on Beyond Bank car loans?

Beyond Bank charges the following fees on its car loans:

  • $175 establishment fee (not applicable on No Fee Car Loan)
  • $25 security documentation fee (only on Low Rate Car Loan)
  • $5 monthly account-keeping fee (only on Low Rate Car Loan)

Beyond Bank states that it does not charge fees for early repayment of its car loans.

How to apply for a Beyond Bank car loan

Before you commit to a particular product, you may want to consider comparing your car loan options with Canstar.

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When applying for a car loan with Beyond Bank (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 good credit rating and not be bankrupt
  • Be borrowing a minimum of $5,000, $10,000 or $25,000 depending on the car loan product

In addition, you may also have to meet the minimum loan amounts specified by the provider (see above). 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 Beyond Bank if you’re an existing member.

About Beyond Bank

Beyond Bank says it is 100% customer-owned, and claims to be one of Australia’s largest customer-owned banks. Founded almost 60 years ago, Beyond Bank says it now has over $4.7 billion in assets, 240,000 customers, and over 40 branch locations.

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Written by: James Hurwood | Last updated: June 28, 2019