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Macquarie Bank Car Loan

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

The features and benefits of Macquarie Bank car finance

Interest rates starting from 6.40% p.a.

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.

Buy new or used vehicles

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.

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 or variable interest rates

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.

The pros and cons of Macquarie Bank car loans

PROS

Greater loan 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. 

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.

Balloon/residual payments available

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.

CONS

High application and monthly fees can apply

You’ll be required to pay an application fee of $250 and a monthly charge of $15 across your loan term.

Borrowing restrictions for young applicants

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).

Higher minimum loan amount

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.

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 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.

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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