Great Southern Bank Car Loan

Consider your car finance options, including that of Great Southern Bank, right here with Savvy before you apply for your loan.

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, updated on June 30th, 2023       

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Great Southern Bank, formerly known as Credit Union Australia and CUA, is an Australian mutual bank owned by its members, which in itself can come with a range of benefits such as cheaper rates and fees on product offers.

They offer a vast range of products, from home loans to banking to business finance and insurance, with car loans also counted amongst their selection.

You should always have a clear idea of which car loan is the best for your needs before you start the application process, which is where Savvy can help. By breaking down loan offers like these, we help you make the best decision for your situation. You can start the process by applying with us today.

*Please note that Savvy does not represent Great Southern Bank for their car loan product.

Great Southern Bank (Formerly CUA) Logo

The features and benefits of a Great Southern Bank car loan

Fixed interest rates from 6.79% p.a.

With a comparison rate starting from 7.16% p.a., your loan repayments will be locked in from the outset of your loan, preventing your instalments from increasing at any stage.

No monthly fees

You won’t have to worry about any other additional costs on your car loan repayments, with no other monthly or ongoing charges one of the common benefits of mutual bank and credit union car loans.

Take up to seven years to repay

It’s important to be comfortable when repaying your car loan, so you can select the term which suits you best from a minimum of one year all the way up to seven.

Borrow up to $100,000

With up to $100,000 available to borrow for secured car financing, you can choose from a wide range of car makes and models and pay them off at your speed.

Choose your payment frequency

On top of being able to set your loan term, you can also determine whether to repay your loan on a weekly, fortnightly or monthly basis in line with what’s most comfortable for you.

Joint applications accepted

If you’re looking to apply for a car loan jointly with your partner, you can do so with Great Southern Bank to make co-ownership of your vehicle simpler.

The pros and cons of an auto loan from Great Southern Bank

PROS

No early repayment penalties

Your car loan comes with unlimited extra repayments above the minimum required amount and the ability to pay off the loan ahead of schedule free of charge, potentially saving you on interest.

Buy new or used

It doesn’t matter whether you’re looking to buy a brand-new car straight from the dealership or another up to seven years old; you can access financing for whatever you need within that age range.

Online applications

The application process can be 100% online (or in-branch or over the phone), enabling you to apply from the comfort of your home or wherever you are.

CONS

Various fees may apply

You’ll still be charged an establishment fee of $175 and a security administration fee of $90 as part of your loan agreement with Great Southern Bank.

Higher minimum rates

You’ll find lower available interest rates with other lenders, so applying directly with them may not end up being the most cost-effective option for you.

Higher minimum loan amount online

The minimum loan amount that can be borrowed with an online car loan with Great Southern Bank is $5,000, but you can actually be approved for as little as $1,000 in-branch, which may not be convenient for you.

Great Southern Bank car loans explained

How do I apply for a car loan with Great Southern Bank?

The application process with Great Southern Bank is similar to how most lenders operate in terms of their process. It’s a relatively streamlined series of steps, so it won’t take long for you to be approved once you’ve applied. The application process is as follows:

Ensure that you’re eligible

First of all, you should always double-check the eligibility criteria on each car loan before you move into your application. There’s little point in signing up for a loan where approval is impossible because you don’t meet one or more of the qualification requirements.

Prepare your documents

You should also have all your documents on hand and prepared for your application, as not having all of the required documents can slow down the process unnecessarily. Some of these include:

  • Your driver’s licence, passport or Medicare card
  • Information on your employment and income (such as payslips, your employment contract, bank statements, rental property statements and more)
  • Information on your assets, liabilities and expenses (such as via transaction or loan account statements)
  • Your email address and phone number
  • Your Great Southern Bank customer number if you’re an existing customer

Submit your application

Once you have all of this information, you can move ahead and submit your application. Their online application form should take you around 20 minutes to complete and submit.

Get approved and sign your contract

If they’re satisfied with your application, Great Southern Bank will approve it and send through a loan contract for you to sign. This confirms all of the conditions of your agreement and sets it in stone. You can sign your contract electronically, saving on physical paperwork.

Receive your funds

After you’ve returned your loan contract to the lender, the funds can be advanced directly into your account. From there, you can go out and purchase the car you were approved for and drive away before you know it.

You can also apply for your car loan with Savvy, rather than directly through a lender. In doing so, you can maximise your chances of being approved for the best loan deal available to you. This is because we have access to more than 25 lenders across the country, giving you and our expert consultants more options to choose from to ensure the loan you take out is the best for your needs.

What are the eligibility criteria for Great Southern Bank car loans?

It’s important to familiarise yourself with car loan eligibility criteria before applying for your finance deal. As mentioned earlier, application rejections based on not meeting the eligibility criteria are very much avoidable, so you can cut these out entirely by studying the criteria closely. The main points to follow with Great Southern Bank are:

  • You must be 18 years of age or older
  • You must be an Australian citizen or permanent resident
  • You must be receiving a regular income as part of your employment
  • You mustn’t have been bankrupt or insolvent within the past five years

Common queries about car loans

Do I have to be a member of Great Southern Bank before I apply for a car loan?

No – being a member prior to your application isn’t a prerequisite of car loan approval with Great Southern Bank. However, you’ll have to become a member through the process and have a linked everyday account as part of your agreement.

Does it matter what make or model I choose?

No – as long as your car meets your lender’s requirements in relation to age and condition, you can be approved for any type of car you wish. Whether you’re in the market for an everyday vehicle such as a Hyundai or Ford or something a bit more expensive like an Audi, Volvo or Mercedes-Benz, you can be approved for financing with Savvy.

Will I be able to take out a car loan as a single parent?

Yes – if you can meet your lender’s requirements in relation to your income and can demonstrate that you’re able to support them on top of your existing expenses, there won’t be much in the way of your being approved for a car loan as a single parent.

What are some of the things to consider when buying my car?

There are several factors to take into account when buying your vehicle. Some of these include:

  • Whether to buy new or used
  • Whether to purchase from a dealership or via a private sale
  • What your budget is for purchasing a car
  • Comparing as many options as possible before you apply (which your Savvy consultant can help you do)
  • Make sure the car you’re buying meets your requirements and doesn’t have any important flaws
How do I work out my car loan repayments?

You can use Savvy’s car loan repayment calculator for your Great Southern Bank auto loan (or a loan from any other financier) to determine how much your repayments will be. You can also use this to work out what the differences are when adjusting for different loan amounts, term lengths and interest rates. A car loan calculator is a key tool for a Great Southern Bank loan or any other, as it gives you a rough idea of what you might expect to pay before you commence your application.

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