Bank Australia car loans – Go green with this finance option
Bank Australia car loans stand out because of the “carbon offset” feature. After all, what could be better than driving your dream car while helping to save the environment? Yet this financial product has even more to offer, and if you read our guide, you might find extra reasons to apply.
Bank Australia secured car loans – Quick overview
- Min amounts – From $1,000
- Min and max terms – Between 1 and 7 years
- Interest rate – From 6.45% p.a.
- Interest rate type – Fixed rate
- Comparison rate – 6.66% p.a
- Security – Your vehicle secures the debt
Bank Australia car loan – Full breakdown
You can piece the following features together to decide whether Bank Australia car loans are a good fit for your financial situation and needs:
- Carbon emission offset. When you get approval, Bank Australia purchases carbon offsets that’ll cover you for each year of your loan term.
- Fixed repayments. An interest rate that never changes also offers protection from sudden increases. Therefore, you’ll know what you’re dealing with when making future financial plans.
- Loan purpose. The funds can buy a car that’s new or used. Used vehicles should not be older than 7 years, and you can only choose a maximum term of 5 years compared to 7 years for new vehicles.
- Repayment options. You have the flexibility to decide on weekly, fortnightly, or monthly repayments. Our Bank Australia car loan calculator is available if you want to work out your estimated monthly repayments.
- Extra repayments. You can make unlimited repayments when you want to clear your debt quickly.
- Fewer fees and charges. Besides an upfront fee, there are no admin, late or early repayment fees. However, some other fees may apply, and these will be specified in your loan offer.
- Discounted LEV car loans. This option is designed for low emission vehicles such as the Nissan Leaf and Tesla. It comes with a 1% interest rate discount plus a fee waiver.
Applying to Bank Australia
To qualify, you must be:
- 18 years or above
- A permanent Australian resident or holder of a valid work visa
- Employed or have a stable and regular income
You’ll also be asked to provide a valid ID and details about your income, employment, assets, expenses, and other debts.
Apply online by clicking “Go to Site” which takes you to the application page. Once you apply, Bank Australia typically responds within 2 or 4 business days.
More about Bank Australia and their financial products
Bank Australia is an environmentally friendly, and 100% customer owned bank. It offers an extensive product portfolio that includes personal loans and home loans. Bank Australia takes great pride in pushing for green initiatives while avoiding investments that support harmful industries such as fossil fuels, tobacco and weapons.
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