Do I have to be living in Western Australia to apply with Bankwest?

No – Bankwest services customers all across the country, meaning you don’t have to be applying for a car loan in Perth or wider Western Australia (or even a car lease ) to work with Bankwest.

Is there a difference between bank and credit union car loans?

Yes – in general, car loans with credit unions tend to come with lower interest rates than banks due to their different ownership models. While banks are owned by shareholders, who receive a portion of the profits made, credit unions are owned by their members, with all profits going back into the institution to allow for decreased rates and fees. However, you may find that you’re better off applying with an online lender, as they can offer some of the lowest rates on the market thanks to lower overheads.

How long will it take for my car loan to be approved and settled?

This depends on the nature of your profile and several other factors in the process, but it generally won’t take more than a few days. When you apply with Savvy, you can receive a quick car loan approval within one business day and have the funds released within 48 hours of your initial application.

What are my finance options for cars older than seven years?

Unfortunately, you won’t be able to take out a Bankwest secured car loan to purchase a vehicle older than seven years at the point of sale, as that’s the cap they implement. You can use an unsecured personal loan to remedy this, but you’ll attract a much higher interest rate if you do so. However, if you submit your car loan application through Savvy, we can connect you with lenders who can approve you for financing for cars up to 20 years of age secured. We can even help you access secured financing for a classic car .

Can I refinance my car loan with Bankwest?

Yes – Bankwest offers car loan refinancing in the same way as most other lenders do. If you’re refinancing your loan debt from another lender to a loan with Bankwest, you’ll need to supply consecutive bank statements from the past three months, which must include: The name of the account holder (you) The name of the financial institution The account’s number and BSB The account’s transaction history It’s important to determine whether a refinance is right for you, so you should use our car loan repayment calculator for Bankwest and other lenders.