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Best Bank for a Car Loan

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Example interest rate

9.20 %

Comparison rate*

10.58 %

Total charges


Total repayments


Disclaimer: This calculator provides an estimate only and a comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The interest rate for this product is variable and subject to change. Any calculations made by you using this calculator is intended as a guide only.

Best Bank for a Car Loan

Getting a car loan can be a stress-free journey if you are smart enough to choose the best bank for a car loan. Banks are one of the highly trusted institutions when getting a car loan. Aside from the high chances of approval, they also offer low-interest car loan rates and attractive loan terms. So in choosing the best bank for a car loan, your specific needs and financial conditions should be your top consideration. 

Countless banks in Australia offer the best car finance deals. Others may not necessarily offer the cheapest interest rate; but taking a closer look at their favourable terms, among other bank charges, fees, and conditions, may help you decide in getting the best car loan deals in the best bank.

Today, thousands of online lenders are here to help you with your search for the best bank for a loan faster than you probably think. At MONEYME, we have already helped thousands of customers who have searched for similar and related queries or are struggling in finding the best bank for a car loan. 

Operating 100% online, MONEYME offers approval in as little as 60 minutes. Additionally, we give you the freedom to choose from our range of variable-rate personal loans that are available for balances of up to $50,000 and offer loan terms from one to five years, depending on your needs. 

Indeed, the loan application process at MONEYME is grounded in flexibility, allowing you to enjoy appropriate terms and conditions for your car loans, whether an unsecured car loan, a private car loan, or a new car loan.

How to choose the best bank for a car loan?

For some Aussie drivers, this is the year to hit the road with a fresh set of wheels. Thus, whether you’re planning to switch to a family-size car, a luxury car, or a convenient back-to-office car, choosing the best bank for a car loan is highly essential to get a low-interest car loan that offers suitable benefits, charges, security, and, most importantly, budget. 

To help you choose your best bank for a car loan, whether for a new or a used vehicle, here are five tips to think of before choosing the best bank for a car loan: 

Check the key car loan features of each bank 

Auto lending is predicted to rise as more Australians aspire to get into the best bank for a car loan. Hence, checking out the necessary car loan features of each bank would give you an overview of each bank’s car loan offers and which among them best fits your needs: 

  • Minimum required monthly household income 
  • Loan amount
  • Down payment
  • Effective interest rate
  • Repayment terms
  • Approval time

If you would like to avail of faster auto financing, online lenders like MONEYME can give you the cash you need in as little as 24 hours of applying as we operate 100% online. There are no lengthy documents to upload, and we don’t need to speak to your employer. Additionally, you could be approved up to $50,000 online today. 

In a very competitive market, this is what makes MONEYME the first choice of Australian customers and businesses. 

What documents do I require to apply for a car loan?

When choosing the best bank for a car loan, knowing the particular documents required by the financial institution or lender can save you from unprecedented circumstances and guarantee you a car loan approval. To help you get started, we have handpicked the fundamental requirements needed for a bank loan for a car: 


  • Driver’s licence
  • Evidence of residential address and residential status

Financial information

  • Bank statements
  • Assets and liabilities
  • Evidence of income

Information about the car 

  • Registration number and VIN
  • Purchase price
  • Comprehensive car insurance policy

If you borrow from MONEYME, we only need access to a ‘read-only’ 90-day snapshot of your bank transactions and complete the identity check with biometrics. There are no document downloads or faxes required.

MONEYME also has a great offer to those who want a quicker and easier access to a line of credit for car finance. Our Freestyle Virtual Credit Card will let you enjoy numerous benefits that include flexibility, competitive rates, and reusable quick loans.

How long does it take to get a car loan?

Depending on the best bank for a car loan that you chose, the approval time for car loans varies. It is not set in stone, and several factors can affect the evaluation time of your car loan application such as your credit history, your chosen car type, and your financial circumstances. 

If you’re looking for a quicker process, online lenders have quick online applications that may easily get you behind the wheels. At MONEYME, we believe that every Australian deserves the best bank for a car loan that is highly accessible, has low interest rates, and covers just terms and conditions. If you compare loans online, you can easily find the best deal on your next car.

Aside from car loans, MONEYME also offers personal loans that cover a wide range of purposes. From buying a new vehicle, financing your home, or anything else you may have in mind, we’ve got you covered.

What are you waiting for? Start your application today at MONEYME. Simply install our app and you’re one click away from unlocking new financial opportunities.

Our customers

Best Bank for a Car Loan

Fast, fair and easy. Very happy customer. Happy to get another loan in the future from MONEYME.

Simple process, easy to follow application, quick response time and good support.

I was impressed with how easy and quick the application was. Very happy with their customer service, and the app is very convenient.


Review Stars Out of 2,701 reviews

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Transparent and
simple pricing

Interest rate

9.20 %
to 25.20 %

Comparison rate*

10.58 %
to 26.58 %

Establishment fee
(Direct applications)

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

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

Monthly fee


Loan terms

Minimum 3 years

Maximum 5 years

Early exit fees


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