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Suncorp Bank Car Loans

Suncorp Group seems to have financial services pretty much covered. Not only does it offer banking and superannuation products, it also provides general insurance, life insurance and a variety of loans.

What about car loans? Yep, Suncorp offers car loans within its array of financial products. But is a Suncorp car loan right for you? Let’s take a look at what Suncorp has to offer, to find out whether a Suncorp car loan is the best car financing option for you.

Suncorp Secured Car Loan

Suncorp has one car loan on its books, which happens to be the Suncorp Secured Car Loan. As the name suggests, this is a secured car loan, so the loan is secured against the car being purchased.

Why choose a secured car loan over an unsecured car loan? When it comes to loans, lenders like to feel secure. That’s why most lenders carry out a credit check before approving loan applications.

Another way a lender can gain a sense of security is with a secured loan. Using an asset as collateral, the lender knows that even if the loan goes bad and is not paid off, it can recoup its losses by selling the asset used as collateral.

With this lovely feeling of security, the lender will tend to offer lower interest rates on secured loans, which works to make car financing cheaper for car buyers.

Why choose a secured car loan then? It may be easier to be approved for (although the lender will still look at your circumstances on application), plus it can be a cheaper option than an unsecured car loan.

Fixed Rate or Variable Rate?

As well as being secured, the Suncorp Secured Car Loan also features a fixed rate. That means there is a fixed rate of interest for the life of the loan.

Why would this be beneficial to you? A fixed rate loan can make budgeting much easier. As you always know how much your repayment will be, you will know how much to put aside to cover it.

Unlike a variable rate car loan, which attracts a variable rate of interest, a fixed rate loan is not affected by changes in the market as the loan term progresses.

With a variable rate loan, repayments may decrease as interest rates fall – but they may also increase as interest rates rise. While you may not benefit from interest rate decreases with a fixed rate car loan, you can also rest easy knowing that your repayments won’t go up either.

Check for Fees

When comparing loans to find the best deal, it’s important to look at the fees you will have to pay. Like so many other car loans, with the Suncorp Secured Car Loan, you will pay an establishment fee, plus a monthly loan service fee.

Work out how much you will pay in fees – checking the small print for any other applicable fees as well – and add that to the total cost of the loan to ensure you are still getting the best possible deal.

Check for Features

Some car loan providers offer more flexibility on their loans than others. With the Suncorp Secured Car Loan, you can choose to have weekly, fortnightly or monthly repayments, with an option to pay off the loan over one to seven years.

The Suncorp Secured Car Loan also has a low minimum loan amount of $5,000, which can make it easier for car buyers looking for a smaller loan. Need to refinance your current car loan? As long as your car is less than five years old, Suncorp may be able to help you with that.

If you think you may want to make extra repayments on your loan, make sure the loan allows for this. The Suncorp Secured Car Loan allows you to make extra repayments at no extra charge, which could help to reduce the amount you pay back in interest over the life of the loan.

Be aware that if you choose to pay off the loan early, there may be fees that apply. If you pay this loan off within 12 months, and your loan term is longer than that, a fee of $300 will apply. If you’ve had the loan for more than 12 months, no early payout fees will be charged.

Apply for a Suncorp Bank Car Loan