Rating based on 21 reviews

Westpac Car Loan

  • Car loans up to $100,000
  • Low-interest starting from 9.54%
  • Repayment up to 7 years

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Author Westpac. Screenshot of Westpac website.
[Accessed May 24, 2023]

About Westpac

Looking for a Westpac car loan review? Discover the appeal and offerings of this dynamic financial giant. From its strong market share to polished products, Westpac has become a favoured choice for Australians seeking finance. Find out why customers have overwhelmingly positive experiences with this provider.

Headquartered in Sydney, Westpac (derived from Western Pacific) is one of the “big 4” Australian banks and has a huge reach with its network of branches and ATM’s.

From a rather typical banking origin of establishment, acquisitions & mergers and finally the merger that made it the Westpac of today, the Bank of New South Wales (as it was originally known), has grown to be a multinational player in the financial services industry.

Polished and professional: Westpac's array of products

All customary products such as accounts and online banking apps, personal loans and associated insurance & other products complete the modern-day Westpac’s offering. Presenting online as polished and professional, the car loan application process is relatively simple and transparent.

Strong market share and consumer appeal

With strong appeal based largely on its hale origins and current holdings, Westpac is a dynamic and favoured port of call for many Australians seeking finance. 

One of the top lenders

It is, without doubt, one of the top lenders on the continent. It has over recent years tweaked its offering somewhat in the aftermath of the rise of numerous other smaller lending entities who have made great effort to pare the loan process down to basics while also trimming peripheral fees.

In addition to the products we mentioned already such as accounts and online banking apps, personal loans, and associated insurance & other products, Westpac offers a range of financial services, including car loans.

Staying ahead of the market with Westpac's adaptive approach

As one of the top lenders on the continent, Westpac has maintained its position by continuously refining its offerings in response to the evolving market landscape, including the rise of numerous smaller lending entities. If you're interested in obtaining a car loan, it might be helpful to read a Westpac car loan review to gain insights into the experiences of other borrowers.

Westpac Services

The Westpac Car Loan offers competitive fixed rates ranging from 5.99% p.a. to 10.99% p.a. (comparison rate: 7.20% p.a. to 12.16% p.a.) for loan amounts between $10,000 and $100,000. You have the flexibility to choose a loan term ranging from 1 to 7 years, and the option to make extra repayments to accelerate your loan payoff.

While extra repayments can be made at any time, it's important to note that the loan does not provide a redraw facility, meaning you won't be able to access those additional repayments for extra cash needs.

In terms of fees, it's essential to budget for the $250 application fee, $12 monthly loan account fee, and $15 late payment fee associated with the Westpac Car Loan.

It's worth considering that the minimum loan amount for this loan is $10,000, while the maximum loan amount is a generous $100,000. This loan option can be particularly attractive if you have your eye on purchasing a new luxury vehicle. The Westpac car loan offers weekly repayments starting from $132, based on a loan of $35,000 over 7 years at a rate of 5.99% p.a.

The loan is secured with the vehicle

With some of the country’s most competitive rate, a fixed interest rate of 8.49% is offered against a comparative rate of  9.54% per annum.

Repayment terms range from 1 year up to 7 years and there is also a $250 application fee for extending the loan at the outset. A service fee of $10 a month applies to the loan account once granted.

Repay as it suits you

Weekly, fortnightly or monthly repayment periods are offered and in spite of the costs involved in taking up a vehicle loan with Westpac (although they are similar to many other competing entities), they are known as a bank that is flexible on the scheduling of repayments and a consumer’s credit rating is seldom adversely affected by shuffling those terms.

As long as the loan is settled within seven years, Westpac considers a client to be in good standing.

Westpac accepts early settlement of vehicle finance but in the event of the original term is longer than 2 years and a client prepaying before those 24 months are up, a $175 penalty will be levied.

Fees like these can be avoided by refinancing through an additional personal loan and this is typical of a large banks’ value-add. The more one transacts through Westpac, the greater the chances of parcelling products and avoiding itemised fees on various accounts.

