Suncorp car loans – low rate & flexible finance
At the time of writing, Suncorp Bank says it’s only accepting car finance applications from existing members in a bid to simplify its offerings. If you’re fortunate enough to qualify, here’s what you need to know about Suncorp car loans.
How does the Suncorp secured car loan work?
Suncorp Bank secured car loans are suitable for purchasing both new or used cars. However, the vehicle must be less than seven years old to qualify. Amounts start from $5,000, while loan terms range from 1-7 years.
- Benefits. You can make unlimited additional repayments with no penalty
- Drawbacks. Limited range of options since Suncorp Bank doesn’t offer unsecured loans or variable rate options.
- Best for. Existing members who want car finance from a lender they already have a relationship with.
Features of Suncorp car loans
- Secured. The vehicle you’re buying will be the underlying asset that guarantees the funds. If you default, Suncorp Bank may repossess your car.
- Fixed rates. Fixed repayments offer security and peace of mind since you won’t be affected by interest rate increases. This means you always know what to pay, and it’s easier to budget for your repayments.
- Additional repayments and early payoff. Sometimes you may have extra cash to spare. Suncorp allows you to divert any extra funds towards paying off your loan with no penalty. You can even settle your whole debt early, though you may incur an early payoff fee.
- Flexible repayment options. You can choose a weekly, fortnightly, and monthly repayment frequency when paying off your debt. You can also use our Suncorp car loan calculator to determine an affordable and optimum repayment.
- Fees and charges. An establishment fee, monthly fee, and early payout fee may apply.
Suncorp personal loans
Existing Suncorp members that are eligible can also apply for Suncorp Bank personal loans. This financial product allows you to borrow between $5,000 and $80,000 over a term of up to 7 years. Benefits such as extra repayments are included.
How to apply
When you decide to apply for a Suncorp Bank car loan online, you can skip straight to the process by clicking “Go to Site” in the table above. Keep in mind the following requirements apply:
- Be at least 18 years of age
- Be a permanent Australian resident or holder of a valid work visa
- Earn a regular income and have stable employment
- Have a clean credit history
- The vehicle must be for personal use and less than seven years old
- Provide proof of identification, income, employment, residence, assets, and liabilities
- Provide tax returns if self-employed.
About Suncorp Bank
Suncorp Bank is part of the Suncorp Group, a trusted financial services institution with over 100 years in the game (since 1902). Besides car loans, Suncorp also offers insurance, home loans, as well as superannuation and retirement products.
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