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You’re in charge with a Westpac Car Loan

Get a quote in under 5 minutes

Know your repayments and get your rate, without affecting your credit score. 

Repayment control

Borrow $10,000-$100,000 and set the term so repayments fit to your budget. Choose from 1-7 years.

$0 fee for extra repayments

You can make extra repayments as you like at no cost#.


Buying a car is all about the extras 

  • Need something extra? You may be able to borrow a little more to cover other expenses, such as a home charging setup, insurances, or something else.
  • A lower fixed rate~ – on over 2,000 electric and hybrid models
  • Fast funds – approved funds are sent within an hour of accepting the contract online.*

EV and hybrid repayment calculator

This calculator helps you estimate how much your repayments would be for an electric vehicle (EV) and includes our EV rate discount. 50% of customers receive our median EV rate or lower. 


Check the car you want is eligible

The electric or hybrid car you buy with a Westpac Car Loan will be used as security for the loan. So it must be:

  • For personal use
  • On our eligible car list for an electric or hybrid interest rate discount
  • 7 years old or less
  • Imported by the manufacturer
  • Never written off – even if repaired
  • Comprehensively insured, showing Westpac as the financier

If your car doesn’t meet these criteria, consider our Unsecured Personal Loan


Key rates

Our Car Loan is a secured loan, which means the car you want to buy is used as a guarantee on the loan amount you want to borrow. 

Electric/hybrid fixed rate range 5.49% p.a. to 12.49% p.a.~
Comparison rate range 6.70% p.a. to 13.65% p.a.^
Median rate (Around half of our customers receive the median rate or lower) 7.49% p.a.

Fees that may apply

Other fees and charges may be payable.

Lending establishment fee  $250
Monthly loan account fee $12
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 $15  
Bank cheque fee $10

How to buy a car with our Car Loan

Apply online

It takes 15-20 minutes to complete an online application (less if you’re already with us), and we’ll give you an answer within 60 seconds of submitting. 

 

If you get conditional approval, you’re ready to go car shopping.

Send us the car’s details.

From conditional approval you have 30 days to find the right car and send us its details.

 

Your conditional approval email will outline what details are needed and how to upload them.

Verification

We’ll confirm your car’s eligible for our Car Loan, and at a discounted EV/Hybrid rate. If it isn’t eligible for a Car Loan, consider our Unsecured Personal Loan instead. 

 

We might also need to confirm other information from your application – such as income. We’ll email you if we do.

Same day funds

On final approval you’ll be emailed a secure link to your online contract. Accept it and the funds will be transferred within the hour.

 

If funds are going directly to a dealer or non-Westpac account, allow up to 3 days for them to appear. Directly to a Westpac account? Just 60 minutes.*


Common questions about loans for hybrid and electric vehicles

What if I have to wait for my car to be delivered? 

Once you’ve validated all your vehicle’s details, you can finalise your loan and begin repayments – even if you need to wait a short period for the car to be delivered to you. 

Is a green loan the same as an electric car loan? ​

In essence they are the same things. Green car loans are simply personal loans for green cars (not only electric vehicles, but also hybrids - which are considered low emissions vehicles).​

What's more significant than the name is whether they're secured or unsecured loans (secured against the car); what the interest rate is, and whether that's a fixed or variable rate. 

Can I refinance my current 'green car loan'?

If you already have an electric or hybrid vehicle under finance with Westpac or even with a different lender, you could refinance with our secured personal loan. Your car will still need to fit all our eligibility criteria and you'll also need to provide a statement from your current lender of how much is left owing.

Why are the Westpac hybrid and electric car loan interest rates preferential? ​

One of the ways we can show our support for Australia's shift to hybrid and electric vehicles is by offering preferential rates for those vehicles. New or used, dealer or private sale, if the car you're after is less than 7 years old and fits our other eligibility criteria, you could benefit.​

Which hybrid or electric cars qualify for this preferential rate?​

Take a look to see if the car you want is on the list of eligible hybrid or electric cars.

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 is correct as of 1 November 2023.

^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 5.99% p.a. (comparison rate 7.20% p.a.), the estimated total amount payable including fees is $35,801. The actual rate offered may be higher or lower than the comparison example above. Rates currently range from 5.99% p.a. to 12.99% p.a. (comparison rate from 7.20% p.a. to 14.14% p.a.)

#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 amount examples: help you understand the estimated weekly cost of a personal loan. All repayment amount examples are shown for a loan term of 7 years with a weekly repayment schedule using the average customer loan amount over the last 12 months. Information as of 16 January 2023.

  • For a Car Loan based on a borrowing amount of $35,000 and a term of 7 years with an interest rate of 5.99% p.a. (comparison rate 7.20% p.a.), the weekly repayment amount including fees is $132.

**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 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. Weekly and fortnightly repayment calculations – if your monthly repayments are $1000, fortnightly repayments are calculated by dividing $1000 by 2 and rounding up if required ($1000 ÷ 2 = $500). Weekly repayments are calculated by dividing $1000 by 4 and rounding up if required ($1000 ÷ 4 = $250).

##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. The loan amount may exceed the vehicle's market value, as reported by Redbook, to cover the purchase price of the vehicle and other expenses. If you're using a Westpac Car Loan to buy an electric or hybrid car, check our list of eligible vehicles. (PDF 1MB)

~Car Loan for eligible Electric or Hybrid engine types is subject to a 0.5% discount on your personalised interest rate, applied at the time of application. Electric and Hybrid Car Loan interest rates range from 5.49% p.a. to 12.49% p.a. (comparison rate 6.70% p.a. to 13.65% p.a.^)

Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.