Find out more about Macquarie Bank’s car loan products and find the right finance deal for you with Savvy.
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Macquarie Bank has grown from Australian beginnings in the late 1960s to become one of the world’s leading asset finance providers in the more than 50 years since their inception, with car loans amongst their bevy of available products.
While Macquarie offer a variety of affordable car finance deals, it’s crucial to understand exactly what your car loan is and know the features and conditions involved, which is why Savvy has deconstructed their car loan to lay out the exact features and benefits.
By applying for car finance with Savvy, you can get the help you need finding (and being approved) for the best loan for your needs quickly and easily. You can kickstart the process today.
*Macquarie Bank is among Savvy’s panel of car loan financiers. All information in this article is correct as of 10 April 2024.
Macquarie's interest rates start at a competitive 6.40% p.a. (7.86% p.a. comparison), which is the rate advertised for loans at or under 100% of the vehicle's value taken out by property owners.
You can finance a range of cars through Macquarie, from brand-new vehicles to used cars up to 12 years of age at the end of your loan term.
If you’re looking to have some of your vehicle’s on-road costs included in your car loan, you can do so quite easily by borrowing up to 130% of its value from the outset.
There are also options available if you want to purchase a car for business use, with a specific business car loan product enabling you to buy the car you need the way you need it.
You can take as long as seven years to repay your car loan or, in some cases, complete your repayments over as little time as one year if you can afford to do so.
You'll get to choose whether to take out a car loan with a fixed interest rate and enjoy its stability or opt for a variable rate and embrace its flexibility.
In offering borrowers the choice between fixed and variable interest rates, as well as providing the option to include on-road costs of up to 30% of your vehicle's value in your loan, Macquarie offers borrowers more flexibility.
If you choose to apply directly with Macquarie, you can either submit your application online via their website or speak to a member of staff over the phone.
Adding a balloon or residual payment to your loan can reduce your repayments by attaching a lump sum to the end of your loan. Macquarie enables you to choose this if you wish to have one.
You’ll be required to pay an application fee of $250 and a monthly charge of $15 across your loan term.
The maximum net amount financed (NAF) for applicants between 18 and 20 years old is $40,000, while the maximum for 21 to 24-year-old applicants is $50,000 (both excluding GST).
The smallest loan you can take out for a car with Macquarie is $10,000, meaning it may not be the best option if you're buying a cheap used car or are putting up a larger deposit.
You can apply directly to Macquarie if you wish to take out one of their car loans. However, you can also apply with Savvy, as we can help you find the ideal car loan for your needs and take the hard work and uncertainty out of applying. With the help of one of our consultants, you can own your next vehicle in a matter of days and lock in a highly competitive rate from one of the reputable lenders drawn from our vast panel, which includes Macquarie. The process will be as follows:
Fill out a quick quote and application
The whole process begins by telling us a bit about yourself through a quick quote. This can be used to either test the waters to see what loans might be available for you or to get your application process rolling. Once you’ve done this, you can fill out your initial application if you wish to, which will give your consultant the information they need to start looking for a car loan tailored to your needs, a selection in which Macquarie is included.
Your consultant finds the best loan for you
From there, your dedicated consultant will utilise the information on your income and credit details, as well as the information on the car you’re looking to purchase, to compare potential offers from our panel of lenders. They consider a variety of factors, such as interest rates, fees, borrowing capacity and any other potential features which you may be able to find on a car loan. After this comparison, they may conclude that Macquarie is best for you, particularly if you’re after an electric car.
Choose your loan and have formal approval arranged
Your consultant will return to you and let you know of the car loan which is best for your profile and, if you decide to accept that offer, the process is able to proceed smoothly via your consultant. The remainder of the application (as is the case after you submit your application to Savvy) is a simple, hands-off approach for you, as our consultants do the heavy lifting on your behalf.
Receive approval and sign your contract
Your formal application is prepared and sent to your lender by your consultant, who will take care to ensure it meets all of Macquarie’s requirements before submission. They can receive approval in as little as 24 hours, after which they’ll send through a contract for you to sign, confirming the terms of your finance agreement.
Take ownership of your new or used car
Once you’ve signed your contract electronically and returned it, the funds can either be advanced to you or your seller directly, who can then release ownership of the vehicle. The whole process will only take around two days in most cases, ensuring a fast end-to-end service.
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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.
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.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© 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.
