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Found the car? Here’s how to get the loan

In many cases, shopping around for a new car also means shopping around for a car loan. So if it’s all new to you, how do you go about getting the money you need to make your dream car a reality?

Choosing a loan to suit your needs

There are many types of loan on offer, but you might find that most ‘car loans’ are actually secured personal loans. These types of loans use the car you’re buying as security which means you might get a lower interest rate than an unsecured loan.

To be eligible, the car needs to be new or not too old – for instance, with a Westpac car loan, it needs to be less than 7 years old (if it’s older, an unsecured personal loan might be suitable). Many banks also require the car to be manufactured in Australia or imported by the manufacturer (not imported by you).

What’s the best way to get it happening?

You can apply for a car loan either over the phone, in branch or online. Applying online is by far the easiest, because you can do it when it suits you and save your application as you go, though it should only take around 10-15 minutes to complete.

When filling out the application form, you’ll need to answer all the usual questions about your financial situation, such as your income, assets, debts and expenses. You may also need to provide proof of these, especially if you’re not an existing customer. Then, simply hit the ‘submit’ button.

What happens next?

Approval is normally fairly quick – around 2 business days. Once you’re approved, you’ll know exactly how much you have to spend. After that, you generally have 30 days to find your new car – that’s the fun part.

When you’ve made your decision, the next step is to send the car dealer’s invoice or car registration papers to the bank and they’ll email the contract to you. Then, take the contract in branch with proof that you have comprehensive insurance over the car and you’ll be given the bank cheque to pay the car dealer. And that’s when it’s time to get behind the wheel.

Ready to get started? Read through the features, fees, rates and disclosure statement on our Westpac Car Loan.

Things you should know

Personal Loan Contract Terms and Conditions (PDF 394KB) - for customers approved before 18 March 2024.
Personal Loan Contract Terms and Conditions (PDF 210KB) - ​for customers who apply, or are approved, on or after 18 March 2024.​

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

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