If you’re paying too much interest on your car loan, refinancing could be a clever way to get a better deal.
Refinancing your car loan works by applying for a new car loan at a lower rate and using the funds to pay out your existing car loan. You'll then make repayments on your new car loan, but at a lower interest rate.
Switching to a car loan with no ongoing fees can also help you save. Your wallet will thank you later!
Refinancing your car loan puts you on the fast-track to lowering your repayments and paying off your car loan sooner.
At Great Southern Bank, our loans go the extra mile for you. When you switch your car loan, you’ll get:
A secured car loan is a loan that is "secured" against your car. If you are unable to repay the loan, the lender can sell the car to cover their costs. The upside is that with an asset attached as security, the interest rate is usually lower than an unsecured loan.
An unsecured personal loan doesn’t require an asset as security. Your income and ability to repay the loan is still assessed, but you don't need an asset to be approved for a loan.
Great Southern Bank offers Secured Fixed Car Loans for vehicles under seven years old.
Unsecured Fixed Personal Loans are available for vehicles of any age.
Our Green Car Loan offers reduced personalised rates.
We want to tell you a little secret. When it comes to getting a good deal on car refinance, timing is everything.
When is the right time we hear you ask? Read on for our top tips and considerations to help you decide.
It’s time to double-check the fine print. Are there any early payout fees or penalties for cancelling your contract early? These fees won’t stop you from refinancing, but we recommend adding them to the cost of refinance to avoid paying more than you expected.Our personal loan calculators can help you calculate your repayments and compare.
A lower interest rate is the most popular reason for refinancing, but to get the savings you’re seeking, it’s important to keep within your current loan term. A longer loan term may free up your cash now, but you won’t reap the benefits if you’re paying more in interest over the life of the loan.
Whatever your reason for refinancing, remember the golden rule, timing is everything.
Unlike houses, cars depreciate in value. If the value of your car is less than what you owe on your loan, a lender may deem it too risky. Particularly for a secured loan.
If you want to get ahead on your repayments, some extra helpful features will go a long way. How does unlimited extra repayments, free redraw, and no monthly fees sound? You’ll get all of this and more with a car loan from Great Southern Bank.
But don’t just take our word for it, take our personal loan calculator for a spin. They’ll help you compare car loans and find out if we can beat your current car loan today.
Compare car loans and apply online.
Pay off your loan sooner without being charged a fee.
That means no shareholders. Our profits go back into new products and clever ways to help you manage your money.
The calculations provided are estimates only and are based upon the information entered by the user. The calculations do not include upfront or continuing credit fees and charges and do not constitute a loan application or variation to an existing facility, loan offer or loan approval.
A secured loan is 'secured' against the asset you are borrowing for, such as a car. If you are unable to repay the loan, the lender can sell the asset to cover the costs of the loan.
An unsecured personal loan is a loan that does not require an asset as security. Your income and ability to repay the loan is still assessed, however you don't need an asset to secure the loan.
Your credit score is a number used by lenders to assess how likely you are to repay a loan. Your score is based on the information in your credit report, including:
Learn more with our guide to Understanding our personal loan interest rates.
An ideal loan for many purposes, such as debt consolidation, home improvements, new or used cars and motorbikes of any age, boats, caravan and more.
For buying or refinancing a new or used car or motorbike up to seven years old.
For buying or refinancing an electric or hybrid car up to seven years old.
For eligible green purchases, including solar panels, battery packs, solar hot water systems and hot water heat pump systems.
Find the answers to frequently asked questions here.
A personalised interest rate is an interest rate based on an assessment of your credit score. If you have an excellent credit score and a good history of repaying loans, credit cards and other bills, you’ll likely be offered a lower interest rate.
When you apply for a personal loan your individual situation and your credit score will be considered when calculating your personalised interest rate.
Learn more with our guide to understanding our personal loan interest rates.
A comparison rate will help you identify the true cost of the loan, which includes the interest rate plus all the relevant fees and charges for a loan.
A secured loan is 'secured' against the asset you are borrowing for such as a car, or home. If you are unable to repay the loan, the lender can sell the asset to cover the costs of the loan. Most secured personal loans have a lower interest rate when compared to an unsecured personal loan because there is an asset attached.
An unsecured personal loan is a loan that does not require an asset as security. Your income and ability to repay the loan is still assessed, however you don't need an asset to secure the loan.
If you’re buying a green vehicle under seven years old, a Great Southern Bank Green Car Loan may be right for you.
If a vehicle does not meet the green car eligibility criteria, you may be interested in a Secured Fixed Car Loan or an Unsecured Fixed Personal Loan if you’re buying a car older than seven years.
The main difference between each of our car loans is the type of vehicle you’re looking for.
All our car loans come with a fixed interest rate, so you’ll have the same regular repayment each month and won’t have to worry about interest rate rises.
Loans are issued by Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions and fees apply.
Rates current as at 29 November 2023 and subject to change.
Your loan contract will state the minimum monthly repayment amount. You can arrange with us to make repayments on a weekly or fortnightly basis.
1. Comparison rate examples are accurate for a personal loan amount of $30,000 secured loan over a term of 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
2. Comparison rate examples are accurate for a personal loan amount of $30,000 unsecured loan over a term of 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
3. $3,000 minimum loan amount in branch, $5,000 minimum loan amount online. Available loan term is 1 to 7 years.
4. A $200 minimum withdrawal amount applies for redraws conducted in-branch. Redraw facility is available for Great Southern Bank Personal Loan products on offer from 6 June 2017.
*The rate you are offered is calculated based on your personal circumstances and credit history. A few different factors are considered, including:
Your personalised rate won’t be confirmed until you receive an offer from us (if approved) and is subject change before your loan settles.
Your application ID is in the confirmation email we sent from [email protected]. For help, call us on 133 282.
