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

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

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.

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.

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).