Consider your car finance options, including that of Great Southern Bank, right here with Savvy before you apply for your loan.
Fact checked
Great Southern Bank, formerly known as Credit Union Australia and CUA, is an Australian mutual bank owned by its members, which in itself can come with a range of benefits such as cheaper rates and fees on product offers.
They offer a vast range of products, from home loans to banking to business finance and insurance, with car loans also counted amongst their selection.
You should always have a clear idea of which car loan is the best for your needs before you start the application process, which is where Savvy can help. By breaking down loan offers like these, we help you make the best decision for your situation. You can start the process by applying with us today.
*Please note that Savvy does not represent Great Southern Bank for its car loan product. All information in this article is correct as of 29 July 2024.
With fixed interest and a comparison rate starting from 6.95% p.a. on secured car loans, your repayments will be locked in from the outset, preventing your instalments from increasing at any stage.
You won’t have to worry about any other additional costs on your repayments, with no other monthly or ongoing charges one of the common benefits of mutual bank and credit union car loans.
It’s important to be comfortable when repaying your car loan, so you can select the term which suits you best from a minimum of one year all the way up to seven.
With up to $100,000 available to borrow for secured car financing, you can choose from a wide range of car makes and models and pay them off at your speed.
On top of being able to set your loan term, you can also determine whether to repay your loan on a weekly, fortnightly or monthly basis in line with what’s most comfortable for you.
If you’re looking to apply for a car loan jointly with your partner, you can do so with Great Southern Bank to make co-ownership of your vehicle simpler.
Your car loan comes with unlimited extra repayments above the minimum required amount and the ability to pay off the loan ahead of schedule free of charge, potentially saving you on interest.
If you're looking to finance the purchase of an eligible green car, such as an electric or hybrid vehicle, you could qualify for an even lower rate from 5.99% p.a. (6.44% p.a. comparison).
The application process can be 100% online (or in-branch or over the phone), enabling you to apply from the comfort of your home or wherever you are.
You’ll still be charged an establishment fee of $175 and a security administration fee of $90 as part of your loan agreement with Great Southern Bank.
New and used cars up to seven years old are the only vehicles that can be financed with a Great Southern Bank secured loan, so older vehicles will need an unsecured loan.
If you aren't already a Great Southern Bank customer, you'll be required to have a linked everyday account once your car loan account has been established.
The application process with Great Southern Bank is similar to how most lenders operate in terms of their process. It’s a relatively streamlined series of steps, so it won’t take long for you to be approved once you’ve applied. The application process is as follows:
Ensure that you’re eligible
First of all, you should always double-check the eligibility criteria on each car loan before you move into your application. There’s little point in signing up for a loan where approval is impossible because you don’t meet one or more of the qualification requirements.
Prepare your documents
You should also have all your documents on hand and prepared for your application, as not having all of the required documents can slow down the process unnecessarily. Some of these can include:
Submit your application
Once you have all of this information, you can move ahead and submit your application. Their online application form should take you around 20 minutes to complete and submit.
Get approved and sign your contract
If they’re satisfied with your application, Great Southern Bank will approve it and send through a loan contract for you to sign. This confirms all of the conditions of your agreement and sets it in stone. You can sign your contract electronically, saving on physical paperwork.
Receive your funds
After you’ve returned your loan contract to the lender, the funds can be advanced directly into your account. From there, you can go out and purchase the car you were approved for and drive away before you know it.
You can also apply for your car loan with Savvy, rather than directly through a lender. In doing so, you can maximise your chances of being approved for the best loan deal available to you. This is because we have access to more than 25 lenders across the country, giving you and our expert consultants more options to choose from to ensure the loan you take out is the best for your needs.
It’s important to familiarise yourself with car loan eligibility criteria before applying for your finance deal. As mentioned earlier, application rejections based on not meeting the eligibility criteria are very much avoidable, so you can cut these out entirely by studying the criteria closely. The main points to follow with Great Southern Bank are:
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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.
