Macquarie Bank Car Loan

Find out more about Macquarie Bank’s car loan products and find the right finance deal for you with Savvy.

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, updated on June 30th, 2023       

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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 logo

The features and benefits of Macquarie Bank car finance

Interest rates starting from just 2.99% p.a.

Macquarie Bank car loan interest rates start at the extremely low 2.99% p.a. (2.99% p.a. comparison rate) for certain cars, providing you with some of the lowest rates on the market.

Buy new or used vehicles

It doesn’t matter whether you want to purchase a brand-new car or one which has been used for a few years prior; you can get approved all the same with Macquarie.

Borrow up to 130% of your car’s purchase price

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.

Options for your business

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.

Repay over up to seven years

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.

Fixed interest rates

You won’t have to worry about unstable or inconsistent loan repayments, as your interest rate will be locked in from the start of your loan and remain the same throughout your term.

The pros and cons of Macquarie Bank car loans


No ongoing or application fees for electric car loans

Playing your part in taking a step in the right direction for the planet will be rewarded, as Macquarie Bank car loan interest rates start at the lowest point and charge no ongoing or application fees.

Apply online or other the phone

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.

No early repayment fee

Paying above the minimum required amount may often result in a substantial fee charged if you pay it out early, but you won’t be penalised for doing so with Macquarie.


High application and monthly fees can apply

If you’re not taking out an electric car loan, however, you’ll be required to pay a substantial application fee of $990 and a monthly charge of $8.25 across your loan term.

Rate increase for non-property owners

Because property owners usually receive a discounted rate when it comes to car loans, you won’t be able to access the lowest rates on offer for your type of car loan if you don’t own property.

Steeper rates for cars older than four years

Similarly, if your used car is four years old or more, you’ll be subject to a higher interest rate compared to brand-new vehicles and those two to three years old at the point of purchase.

More about Macquarie car finance

How do I apply for a Macquarie Bank car loan?

You can apply directly to Macquarie if you wish to take out one of their car loans. However, you’re likely to be better off applying 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. 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.

Frequently asked questions about Macquarie Bank car loans

Does it matter where I live when applying for Macquarie car finance?

No – Macquarie is a national organisation which conducts much of its business online to customers around Australia. This means that you can be approved for financing regardless of whether you live in Canberra, Brisbane or wider Queensland, as well as country or metropolitan South Australia or Western Australia.

Are there any Macquarie car leasing or loan options?

Yes – Macquarie offers car loan and leasing options for those looking for their next vehicle. They offer both novated leasing and more standard car lease options, giving you a selection of products to choose from whether you’re looking to salary sacrifice to purchase your car (novated lease) or simply take out a lease for business purposes (car lease). You can use our leasing calculator to determine whether it’s the right option for you.

Is it possible to have negative equity on my car loan?

Yes – negative equity on a car loan occurs when the outstanding debt owed to your lender is worth more than the current value of your car. This may be the case if you’ve purchased a particularly valuable vehicle and have taken the maximum seven years to repay the debt. There are ways to avoid negative equity, such as paying a deposit upfront, taking less time to repay the loan and purchasing a less expensive model.

Am I able to take out a car loan with Macquarie if I’m on a government pension?

Yes – however, it depends on the nature of your pension. For example, you may be approved for financing if you receive Centrelink payments as a supplement to your low income, but this may not be the case if it’s your sole income stream. Aged pension recipients and those who receive a military pension or super income can be approved also. speak with your Savvy consultant to find out your options if you’re looking for a car loan as a pensioner.

How do I know my car loan is affordable for me?

You should have an idea of what your monthly commitments are throughout your life before committing to a car loan, as you shouldn’t put yourself in a position where you aren’t fully comfortable with your finances. Fortunately, your Savvy consultant will run checks to determine your car loan affordability and borrowing power when you submit your application based on your other regular expenses. This will save you from over-applying and being rejected whilst still maximising your borrowing potential.

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