Used car loans

A personalised interest rate is determined in large part by your credit score. This is based on a range of factors including your history of repaying loans, credit cards, and other bills. In short, the better your credit score, the lower the interest rate you’re likely to be offered.

Speaking of which, it's worth noting that while submitting a full application will likely result in a small, temporary dip to your credit score, simply getting your estimated personalised rate will not impact it.

A comparison rate is the interest rate, plus additional fees and charges you will be expected to pay over the loan term. As comparison rates indicate the true cost of a loan, they make it easier to decide which is best for you.

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.

• A Green Car Loan is available for customers buying an electric or hybrid vehicle up to seven years old.
• A Secured Fixed Car Loans is available for customers buying any vehicle up to seven years old.
• An Unsecured Fixed Personal Loans can be used to buy any type of vehicles of any age.

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.

If you're wondering what the difference is between a personal loan from a bank and dealer finance, you're not alone. The main difference is that with dealer finance, the salesperson arranges the loan for you via their preferred lender. With a loan from a bank you often have a choice from a few different loans with flexible features.

While dealer finance may seem like an easier option, comparing personal loans before you commit gives you a better chance of finding the loan that best suits your needs. If you're considering 0% finance, don't forget to check for a balloon payment at the end and administration fees or commissions for the dealer.

If you have any questions about our personal loans we’re here to help. Call us on 133 282 for a chat.

No, there is no requirement to find a car before you get loan approval. You can get conditional approval on your loan before buying a vehicle. This means we have agreed to lend you money for your car, but the final amount hasn’t been approved.

Our loans are conditionally approved until you can provide the certification of registration or vehicle registration notice. When the loan is conditionally approved, the personalised rate is confirmed – but there is not agreement to lend funds.

Our conditionally approved secured car loans are valid for 90 days, while our unsecured personal loans are valid for 30 days. This gives you time to find a car you want to buy.

Buying a used car is a great way to save money on depreciation and stamp duty - but there are a few things you need to consider to ensure you’re getting a great deal.

Our top tips for getting started are:

• Make a list of the types of cars and features you’re looking for. For example, if a reversing camera, fuel efficiency, and Bluetooth is important, narrow your search to newer cars.
• Set your budget.
• Use the car loan calculator to make sure you can afford any loan repayments.

When you’ve found a car:

• Take it for a test drive! Check how smoothly it accelerates, brakes, changes gears and handles corners.
• Ask to see the logbook, it will tell you how often the car has been serviced.
• Get an independent mechanic to inspect the car for hidden problems or potential repairs in the near future.
• Get a vehicle history check. It will tell you if the car has any outstanding finance, the rego status, details of any insurance claims or if the car is stolen.

Read our Buying a Car Guide for more tips.