BankVic offers a fixed interest car loan to members seeking to fund the purchase of their dream car, whether new or used.

As the car loan is secured, BankVic requires that the vehicle purchased is used as collateral for the loan. Borrowers can take out up to $85,000 payable within a term from 1 to 5 years.

Car Loans Available at BankVic

BankVic car loan rates are fairly competitive compared to other financing products with similar features. The bank also charges $0 monthly fees and lets borrowers make additional repayments or pay off their loans at any time without incurring penalties.

Customers generally appreciate the competitive pricing and features of BankVic's car loans. However, as with any product or service, experiences vary.

BankVic Car Loan Features

BankVic car loan is designed to assist members - which include police personnel, health and emergency service workers, and their families - in purchasing new or used vehicles.

Here's an overview of the Victorian bank's car financing product:

• Fixed interest rate

• Borrow from $10,000 to $85,000

• Payable within 1 to 5 years

• Flexible repayment schedules

• Unlimited additional repayments allowed

BankVic Car Loan Fees

BankVic doesn't charge car loan customers monthly account-keeping fees as well as additional or early repayment charges. However, borrowers may be required to pay the following:

• Setup fee (application fee): $90

• Goods security agreement: $20 per security

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

How to Apply for a Car Loan with BankVic

Interested borrowers may apply online through the bank's website or in person at any branch.

In addition to membership at the bank, applicants must be at least 18 years old, have sufficient income to service the loan, and have no history of loan or credit default, bankruptcy, or insolvency to be eligible.

Approval is subject to meeting BankVic's credit assessment.