ANZ car loans in Australia – Put your car dreams into drive
When you dabble in ANZ’s history, you’ll find plenty that explains its “big four” status. The Australia and New Zealand Banking Group, or ANZ, as it’s popularly known, has a heritage that’s almost two centuries old. If that’s not impressive enough, ANZ’s timeline is liberally sprinkled with many achievements, launches, acquisitions, and celebrations.
Not only is it among the top four Australian banks, but it’s also ranked in the top 50 in the world. As a borrower, you’ll likely expect big things when taking out a car loan from this overachiever. BestFind breaks down this product so you can decide if it fits your situation and expectations.
ANZ car loans at a glance
Disclaimer: Please note that ANZ does not currently have a dedicated car loan product. The “ANZ car loan” is simply a personal loan with a car-buying purpose. ANZ personal loans are also suitable for other purchases and expenses like home renovations, holidays, and weddings.
- Amounts – $5,000 – $50,000
- Loan term – 1-7 years
- Interest rate – From 10.5% p.a.
- Interest rate type – Fixed or variable
- Security – Unsecured personal loan
Fixed rate or variable?
Each option has its unique selling point. With a variable rate personal loan, you get the flexibility to make extra repayments while you’re protected from interest rate fluctuations when you choose a fixed rate personal loan.
Other advantages of a variable rate include being able to pay off your debt without extra charges. Additionally, if you need those extra repayments back, they’re available via a redraw facility. On the other hand, a fixed rate gives you more control over your budget and peace of mind from the certainty that your repayments won’t change.
A closer look at ANZ car loan features
- Repayment options. You can make additional loan repayments if you wish to clear your debt early. Weekly, fortnightly, and monthly repayment frequencies are also available, and BestFind’s ANZ car loan calculator can help you figure out the repayment amount you’re most comfortable with.
- Fees and charges. There’s a one-off $150 approval fee, a $10 monthly administration charge, as well as a $20 late payment fee. When you choose a fixed rate, you may also incur a $300 early repayment administration fee and early repayment costs. Other fees and charges may also apply.
- Unsecured. You won’t have to provide security. At the time of writing, ANZ does not offer secured car loans.
- Additional details. You won’t have to pay stamp duty, and ANZ may allow you to opt for a balloon payment under certain circumstances. If you’re an entrepreneur, ANZ also provides vehicle finance tailored to your business’s cash flow.
How to apply for the ANZ car loan online
You can apply for the ANZ car loan over the phone or at a branch. This is particularly helpful if you’re uncertain about the type of finance you’re after or if you need to speak with a personal loan specialist.
But if you’re confident and want to fast track your application, you can start a full online loan application by clicking your preferred “Go to Site” button in the table above. You’ll need to fit the following eligibility criteria:
- Be at least 18 years old and a permanent Australian resident with a minimum income of $15,000 per year.
- Provide details of your income, expenses, assets, and debts.
- Provide your driver’s licence or account/customer registration number.
- If you’re new to ANZ, provide any two of your Australia’s driver’s licence, Medicare card, passport, or visa.
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