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Why choose a Westpac Car Loan? 

With a Westpac Car Loan, you could:

  • Get a lower interest rate than our other Personal Loans by using your car as security 6
  • Borrow $10,000 - $100,000 to buy a new or used car, repaying it over 1-7 years (conditions apply) 4
  • Choose a repayment frequency to suit you – weekly, fortnightly or monthly
  • Make planning easier as the fixed rate means your repayments will stay the same for the life of the loan
  • Negotiate confidently with the seller, as you’ll know how much you can spend
  • Borrow an additional 10% of the car’s value to help cover incidentals and on-road costs, provided the total amount is within your approved limit
  • Feel confident buying a used car, with our complimentary check of the car’s reported history which can cover its expected value, if finance is owing or if it’s been previously been written off or stolen
  • Save time as we’ll manage the final payment to the dealer or private seller for you.


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 do I use a Westpac Car Loan?

Apply online
Fill in your details and the amount you'd like to borrow. It only takes 10 minutes and we'll contact you regarding our decision, usually within 2 business days.

See what you can spend
Once you have conditional approval, use our car search tool to confirm the model of the car you want to purchase. We'll check that it’s valued correctly.

Find the car
You then have 30 days to find the car and send us the details. You'll also need to take out comprehensive insurance before you settle the loan.

Pay your way
You've found the car and shared all the details with us. Now, you can choose to pay the seller immediately or later, by electronic transfer or cheque.

Repayment calculator

This calculator helps you estimate how much your personal loan repayments could be. 3

You can borrow between $10,000 - $100,000

You can select a loan term between 1 and 7 years

The details

Fees that sometimes apply

Fee Amount
Prepayment fee (applies if you choose a term greater than 2 years and pay it out in less than 2 years. This fee is waived if you pay out your personal loan by refinancing to another Westpac personal loan). $175
Missed payment fee
Duplicate statement fee $2
Bank cheque fee $10
Information fee   

Other fees and charges may be payable. Find out how you can minimise fees and charges on your loan.

COVID-19 has impacted the time it takes to process and follow up on incomplete applications. To ensure we assess your application in a timely manner, please read the following sections carefully before applying.

Who can apply for a Westpac Car Loan?

If you want to apply, you must:

  • Be aged 18 years or over
  • Have regular permanent income
  • Hold a current Australian driver’s licence or learner’s permit, and
  • Be a permanent resident of Australia, or
  • Hold an acceptable visa (PDF 38KB) and have confirmed employment in Australia if you’re not a resident.4
  • This loan must be mainly for personal use. If you want to buy a car for business use, read about our business vehicle finance.

If you have any questions about whether your visa is an acceptable migrant visa that qualifies you to apply for a personal loan with us, please call our Personal Lending Centre on 1300 720 697 discuss.


Is my car eligible for a Car Loan?

The car you buy with the loan must:

  • Be less than 7 years old
  • Have been imported by the manufacturer
  • Never have been written off (even if it was repaired)
  • Have a value appropriate to the loan amount
  • Be priced at $10,000 or more
  • Have a paid full comprehensive insurance policy with Westpac noted as the financier.

If your car doesn’t meet these criteria, you might consider buying a car with a Westpac Unsecured Personal Loan.


How do I apply?

You can apply for a Westpac Car Loan:


Apply online in less than 10 minutes on any device. You can then return to complete your application within 14 days. Westpac customers can manage the whole process online without needing to visit a branch.

Over the phone

Apply over the phone by calling 1300 720 697 (8am-8pm, 7 days a week).

In person

Apply at your nearest branch. Use our branch locator to see which branch is closest to you.


What do you mean by ‘security’?

A Westpac Car Loan requires you to use the car you’re buying as security. By using the car as security, you give us permission to reclaim and sell the car to pay any outstanding loan balances, if you aren’t able to meet your repayments.


Do I need a deposit for a car loan?

No – when you buy a car with a Westpac Car Loan, you offer the car you’re purchasing as security on the loan. This serves as collateral for the loan.


Which information do I need to provide when I apply?

Our Identification Checklist for Individual Customers (PDF 768KB) will help you assemble the documents you need to apply.

You will need to provide details of your current financial situation. This will include your:

  • Current employer’s name, address and main switchboard number
  • Recent tax information, if you're self-employed
  • Weekly after-tax income for each person applying for the loan
  • Asset, savings and investment details plus amounts owing on credit cards, store cards etc.
  • Details of other expenses.

We may contact you using the details you provide to help you complete your application. If you’re already a Westpac customer, check that the details we have on record are up-to-date before proceeding. You can confirm by calling 132 032 or in Westpac Online Banking. Allow 24 hours for records to update.


What if I have trouble repaying the loan?

We’ll make sure that you can service the loan amount you request during the application process based on the details you share with us regarding your current financial situation.

But we understand things can change – if something happens and you’re concerned you might not be able to make repayments, please let us know. Call us on 1800 067 497 and we’ll work with you to find a solution. You can also apply for Westpac Financial Hardship assistance online.

