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Bank Loan for a Car

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Estimated monthly repayments

$910.72

Example interest rate

9.20% p.a.

Comparison rate*

10.58% p.a.

Total charges

$1,857.28

Total repayments

$21,857.28

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Bank Loan for a Car



The popularity of a bank loan for a car has made it a common option for borrowing money and buying a car in Australia. If you have been searching for personal loans for cars, a bank loan is most likely part of your list. However, you’re also probably looking for a local lender to give you same-day approval and fast cash transfer. MoneyMe can make a difference. At MoneyMe, we offer various credit products like personal loans and auto car finance faster than a bank. Our easy online application process will take less than five minutes to complete and submit.

Forget about endless paperwork and hard-to-comply requirements. Make applying for an auto loan simple and hassle-free with MoneyMe. Get competitive interest rates and flexible repayments with no early-exit fees. Whatever you’re searching for today, be it an application for the best bank for a car loan or getting an online car loan, you will surely find a personal finance product like MoneyMe that will help you get the money you need right now.



How do bank loans work for a car?

A bank loan for a car allows a borrower to apply for direct money lending from a bank. Instead of going through a car dealer and other financial institutions, different banks in Australia offer car loans. Banks will usually require a good credit standing to get better loan deals. Other banks may also require a higher down payment than other financial lending entities like online loans.

You’re maybe searching for local auto financing that can help you buy your dream car with low interest and fast fund transfer. If you’re out there looking for one and think that a bank loan for a car is your only means to buy one, then you haven’t explored all your options yet. MoneyMe offers fast, simple, and competitively priced online car loans that could help you get your dream car sooner than you think. Here are a few reasons why you should make MoneyMe a part of your list of options:

  • Fast and easy online application process. Unlike other banks or online car lenders, MoneyMe makes it easy for you to apply and get approved for a loan in minutes, without the hassle of paperwork and waiting.
  • Competitive interest rates. MoneyMe offers competitive interest rates on personal loans, so you can borrow money at a lower cost than with a bank loan. You can get the money you need when you need it.
  • Flexible loan terms. MoneyMe offers terms ranging from one to five years, so you can choose the loan term that suits you. You can even choose to pay fortnightly or monthly.
  • Quick transfer of your funds. Once you’re approved for a personal loan from MoneyMe, which ranges from $2,100 to $50,000, we’ll transfer the money to your bank account within minutes so you can get your car sooner rather than later.
  • No early repayment fees. MoneyMe doesn’t charge any early repayment fees, so you can pay off your loan sooner if you want to.

If you’re looking for a bank loan for a car, apply for car finance from MoneyMe instead. With us, you can find the right car loan deals that fit your budget.



How to get the best bank loan for a car?

If you want to get the best bank loan for a car, you need to compare vehicle financing rates. Bank car loan rates are known to be higher than those of online lenders like MoneyMe. MoneyMe offers competitive low rates from 6.25% p.a. compared to the big four banks in Australia, which have high interest rates ranging from 7% to 12%.

A bank’s profitability depends on its high interest rates that yield better cash and earnings. Loans from banks are also usually secured. So if an auto loan borrower in a bank fails to make repayments for a car loan, the bank will acquire the ownership of the vehicle. By contrast, all our loans at MoneyMe are unsecured, which means that no asset or collateral will be taken away if you default on the loan.

If you want to know how to get the best bank loan for a car, it’s important to compare interest rates and find the most competitive deal. Apply for an online car loan with MoneyMe now!



How are the interest rates calculated for a bank loan for a car?

Interest is usually expressed in a percentage that charges the borrower the cost of borrowing money. A simple interest rate is used for bank loans. That is, the principal or total loan amount is multiplied by the daily interest rate by the number of days in between payments. 

For example, a borrower gets a $25,000 auto loan in a bank with an annual interest rate of 7% payable over five years: $25,000 x 0.07 x 5 years = $8,750. The amount of simple interest will be $8,750, bringing the total amount of the car loan to $33,750.

If a bank loan for a car seems complicated, then why not go for an online car loan? With MoneyMe, you can be qualified for fast and easy online applications. We save you time as you don’t have to go to the bank, fall in line, and wait for days and weeks to get your approval. 

To determine how much you will need to pay, you can use our car loan repayment calculator. Through this tool that is available on our online platform, you will know the estimated amount of your monthly repayments, total interest payable, and total amount payable including the principal.

At MoneyMe, we let you experience paperless auto loan applications. Our secure and advanced banking technology easily verifies your identity and details online. You don’t need to submit bulk documents as you can immediately complete your online application form with just a few taps of your mobile phone. Once you’ve agreed to the loan terms and conditions, you can sign the loan contract digitally. 

Apply for a car loan whenever or wherever you are only at MoneyMe.

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Bank Loan for a Car

Transparent and
simple pricing

Interest rate
(variable)

9.20 %
p.a.
to 25.20 %
p.a.

Comparison rate*

10.58 %
p.a.
to 26.58 %
p.a.

Establishment fee
(Direct applications)

$395 for loans between $5,000 and $15,000


$495 for loans between $15,001 and $50,000

Monthly fee

$10

Loan terms

Minimum 3 years

Maximum 5 years

Early exit fees

None

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Won’t impact your credit score!
Won't impact your credit score!

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