Heritage Bank Car Loan

Read about the ins and outs of Heritage Bank’s car loan product to see whether it’s right for you and compare offers with Savvy.

Written by 
Thomas Perrotta
Thomas Perrotta is the managing editor of Savvy. Throughout his time at the company, Thomas has specialised in personal finance, namely car, personal and small loans, although he has also written on topics ranging from mortgages to business loans to banking and more. Thomas graduated from the University of Adelaide with a Bachelor of Media, majoring in journalism, and has previously had his work published in The Advertiser.
Our authors
, updated on April 10th, 2024       

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Heritage Bank is one of the longest-standing financial institutions in Australia. They offer banking products for personal and business use, but also provide a range of loans, including home, business, personal and, most importantly, car loans.

It’s always worth familiarising yourself with as many car loan deals as possible before you sign up not just on a cursory level, but also with an understanding of how much each will cost and the features which will be available to you.

Savvy helps you do just that by breaking down Heritage Bank’s car loan product and interest rates, enabling you to make a more informed choice on the best car loan for your needs today.

*Savvy does not represent Heritage Bank for its car loan product. All information in this article is correct as of 10 April 2024.

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The features and benefits of a Heritage Bank car loan

Rates starting at 6.49% p.a.

You can access low car loan interest rates with Heritage Bank, with comparison rates beginning at 6.84% p.a. to help you lock in a competitive loan from the outset.

Borrow from $5,000 and up

Your minimum spend doesn’t have to be significant to qualify for this car loan, with amounts of $5,000 and up enabling you to purchase cheaper cars or pay more of your own money.

Repay over up to seven years

Heritage Bank car loan payment can take place over as many as seven years, or as few as one, depending on how much you can comfortably afford to take on.

Fixed interest rates

With interest locked in from the beginning of your loan, you can enjoy peace of mind that the cost of your repayments will remain the same throughout your car loan term.

Monthly, fortnightly or weekly instalments

Choose which schedule you’d like to stick to when repaying your car loan, with weekly, fortnightly or monthly repayments all available to select from.

Available for cars up to seven years old

Your car isn’t required to be brand-new to get a loan, with used cars up to five years old able to be used as security for your finance agreement bought privately or from a dealer.

Pros and cons of Heritage Bank car loans


No early repayment penalties

You won’t be penalised for early car loan payment with Heritage Bank, giving you the freedom to pay above the minimum and potentially save hundreds, if not more, in interest and fees.

No ongoing monthly fees

Additionally, there's no need for you to pay extra fees each month on top of your regular repayments, as Heritage Bank doesn't charge these.

Free online redraw facility

If you make additional repayments, a redraw facility gives you the ability to access them down the track if you need extra funds and don’t want to apply for another loan.


Application fee

You’ll have to pay an application fee of $250 as part of your loan, which is higher than some other lenders..

Unsuitable for older vehicles

If you’re looking at older or vintage cars, you’ll have to look elsewhere, as Heritage Bank only allows applications for vehicles up to ten years old by the end of the loan.

Secured loans capped at $100,000

While some lenders are able to finance the full value of your vehicle (up to an amount you can afford to repay), this is capped at $100,000 for Heritage Bank car loans.

More about Heritage Bank car loans

How do I apply for my car loan?

There are a number of key steps in the car finance approval process. It’s important to understand this process before you apply, as knowing more about it can help your chances of getting approved. This process includes:

Submit your initial application

Firstly, fill out a quick online application form, which should take you no more than around five minutes. This is designed to give your lender more of an idea about you and your profile. You can also select whether Heritage Bank conducts a credit check on you, which will give them more important information (a credit check will be conducted at some point in your application regardless).

Receive an outcome and choose your car

Once they get back in touch with you and confirm whether your application was successful, you can go ahead and use your pre-approval to select a vehicle. This will give you an indicative price range which you can use to negotiate on the cost of the vehicle with your seller (which is one of the many benefits of pre-approval).

Submit your formal application and documents

Once you’ve decided on the car you want to buy, you can return to your lender and complete your formal application. This will include personal documents such as photo ID, payslips and information on your assets, liabilities and expenses, as well as further details relating to your car.

Receive approval and sign your contract

If Heritage Bank is satisfied with your application, they’ll formally approve it and send you a loan contract to sign. This will detail the conditions of your agreement, which come into effect once you sign and return the contract. From there, the funds can be released and advanced to your seller, who can in turn give you your car.

What are the eligibility criteria for Heritage Bank?

Heritage Bank detail some of the key areas of assessment in their quick application form when it comes to car loan eligibility. These include:

  • Whether you’re a permanent resident of Australia
  • Whether you receive a regular and consistent income
  • Whether you have outstanding defaults
  • Whether you’ve applied for more than five separate loans in the last six months
  • Whether you’re currently under a Part 9 debt agreement or are bankrupt

Frequently asked Heritage Bank car loan questions

Are there any restrictions on who can take out a car loan?

No – whether you’re a lawyer, police officer, doctor, nurse, member of the military or anything in between, you can apply for a car loan if you meet the various eligibility criteria relating to income, residency and credit history.

How is a car loan comparison rate calculated?

All car loan comparison rates are calculated based on a fixed, secured loan of $30,000 repaid over five years. It’s important to know this, as the comparison rate advertised may not be representative of the comparison rate you actually receive on your loan, which may be due to a larger loan amount or shorter overall term.

What do I do if I want to buy a car older than seven years?

For cars older than seven years, you’ll be required to take out an unsecured personal loan to purchase the vehicle through Heritage Bank. It doesn’t accept cars older than seven years as security for their loans, meaning unsecured loans are the only option if you decide to go with them as a lender. These loans come with greater restrictions on borrowing and higher interest rates. At Savvy, we’re partnered with lenders who can approve secured loans for cars up to 20 years old or more.

How long does it take to get approved?

The answer to the question of how long it takes to get approved for a car loan varies depending on your profile as a borrower. For instance, if you’re a low income earner or are self-employed, your lender may take more time to assess your application to determine whether you’re a suitable potential borrower.

What types of car can I buy with a Heritage Bank car loan?

Just about any car you like – whether you’re seeking out finance for a Toyota, a new or used Nissan, looking to buy a Volkswagen, BMW, Mercedes-Benz or anything else, you can do it with a car loan.

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