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Is a Bankwest secured car loan right for you? Read about its key features before you commence the car finance application process with Savvy.
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Thomas PerrottaFact checked
Bankwest is a financial institution based in Perth and owned by Commonwealth Bank since 2008, offering a range of products from banking to home loans to business finance and everything in between.
Crucially, one of the products they offer is a car loan, which is important to understand the broad strokes of before diving into the application process.
Fortunately, that’s where we come in. Savvy breaks down car loan offers so you can easily see and compare different offers from a wide variety of lenders before you start applying, which you can do through us and gain access to unrivalled consultant support and more than 25 lenders nationwide.
*Please note that Savvy does not represent Bankwest for its car loan product. All information in this article is correct as of 29 July 2024.
With a starting interest rate of 8.99% p.a. (9.33% p.a. comparison rate), your payments will be locked in from the outset of your loan, making budgeting more accurate and reliable.
Being comfortable in your repayments is perhaps the most important aspect of a car loan, so you can select the term over which you wish to repay up to a maximum of seven years.
While application fees can often set you back hundreds of dollars, you won’t have to pay a cent towards any such cost when you apply with Bankwest.
Extra repayments are permitted on Bankwest car loans, meaning you could potentially save on interest and fees across your loan (and not pay a fee to do so if you take more than two years).
You’ll be able to borrow 20% more than the value of your car (up to a maximum of $100,000), meaning you can incorporate other costs, such as rego and stamp duty, into your loan.
You can also redraw any additional funds you’ve paid towards your car loan down the track should you need them, saving you from having to apply for another loan to do so.
You’ll be able to purchase any brand-new car or a used one up to seven years of age or valued at a minimum of $10,000, giving you more options to choose from.
You can complete your car loan application online, saving you from having to make your way to a branch, which may not be convenient for you if you live rurally.
With no establishment costs and a $5 monthly maintenance fee, the charges included on a Bankwest car loan are relatively low (albeit with a higher rate).
While you can take up to seven years to repay the loan, you’ll have to settle for a minimum of at least three years, which may not suit all borrowers looking for a short term.
Bankwest car loan rates are higher than many lenders currently operating in the market, meaning you can find more affordable loans by continuing your search elsewhere (such as with Savvy).
While some lenders won't enforce a maximum borrowing limit for their car loans, Bankwest's is set at $100,000.
It’s important to be across the documents and other information you’ll need as part of your car loan application, as not having all of these will hold up your application and lead to delays. The information you’ll need to supply will be:
Proof of identity
You’ll be required to submit one of the following when applying for your car loan in-branch:
If applying online, you’ll be able to use Bankwest’s electronic ID check.
Proof of income
The income documents you’ll need will depend on how you earn your money. If you’re…
Vehicle information
Information on the vehicle you’re using as security for the loan will also depend on how you’re acquiring it. You’ll need to supply your current motor vehicle insurance certificate as part of this, but the other factors are:
The application eligibility criteria set in place by Bankwest is fairly broad and standard. The criteria to qualify for a car loan are:
Of course, applying directly to a lender doesn’t always give you the best deal, especially if you haven’t thoroughly considered your options spanning the market. By applying with Savvy, you can maximise your chances of signing up for the best loan deal available to you.
With lending partners spanning the country and experienced consultants making use of our state-of-the-art technology, we’re best placed to help you secure the best financing available. You can use Savvy’s car loan repayment calculator for Bankwest loans or any other to give you an idea of what you might pay.
No – Bankwest services customers all across the country, meaning you don’t have to be applying for a car loan in Perth or wider Western Australia (or even a car lease) to work with Bankwest.
Yes – in general, car loans with credit unions tend to come with lower interest rates than banks due to their different ownership models. While banks are owned by shareholders, who receive a portion of the profits made, credit unions are owned by their members, with all profits going back into the institution to allow for decreased rates and fees. However, you may find that you’re better off applying with an online lender, as they can offer some of the lowest rates on the market thanks to lower overheads.
This depends on the nature of your profile and several other factors in the process, but it generally won’t take more than a few days. When you apply with Savvy, you can receive a quick car loan approval within one business day and have the funds released within 48 hours of your initial application.
Unfortunately, you won’t be able to take out a Bankwest secured car loan to purchase a vehicle older than seven years at the point of sale, as that’s the cap they implement. You can use an unsecured personal loan to remedy this, but you’ll attract a much higher interest rate if you do so. However, if you submit your car loan application through Savvy, we can connect you with lenders who can approve you for financing for cars up to 20 years of age secured. We can even help you access secured financing for a classic car.
Yes – Bankwest offers car loan refinancing in the same way as most other lenders do. If you’re refinancing your loan debt from another lender to a loan with Bankwest, you’ll need to supply consecutive bank statements from the past three months, which must include:
It’s important to determine whether a refinance is right for you, so you should use our car loan repayment calculator for Bankwest and other lenders.
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
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