If you are unable to make your repayments and fall into arrears, and you haven’t applied for financial hardship assistance, you can voluntarily offer the car to us to sell as a way of paying any outstanding balances. Alternatively, we may appoint a third party to reclaim and sell your car. This could incur third party fees that you will be liable for in addition to any fees and charges we may apply.

Under new comprehensive credit reporting laws, we are required to report your repayment history – both positive and negative – each month to credit reporting bodies. Further information can be obtained from Credit Smart.

Factor in on-road costs and incidentals as part of your loan

It’s important to consider all costs associated with owning and running a car, so you know how much you can afford up-front. These might include on-road costs such as registration and transfer fees, stamp duty and insurance, or incidentals like roadside assistance.

With a Westpac Car Loan you have the option of borrowing an additional 10% of the value of your car to cover these costs, as long as the total amount is below your approved limit.

What happens after I apply?

We’ll confirm we’ve received your application within 60 seconds and will be in touch to let you know once you’re conditionally approved. We may need to contact you for further details before we can conditionally approve your loan.

You have 30 days to find your ideal car once you receive conditional approval. When you've found the car, you will need to send us either the car dealer's invoice or registration papers. We’ll then email you a link to the contract.

Finally, you can accept the contract online or head into a branch with proof of full comprehensive car insurance to sign the contract in person.

We'll send the electronic funds transfer to the accounts you’ve specified or issue you a bank cheque you can use to pay the dealer or seller of your new car.


Which information do I need to provide once I’ve found the car?

You will need to provide us with evidence that you’ve bought the car. This can be a dealer’s invoice or contract of sale.

If you’re purchasing the car from a private seller, you will need to provide registration papers with the seller’s name on them.

If you’re refinancing, you could instead provide registration papers with your name on them.

If you’re providing a dealer’s invoice or contract of sale, it must state the:

  • Dealership’s ABN and name
  • Dealers licence number
  • Applicant’s name and address as per application. If it’s a joint application, the invoice can be in either or both applicants’ names
  • Year, make, model, body, badge, transmission type, engine size and series of the vehicle to be purchased
  • VIN/chassis number
  • Build or Production date (Month/Year)
  • Engine number
  • Registration plate number and expiry date (if purchasing a Used vehicle/ Demo model/Auction).

Note: hand-written dealer invoices are acceptable provided no amendments are made.

If you’re sending us an Official Registration Certificate (or Recent Renewal Notice for WA only), it must show the:

  • Current expiry date
  • Seller’s name
  • Vehicle details, year, make and model
  • VIN/chassis number
  • Engine number
  • Registration plate number.

Note: we can’t accept a registration transfer form as a proof of sale.

You will also need to provide proof that you’ve taken out a comprehensive insurance policy on the car. The insurance policy must be in the name of one or both of the loan applicants (or a nominated driver) and needs to list Westpac as the financier.

There’s no obligation to choose Westpac Car Insurance – you can use any insurer.


What insurance do I need to provide and why?

Before you can pay the seller, you will need to show us that you’ve taken out a fully comprehensive insurance policy on the car you’re buying.

You need insurance to cover the value of the car in case it’s written off. If you have a major accident, this insurance helps us reclaim some of the loan value, but also lessens the risk of you being left with a car loan and no car to secure it with.

Things you should know

Personal Loan Contract Terms and Conditions (PDF 127KB)

Online Banking Terms and Conditions (PDF 1MB)

Credit criteria, fees, charges, terms and conditions apply.

Normal lending criteria and car security guidelines need to be met for loan approval.

Whether purchasing a new car or refinancing a used car, the vehicle has to have been imported to Australia by the manufacturer, and all the lending criteria met.

Comparison rate information

1. The comparison rate is based on a secured Personal Loan of $30,000 borrowed for 5 years with the minimum interest rate of 7.49% p.a. (8.68% p.a. comparison rate), the estimated total amount payable including fees is $37,080. WARNING: This comparison rate applies only to the example or examples given and may not include all fees and charges. Different 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.

2. Interest rate applicable to new loans approved on or after 9 July 2020.

Repayment calculator disclaimer


3. Any calculation 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 stamp duty or other government charges into account.  The calculation does not constitute an offer of finance from Westpac. Your borrowing power amount may be different when 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.

More about choosing your loan term

4. Our Secured Personal Loans have a standard term of 1 to 7 years. If you choose a term greater than 2 years, 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.

Customers who have recently migrated to Australia, and meet Westpac's acceptable Visa's criteria, applying for a Secured Personal Loan (Car Loan) are only eligible for a loan term of between 1 and 3 years. 

More about conditional approval

5. Conditional approval is valid for 30 days based on the understanding that the information you have provided is correct and there will be no significant changes to your financial situation. Before final approval, we will ask you for further details, including information about the car being offered as security. Please note that conditional approval is not a loan offer or formal approval. If your circumstances change, please contact us on 132 032 to discuss your application.

Westpac personal loans include St.George Bank, Bank of Melbourne and BankSA.

6. To qualify for a lower interest rate, any motor vehicle offered as security must be less than 7 years at the start of the loan. Whether purchasing new or used car, the vehicle has to have been imported to Australia by the manufacturer, and all the lending criteria met.