Want to learn more about Alex Bank’s car loans? Read about their offers so you can choose your ideal loan with confidence.
Fact checked
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 currently offer a secured car loan product. This page is reflective of their unsecured personal loan product, for which Savvy does not represent Alex Bank. All information in this article is correct as of 29 July 2024.
Depending on your profile as a borrower, you may be able to secure a rate from 12.74% p.a. (12.74% p.a. comparison) for your unsecured loan deal.
Alex Bank doesn't charge any establishment, ongoing or late payment fees, as well as allowing for free early repayment of your loan debt.
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.
You can 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.
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.
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.
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.
You’ll be able to pay your loan early without worrying about incurring any additional charges for doing so, helping you cut down on your interest bill in the process.
The application process is 100% online and you can receive an outcome in one business day, with approval depending on the nature of your borrowing profile.
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.
The maximum loan amount of $30,000 may be worthwhile for smaller cars or used models, but it can be very restrictive for a wide range of modern vehicles. Many lenders don't enforce a maximum amount.
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.
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.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
