Secured Car Loans
What is a 'secured' car loan?
A secured car loan is for customers purchasing or refinancing a car with a value of greater than $10,000 that will be 12 years old or younger at the end of the loan. Using your car as security means you get a reduced rate of interest, so your repayments will be less.
With Suncorp Bank, you'll enjoy:
- Minimum loan amount $5,000
- Option to Repay over 1 to 7 years
- Fast Approval
Don't want to take out a secured loan to buy your new car? That's perfectly ok. You can alternatively apply for an Unsecured Personal Loan to help finance your purchase.
Visit our How To Guide for information about what you can get a loan for, and how to know if you qualify.
Visit our Hints & Tips page for information about buying a car.
Conditional approval can usually be given the working day after we receive your application. Apply online, and it can be even quicker.
Fixed competitive rate
The Interest rates are fixed for the term of the loan, making budgeting easier because your minimum repayments never change.
Pay a low establishment fee, a low account keeping fee, and no penalties for additional or lump sum payments.2
Choose to repay your loan weekly, fortnightly or monthly or make extra repayments to pay off the loan early.2
Flexible loan terms
Car Loans start at $5,000 and you can spread your repayments over a period of 1 to 7 years, depending on the loan amount and purpose.
Optional loan protection insurance
When you qualify for a personal loan with Suncorp Bank you may also be eligible for Consumer Credit Insurance
Rates and Fees
Personal Loans - Secured
|Loan Type||Annual % Rate||Comparison Rate*|
|Secured Loan||6.99% p.a.~||7.59% p.a.|
Interest Rate Effective 2 May 2016.
~Rate applies to applications for new loans only, not applicable for refinancing of existing Suncorp loans.
*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Based upon a $30,000 loan over 5 years.
|Establishment Fee (financed with the loan)||$175|
|Monthly fee||$5 per month for the term of your loan|
|PPSR (Personal Property Security) fee|
Fees payable to PPSR apply.
|Stamp Duty||Stamp Duty and government charges apply.|
|Early Payout Fee|
$300 (Payable on the day the loan is paid out, if the loan is paid out within 12 months of settlement and the term of the loan exceeds 12 months.)
Am I eligible?
To apply for a Personal Loan, you must be:
- 18 years or older,
- An Australian resident,
- Earning a minimum net income of $25,000 a year,
- Able to meet the repayments
- Looking to borrow more than $5,000.
What are my options for refinancing my existing secured car loan from another bank?
You can refinance an existing secured car loan, and retain the use of your car as security - so long as the car is twelve years old or less at the end of the loan term. Call us on 13 11 75 to discuss your options.
Can I have someone act as guarantor on my personal loan?
No. We do not currently accept guarantors for personal loans.
See what your repayments may be, by selecting your loan term and whether you'd like a secured or an unsecured personal loan.
Things You Should Know
1. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as early repayment fees and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
2. An early payout fee applies if you repay your loan within 12 months of settlement and the term of the loan exceeds 12 months.
Personal Loans are issued by Suncorp-Metway Ltd ABN 66 010 831 722 Australian Credit License number 229882 (“Suncorp Bank”). To approved applicants only. Fees, charges, terms and conditions apply and are available on request. *Interest rate for secured car loans of $5,000 and over and any term up to 7 years. ^WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Based on a $30,000 loan over 5 years. Rates subject to change. Approval is not instant and is subject to Suncorp Bank’s standard lending criteria.