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Westpac Car Loans

Find everything you need to know about Westpac car loans with Savvy and see whether they’re right for you.

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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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.

*Westpac is among Savvy’s panel of car loan financiers. All information in this article is correct as of 10 April 2024.

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The features and benefits of Westpac car loans

Interest rates starting from 6.49% p.a.

Comparison rates begin from 7.69% p.a., allowing for affordable Westpac car loan interest rate repayments over the course of your loan term.

Flexible repayment schedule

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.

Borrow up to $100,000 to buy your car

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.

Buy new or used

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.

Fixed interest rates

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.

15-minute applications with fast responses

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 pros and cons of Westpac car loans

PROS

Discounts for electric and hybrid vehicles

You can receive a discount on your car loan interest rate if you purchase an electric or hybrid car considered eligible by Westpac, with rates starting from 5.99% p.a. (7.20% p.a. comparison).

Able to cover on-road costs

On top of providing finance for 100% of the cost of your vehicle, you can borrow extra funds to cover other on-road charges such as vehicle registration and maintenance.

Free history check

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.

CONS

Less suitable for small loan amounts

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.

Loan fees

You'll have to pay an establishment fee of $250 and an ongoing fee of $12 per month, while you may be charged a fee of $175 for paying out a loan with a term above two years in less than 24 months.

Used cars must be less than seven years old

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.

Your guide to Westpac car loans

How do I apply for a Westpac car loan?

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 40 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.

What are the eligibility criteria for Westpac car loans?

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

  • At least 18 years old
  • An Australian citizen, permanent resident or eligible visa holder
  • Earn a regular, verifiable and taxable income in Australia
  • Hold a valid Australian driver's licence or learner's permit
  • Able to supply all the required documentation

Car eligibility criteria

  • No older than seven years at the point of application
  • Must never have been written off
  • Must have been manufactured locally or imported by the manufacturer
  • Must be for personal use
  • Must be covered by a comprehensive insurance policy

More questions about Westpac car loans

Which fees apply to my Westpac car finance deal?

Some of the fees you’ll be required to pay as part of your Westpac vehicle finance deal include:

  • Establishment fee: $250
  • Monthly service fee: $12
  • Missed payment fee: $15
  • Prepayment fee: $175
  • Bank cheque fee: $10
What are the documents required for Westpac car loans?

The documents you’ll need for your car loan application with Westpac are:

  • Proof of identity, with two of your driver's licence, Medicare card, passport, birth certificate or NSW photo card
  • Three months’ worth of income information through payslips, bank statements and rental income (if applicable)
  • Information on your assets, savings, investments and liabilities (such as loans)
  • Record of regular expenses (such as utilities, rent and insurance payments)
  • Your employer’s name, address and phone number
  • For self-employed applicants, recent tax information
Is my car finance deal secured?

Yes – car loans are secured finance products which utilise the car itself as collateral for the loan. This enables you to access lower interest rates and fees, although if you default on your loan, your lender will be able to acquire your car and sell it to recoup lost funds.

If you don’t want to have your car as collateral, you can instead look to an unsecured personal loan to buy your car. You may choose this option if your car is more than seven years old at the point of purchase, although they come with higher rates and fees and greater borrowing restrictions.

What car loan repayment terms can I choose?

You can choose to repay your car loan over any period between one and seven years. The term you’re approved for will depend on your personal financial situation and your credit score, as longer loan terms are usually reserved for borrowers whom lenders view as a lower risk of default than others.

Does Westpac offer a business car loan product?

Yes – there are Westpac business car loans on offer if you’re looking to purchase a vehicle for your business. This can come either in the form of a chattel mortgage (the equivalent of a regular car loan with an optional balloon payment), lease (where you rent the vehicle and can choose to buy at the end of the term) or hire purchase (where ownership is gradually transferred over the repayment term).

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