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.
Fact checked
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 29 July 2024.
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.
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.
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.
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.
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.
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.
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.
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.
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.
You’ll have to pay an application fee of $250 as part of your loan, which is higher than some other lenders..
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.
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.
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.
Heritage Bank detail some of the key areas of assessment in their quick application form when it comes to car loan eligibility. These include:
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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.
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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.
