Find everything you need to know about Westpac car loans with Savvy and see whether they’re right for you.
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Finding the right car loan is an important part of purchasing your next vehicle, which is why it’s so crucial to know the ins and outs of each offer before you commit to it.
Westpac is one of Australia’s biggest and most long-standing banks, offering a wide range of products from banking to home loans and everything in between. One of the products they offer is, of course, a car loan, which is a popular product for Australians around the country looking to bring their ideal vehicle purchase within reach.
Fortunately, you can find out all there is to know about Westpac car finance right here with Savvy to give you the tools to select your ideal loan and drive away sooner rather than later.
Comparison rates begin from 7.69% p.a., allowing for affordable Westpac car loan interest rate repayments over the course of your loan term.
You get to decide whether you make your repayments on a weekly, fortnightly or monthly schedule in line with your personal payment schedule to ensure you’re comfortable in doing so.
You can purchase a top of the range vehicle up to $100,000, with a minimum loan amount of $10,000, to give you the flexibility to choose from a wide range of cars.
Further expanding the variety of cars you can choose from, Westpac can finance either new or used vehicles, enabling you to potentially save important funds on its purchase.
There’s no need to worry about your repayments changing midway through your loan, as fixed interest rates ensure that your car loan repayments will be consistent and easier to budget for.
The application process is a quick and easy one taking as few as 15 minutes from start to finish, with responses possible within just 60 seconds of submitting your application.
The interest rate offered by Westpac on their car loan is a competitive one, enabling you as a borrower to take advantage of it and reduce the cost of your car loan overall.
On top of providing finance for 100% of the cost of your vehicle, you can borrow an extra 10% to cover other on-road charges such as vehicle registration and maintenance.
Westpac offers a free car history check so that you can be certain the car you’re looking to buy is what it says it is and doesn’t have any troublesome history you wouldn’t otherwise know about.
Because of the minimum loan amount of $10,000 which is required by Westpac, this product isn’t suitable for borrowers looking for financing at a lower amount.
If you select a car loan repayment term of more than two years and repay it in less than two years, you’ll be charged an additional fee of $175.
You won’t be able to purchase a vehicle under finance with Westpac if it’s seven years or older, potentially limiting your options to choose from.
Applying for a car loan with Westpac is simple when you do it through Savvy. The process is fast and easy, with most of the legwork done for you. It’s important to note, though, that we compare car loans from our panel of over 25 lenders, offering you the best available deal suited to your needs. The steps for applying for your home loan include:
Get a quick quote through Savvy
First and foremost, you can submit your initial application directly to Savvy via our website. As mentioned, this will only take you a short time to complete and send through, after which you can fill out your full application if you choose to. Once we’ve received this, we can get to work finding the best loan for your needs, which may be Westpac’s car loan product.
Choose the car you want to purchase
With information on the car you’re looking to buy and the type of loan you’re aiming to take out, your Savvy consultant will return to you and let you know of the best offer available to you, inclusive of interest rates, fees and any other features. If you’re happy with the loan your consultant finds for you, the process can continue on.
Have your loan formally approved
You don’t actually have to submit your formal application to Westpac yourself; your consultant will prepare your application in line with their guidelines and eligibility criteria to ensure it’s approved at the first attempt. They'll let you know when formal approval occurs, which usually only takes around one business day.
Sign your contract and get your car
Your lender, whether that be Westpac or another lender, will send through a loan contract for you to sign to confirm the agreement, which will be passed onto you by your Savvy consultant. Once you’ve completed this, the funds can be passed onto your seller and you can take ownership of your car.
There are several key areas to consider when applying for Westpac vehicle finance, with eligibility criteria applying both to you and your car. These include:
Personal eligibility criteria
Car eligibility criteria
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