BankVic car loans – Get credit options that suit your needs
Every financial institution has a story, and BankVic’s story starts in 1974 when it was established to service Victoria Police members and their families. The Victorian-based, member-owned bank has since extended its services and wide range of products to members of the health, emergency, and public services sector.
When it comes to numbers, BankVic has over 113,000 members and 2 billion in assets. If you’re a member or thinking about joining to apply for a BankVic car loan, here are the details that will help you make the best decision for your situation.
BankVic car loans in a nutshell
Disclaimer: Like most Aussie lenders, BankVic has consolidated its car loans with its personal loans. Therefore, you’ll find BankVic car loans are considered part of this lender’s personal loan product.
BankVic offers secured and unsecured credit to help you buy a car. As is to be expected, the secured loan option comes with a lower rate, though both products share several features. Overall, BankVic’s car loans are best for customers looking for payment flexibility and more than one option to choose from.
What types of loan products does BankVic offer?
- BankVic’s fixed rate secured loan. Because you’ll be using your car as security, you get a lower rate than the unsecured option. This product also comes with a minimum loan amount of $10,000 and a fixed rate, so your repayments won’t change over the life of the loan.
- BankVic’s unsecured variable rate personal loan. This option is more flexible since it allows you to borrow a minimum of $500 without using your car as security. A variable rate means your repayments may fluctuate.
BankVic also offers an overdraft facility for short-term financial needs as well as credit cards and home loans. If you need to borrow for something else, you can check out BankVic personal loans. Use our BankVic car loan calculator instead if you need to find affordable repayments before applying.
- There’s a $90 application fee which is lower than what most lenders offer. At the time of writing, BankVic does not charge a monthly service fee.
- You can make weekly, fortnightly, or monthly repayments.
- BankVic gives you the ability to make additional repayments without incurring an early repayment penalty.
- Payment fees and charges such as dishonour fees and direct debit stopped payment fees may also apply.
How to apply for a BankVic car loan
Ready for an online car loan application that only takes up to 5 minutes of your time? Click “Go to Site” in the table above and immediately switch over to BankVic’s website. Once you land on the application page, fill in the relevant details and submit. BanVic will be in touch, asking for the following supporting documentation:
- Payslips for the last two months;
- Bank statements for the last 3 months;
- Most recent statements for any existing credit accounts.
But you have to be a member to apply for a car loan. If you’re not, joining requires you to provide details about your driver’s licence and passport. Eligibility criteria for all applicants include the following:
- Be an Australian resident who’s at least 18 years of age;
- Must not have declared bankruptcy, insolvency, or have defaults and judgements in the last 5 years;
- Meet BankVic’s credit assessment criteria.
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