Ready to turn the key on your next adventure?

Auswide Bank offers secured fixed rate car loans for borrowers hoping to drive away in their dream car, whether new or used, as long as they are purchased from a licenced dealer.

Alternatively, those seeking to buy privately may apply for the bank's personal loan, which, in this context, is referred to as Auswide Bank's unsecured car loan.

Car Loans Available at Auswide Bank

The amount, rates, and loan terms vary depending on whether the loan is secured or unsecured.

A secured car loan, which uses the car as collateral, typically has more favourable terms. However, an unsecured option, which doesn't require collateral, provides greater flexibility regarding the type of vehicle and from where it is acquired.

Secured Car Loan

Auswide Bank secured car loans can be used to finance the purchase of new or used cars purchased from a licenced dealer. According to the bank, motor vehicles aged 7 years and below at the time of sale may be eligible for discounted rates.

Funds for approved applications will be deposited directly to the car dealer.

Features:

• Fixed interest rate

• Borrow up to $75,000

• Payable within 1-7 years

• Monthly repayments

• Additional repayments allowed

Unsecured Car Loan

Borrowers buying automobiles privately or those who prefer not to secure the loan against the vehicle may opt for an unsecured car loan option through Auswide Bank's personal loan. In addition to cars, other vehicles that can be purchased include motorbikes, boats, caravans, and more.

Features:

• Fixed interest rate

• Borrow up to $50,000

• Payable within 1-5 years

• Monthly repayments

• Additional repayments allowed

Fees Charged to Customers

Auswide Bank car loan customers may be required to pay the following:

• Establishment fee: $250

• Account service fee: $5 per month

• Default administration fee: $40 per month

• Early payout fee: $50

Guarantee fees and real-time gross settlement (RTGS) payments may also apply.

These are correct at the time of writing and are subject to change.

How to Apply for a Car Loan with Auswide Bank

Interested borrowers may apply for a car loan with Auswide Bank through its website or in person at any branch. According to the bank, the application process should only take around 20 minutes.

To be eligible, you must be an Australian citizen or permanent resident at least 18 years old and apply as an individual (not a company).

Details and documents required:

• Driver's licence, Australian passport, or other govt-issued ID

• Proof of income (payslips or bank statements)

For more information on Auswide car loans, we recommend contacting the bank's customer service or enquiring via live chat on its website.