Our Lenders

Westpac Car Loans

It’s no secret Westpac prides itself on being Australia’s first and oldest bank. Established back in 1817 as the Bank of New South Wales, Westpac has seen two centuries in the finance industry – and it’s set to remain in that business for quite a few more years to come.

Within its consumer bank division, Westpac serves more than 9 million customers under the various banners of the Westpac Group, including, of course, Westpac, as well as St.George, BankSA, Bank of Melbourne and RAMS.

Its 9 million customers are offered a wide range of banking services, with everything from transaction accounts and credit cards, to mortgages and car loans on the table. Across Australia, customers have access to 1,429 branches, 3,850 ATMs, alongside a wealth of other banking essentials, such as call centre customer service and online banking.

Westpac car financing options

But what about car loans? As this is a site dedicated to car loans, it only makes sense we talk a little more about what Westpac has to offer in the way of car finance.

If you’re looking to buy a new or used car and need financing, Westpac may have just what you’re looking for. With the Westpac car loan, you could borrow between $10,000 and $100,000 at a fixed rate of interest.

The loan term can range between one and seven years, with an establishment fee and monthly service fee applicable. How do you know if that’s right for you? Using a car loan calculator can be a great way to find out whether a certain car loan is right for you, while working out how affordable it is.

Simply use the car loan calculator to work out how much you can afford to borrow overall, how long you need to repay the car loan, and how much your car loan repayments will be. You can also use this kind of calculator to compare loans and their interest rates to uncover the best option for you.

Fixed Rate Car Loans

So, we mentioned before that the Westpac car loan is a fixed rate car loan. What exactly is a fixed rate car loan and is it right for you? With a fixed rate car loan, you will pay a fixed rate of interest over the entire loan term.

That means, even if interest rates rise or fall during that period, your car loan repayments will remain the same. This can be great for budgeting, as you will always have peace of mind, knowing exactly what you are paying out each month.

Secured Car Loans

And as for the bank’s peace of mind – that comes with security. With the Westpac car loan, that security is your car. When you take out a Westpac car loan, your car is secured against the loan. So, if you default on the loan and get into trouble, Westpac may be within its rights to take your car in lieu of the money you owe.

Sound scary? It doesn’t have to be. A secured car loan can actually be more affordable than an unsecured car loan. Because the bank has its ‘peace of mind’, it will generally offer lower rates on its secured loans, compared to its unsecured loans.

Just be sure to only apply for a car loan you can afford to pay back, and consider income protection insurance if you want that extra sense of security.


Aside from the loan’s interest rate, you will also need to take into account fees when you are assessing a car loan’s affordability. As we said, the Westpac car loan has an establishment fee and a monthly service fee, with other fees that may also apply.

These may include prepayment fees, and various fees associated with declined direct debits, missed payments and so on. Before applying for any type of loan, look carefully at the applicable fees and add them to the total cost of the financing.


When comparing car loans, it’s a good idea to look at the features available and the amount of flexibility offered. One handy feature of the Westpac car loan is the fact that you can choose the frequency of your repayments, whether that’s weekly, fortnightly or monthly.

In terms of flexibility, Westpac does allow you to make extra repayments on your car loan. This can let you pay off your loan faster, which allows you to save on interest. Just keep in mind that prepayment fee, if it applies.

As for accessibility, Westpac lets you manage your loan online – and you can also apply online. Whether your loan is approved – and how much you are approved for – will depend on your circumstances. So, be sure to read the fine print to ensure you qualify, and that you know exactly what you’re signing up for.

Apply for a Westpac Car Loan