Westpac Car Loans

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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