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.
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 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.
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.
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.
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 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.
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 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.
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.
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.
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.
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:
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.
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.
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.
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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