Car hunt with confidence
4.99% p.a.~ fixed rate (comparison rate 6.21% p.a.^)
In the market for a new or used car? Looking to reduce emissions as well as running costs?
Why choose a Westpac Car Loan?
- A new, better fixed rate of 6.49% p.a. (comparison rate 7.69% p.a.^)
- A preferential fixed rate of4.99% p.a. ~ (comparison rate 6.21% p.a.^) for eligible electric and hybrid cars
- Borrow $10,000 - $100,000 for a new or used car (conditions apply) 4
- Weekly, fortnightly or monthly repayments – to align with when you’re paid
- A fixed rate means your repayments stay the same and you know the end date
Did you know?
Securing your loan with the car gives you a better rate than other loan types. If you’re unable to make repayments and haven’t applied for financial hardship, we may reclaim your car. If you don't want to secure the loan or your car isn't eligible to offer as security, you could instead use an Unsecured Personal Loan.
How to buy a car with a Westpac Car Loan
Get conditional approval
By applying online and getting ‘conditional approval’, you’ll know what your budget really is – great for negotiating.
The application takes around 15 minutes to do, and you’ll get an answer – fast.
Even before you apply for conditional approval, it’s worth checking our borrowing power calculator to help make sure you’re asking for a realistic amount.
Find the right car
Once you have conditional approval you have 30 days to find the right car.
As this is a secured loan, the car needs to be eligible - refer to the ‘before you apply’ tab below for more details.
For electric and hybrid rates, the car must also be on our list of eligible vehicles.
If it’s not, our Car Loan at a regular interest rate or our Unsecured Personal Loan may be more suitable.
Final loan approval
Once you’ve found the car, you’ll need to add its details into your application. We’ll even run an automatic check to make sure its history and value are as claimed.
Note we might also ask for more information about your income etc. before making the loan offer. Credit criteria and terms and conditions apply.
Getting the funds (and getting that car!)
Once you’re approved and have signed the contract online, you can either get a bank cheque, or have the funds sent electronically - direct to the seller.
This calculator helps you estimate how much your personal loan repayments could be.**
Our Car Loan comes with a fixed rate, meaning that you have the certainty of a set repayment amount throughout the life of the loan. You can also make extra repayments to pay off your loan faster, giving you the best of both worlds (prepayment fee may apply#).
Key rates and fees
|Rate or fee||Amount|
|Petrol/diesel/LPG fixed rate||6.49% p.a.|
|Comparison rate||7.69% p.a.^|
|Electric/hybrid fixed rate||4.99% p.a.~|
|Comparison rate||6.21% p.a.^|
|Lending establishment fee||$250|
|Monthly loan account fee||$12|
Other fees and charges may be payable.
Things you should know
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice. Please consider your individual circumstances before applying for a Westpac Personal Loan. Credit criteria, fees, charges, terms and conditions apply. Information correct as of 19 May 2022.
^Comparison rates: Comparison rates help you understand the true cost of a loan. All comparison rate examples shown are for a personal loan amount of $30,000 and a term of 5 years. WARNING: Comparison rates apply only to the example or examples given and may not include all fees and charges. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
- Car Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on a personal loan of $30,000 borrowed for 5 years with the interest rate of 6.49% p.a. (comparison rate 7.69% p.a.), the estimated total amount payable including fees is $36,224.
#Prepayment fee: If you choose a term greater than 2 years for a Westpac Personal Loan, and pay it out in less than 2 years, there is a prepayment fee of $175. This fee is waived if you pay out your personal loan by re-financing to another Westpac personal loan.
**Repayment calculator: Any calculations made by you using this calculator is intended as a guide only. It is for illustrative purposes only and is based on the accuracy of the information provided. The calculator does not take into account a lending establishment fee that maybe charged for a personal loan application. The calculation is not an offer of credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The calculations should not be relied on for the purpose of making a decision whether to apply for a personal loan.
##The lending establishment fee will be added to your loan amount. Please read full terms and conditions before making a decision to apply for a Westpac Personal Loan.
^^To qualify for a Car Loan, applicant must meet all credit criteria and the car offered as security must meet all criteria - either new or if used, cannot be older than 7 years at time of application, registered under the applicant’s name, has been made locally or imported by the manufacturer, has never been written off (even if it was repaired), has a paid, fully comprehensive insurance policy with Westpac noted as the financier and is for personal use only. If you’re using a Westpac Car Loan to buy an electric or hybrid car, check our list of eligible vehicles.
~4.99% p.a. (comparison rate 6.21% p.a.) available for eligible electric and hybrid car models only. Offer eligible for customers who apply, are approved and accept their contract by 7 August 2022.
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.