Alex Bank Car Loan

Want to find out more about Alex Bank’s car loans? We’ve broken down their finance offer so you can choose your ideal loan offer with confidence.

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, updated on June 30th, 2023       

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Alex Bank is a lender based in Australia specialising in personal lending, with their personal loan products covering home improvements, debt consolidation, holiday and car purchase.

You should never apply for a car loan which you don’t know inside and out, which is why Savvy is here to help you better understand a range of car finance offers all in one place.

You can apply with us directly for your car loan, with our experienced brokers and panel of more than 25 flexible lenders enabling you to maximise your chances of securing the best car loan for your needs.

*Please note that Alex Bank does not offer a secured car loan product, with the car loan advertised being an unsecured personal loan. Savvy does not represent Alex Bank for this product.

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The features and benefits of an Alex Bank car loan

Tailored rates from 4.99% p.a.

Depending on your profile as a borrower, you may be able to secure a rate as low as 4.99% p.a. (4.99% p.a. comparison) for your car loan and maximise your savings.

No ongoing or establishment fees

In some cases, you won’t even have to pay a cent towards any ongoing fees or even application charges, which can often reach several hundred dollars in total.

Repay over as few as six months

Unlike most car loan financiers who set their minimum repayment term at one year, you can take as few as six months to pay out your car loan if you’re able to, which will help you save on interest.

Borrow from just $2,100

You can also borrow smaller amounts, giving you the ability to buy very cheap cars or use your loan as supplemental to your savings when it comes to purchasing it.

Pick your ideal payment schedule

You get to choose whether to make your repayments on a weekly, fortnightly or monthly schedule, which you can do to make them easier for you to manage overall.

Fixed interest rates

With fixed rates from the outset of your loan, you won’t need to worry about your repayments changing over your term, with more stable budgeting able to be done.

Alex Bank car loan pros and cons


Purchase any car or vehicle you like

Because your loan is unsecured, you won’t have to worry about adhering to vehicle age and condition restrictions or indeed being forced to use all of your funds towards your car purchase.

Free early repayment

You’ll be able to pay your loan out ahead of schedule without worrying about incurring any additional charges for doing so, helping you cut down on your interest bill in the process.

Fast online applications

The application process is 100% online and can be completed in its entirety within one to two business days, depending on the nature of your borrowing profile.


No secured finance options

You don’t have the option to use your vehicle as security for the loan, meaning you won’t be able to take advantage of the benefits which often come with this type of finance.

Borrowing cap set at $30,000

With a maximum borrowing power of $30,000, you may not be able to purchase the car you want without supplying a substantial deposit at the beginning of your loan.

No joint applications

If you’re looking to purchase a vehicle to be shared between you and your partner, you won’t be able to be co-borrowers on your car loan if you apply with Alex.

Alex Bank car loans in Australia explained

How do I apply for an Alex Bank car loan?

The Alex Bank personal loan application process is a fast and relatively simple one. However, it’s useful to find out about how application processes work before you submit your application, as you can be aware of ways to prevent any hiccups along the way. The application process is as follows:

  • Work out your repayments

Alex Bank recommends crunching some numbers before you start the application process, as this will give you a clearer understanding of the potential cost of your loan on a month-to-month basis, as well as the interest rate you’re likely to receive.

  • Submit your application and documents

From there, you can dive straight into your application. You can access this online and should only take you a few minutes to complete. You’ll be required to submit all the relevant documentation at this stage, such as identity verification and bank statements.

  • Receive an outcome and sign your contract

Once you send this off, you’ll likely receive an outcome within one business day confirming whether your application was successful. If so, you’ll be sent a loan contract to sign, which sets the details and conditions of your agreement in stone.

  • Have your funds advanced to you

After you’ve signed the contract and returned it to Alex, they’ll be able to advance the funds directly into your account, enabling you to go out and purchase the car you’re looking for.

However, you can also get a car loan by submitting your application directly through Savvy. We draw upon our wide panel of reputable car loan financiers and offer support through our dedicated team of consultants to maximise your chances of receiving the best available loan for your situation. We utilise state-of-the-art technology to match you with the top loan offers for your profile and ensure that your application is tailored to your lender’s requirements, taking the guesswork out of applying.

Common questions about Alex Bank car loans?

Can I apply for an Alex Bank car loan if I don’t have a perfect credit history?

Yes – even if your credit rating is closer to average than great, you’ll be able to apply for car financing with Alex. However, Savvy can get you approved for car financing with a bad credit score through our specialist flexible lending partners. Interest rates for these loans will be higher than for standard car loans but will help you get on the road in the new or used car you’re looking for.

Is it better to apply for a secured or unsecured car loan?

Alex Bank personal loans and car loans are useful for different purposes, as their names suggest. You can essentially use a personal loan however you like, while car loans are designed to pay for the cost of your car specifically. However, as demonstrated above, car loans come with much higher potential borrowing ranges, extending well beyond $100,000 in some cases, while unsecured personal loans are unlikely to exceed $50,000 in any circumstances. Their rates and fees are also higher, which reflects the increased risk lenders take on by approving them. In almost all cases, car loans are better when you’re looking to buy a car.

How does car loan refinancing work?

Car loan refinancing takes place when you decide to switch your current car loan for another, either with the same lender or a different one. You may do this to take advantage of a lower interest rate or an increase in your personal credit score, among other reasons.

Will I be able to be approved for a car loan with Alex Bank as a single parent?

Yes – car loans for single parents are able to be approved if you meet their requirements in terms of a minimum income and employment requirements, as well as other basic criteria. You’ll have to make sure that you show Alex beyond any doubt that you’ll be able to manage your repayments on top of your other various expenses.

How do I make sure my car loan is affordable for me?

There are several ways to go about ensuring you take out the most affordable car loan for your needs. First and foremost, applying with Savvy will position you to do just that, with our relationships with a range of lenders spanning the country giving you access to a multitude of loan deals. You should also compare as many car loans as you can to make sure the deal you’re signing up for is one which is affordable for you and boasts as low an interest rate and fees as possible.

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