Westpac Car Loans

Westpac provides car loans as well as bank accounts, home loans, credit cards and insurance.

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The table below displays a snapshot of Westpac’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.

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What car loan(s) does Westpac offer?

At the time of writing, Westpac offers a secured car loan for cars and other vehicles. This loan offers the following features:

A fixed interest rate, so that your repayments stay the same
The ability to borrow an additional 10% of the cars value to cover things like accessories and insurance registration
A potentially lower interest rate than you’d get using Westpac’s unsecured personal loan

Is your car eligible for a secured loan with Westpac?

To be eligible for a secured car loan with Westpac, 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
Either made in Australia or imported by the manufacturer

Check the PDS (product disclosure statement) for Westpac’s car loan criteria.

Does Westpac also offer personal loans?

Yes, Westpac does offer unsecured personal loans as well as its car loan product. The table below displays a snapshot of Westpac’s personal loan products on Canstar’s database.

Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.

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Westpac FAQs

Westpac states that you can borrow any amount between $10,000 and $100,000 for a new or used car (conditions apply).

Westpac’s secured car loan has a minimum loan term of one year and maximum term of seven years.

There are two fees to be aware of when taking out a car loan with Westpac:

There is a one-off establishment fee of $250 when you first take out the loan
A monthly service fee of $12

Other fees that can sometimes apply with Westpac include declined direct debit fees, missed payment fees, bank cheque fees and more.

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 Westpac’s fees are more or less what the average customer is paying.

Applying for a Westpac personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with Westpac (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 Westpac if you’re an existing member.

Westpac was Australia’s first bank, and its first officially incorporated company. Established in 1817 as the Bank of New South Wales, Westpac now serves around 13 million customers. It is one of the big four Australian banks and they own a number of other banking brands including St. George, Bank of Melbourne, BankSA, and RAMS.

One of Westpac’s latest initiatives, Businesses of Tomorrow, was launched in 2016. This award recognises 200 emerging businesses and rewards them with professional services, mentoring from influential business leaders, global study tours, national media, and more.

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