Westpac – Car loan

  • Loan Type Car loans
  • Interest Rate from 9.54%
  • Loan Amount up to $100,000
  • Repayment 12 months to 7 years

Benefits of Westpac

  • Low-interest rates start at 5.99%
  • Get vehicle finance up to $100,000
  • Repayment terms are up to 7 years

Car loan calculator

The interest rate of a loan will vary based on your credit score and risk profile.
This car loan calculator is for illustration purposes only.
The use of this loan calculator is subject to our terms of use.

Overwhelmingly positive Westpac car loan reviews from customers

When considering a Westpac car loan, it's important to note the convenience of the application process.

Whether you prefer to apply online, visit a branch in person, or make a phone call, Westpac offers three convenient options to suit your needs. This ease of application sets the stage for a smooth and efficient experience when obtaining a car loan from Westpac.

Flexible financing and value-added services

One of the standout features of a Westpac car loan is the flexibility it provides. Not only can you finance the purchase of your car, but you can also cover additional expenses such as insurance, registration, and optional extras. This comprehensive financing option allows you to bundle all your car-related expenses into a single loan, making it easier to manage your finances.

Securing your loan and environmental considerations

Securing your car loan with the vehicle itself can lead to better interest rates, allowing you to save money in the long run. However, it's essential to consider the eligibility criteria and understand that if repayments are not made without applying for financial hardship, Westpac reserves the right to reclaim the car. For those who prefer not to secure the loan or have a car that doesn't meet the criteria, Westpac offers an alternative option: the unsecured personal loan.

For environmentally-conscious individuals, Westpac offers a special fixed rate starting from 4.99% p.a.~ (comparison rate: 6.21% p.a.^) for eligible electric or hybrid vehicles. This lower rate encourages sustainable choices while still providing competitive financing options.

Streamlined application process and personalised rate

Obtaining a Westpac car loan is a streamlined process that begins with conditional approval. This step allows you to understand your budget and negotiate effectively. Once conditionally approved, you have a 30-day window to find the right car that meets the eligibility criteria.

Final loan approval involves adding the car's details to the application, including an automatic check of its history and value. Upon approval, you can choose to receive the funds either as a bank cheque or through electronic transfer directly to the seller.

To provide further convenience, Westpac offers a personalised rate and estimated repayments based on your credit score and loan details, all without impacting your credit score. Additionally, you can use the repayment calculator to estimate your potential loan repayments.

Westpac car loan review: Insurance and value-added services

When reviewing the Westpac car loan, it's essential to consider the comprehensive insurance options and value-added services provided. Westpac offers a range of insurance products and additional car loan-related services, all conveniently available online. This holistic approach ensures that your car loan experience goes beyond financing alone, providing you with peace of mind and comprehensive coverage.

The two stages to get your Westpac car loan

To apply for a car loan from Westpac, there are two approval stages involved. Initially, you'll need to submit an application for conditional approval, meeting certain criteria like age, income, driver's license, and residency status. The car you intend to buy must also meet specific requirements such as age, insurance, and personal use. If the car doesn't meet these criteria, you can explore the option of an unsecured personal loan.

Essential documentation: Finalise your Westpac car loan

Once you receive conditional approval and find a suitable car, you'll need to provide documentation to finalise your application and receive the loan amount. This documentation includes proof of identity, employment details, income information, tax records (if applicable), asset and liability information, monthly expenses, and foreign tax identification number (if applicable).

It's important to choose an appropriate loan amount based on the car's cost and your ability to repay. It's advised not to make multiple credit applications to avoid negative effects on your credit history.

Stay prepared and achieve approval: Mastering the Westpac car loan application process

During the application process, ensure your financial situation is in order, meet your repayment obligations, verify the accuracy of your credit report, and gather all the necessary documents. Westpac offers a car loan calculator to estimate costs and repayment amounts. In case you have questions or encounter difficulties with repayments, Westpac provides customer support and assistance for financial hardships. You'll need to provide proof of car purchase, such as a dealer's invoice or registration papers, along with comprehensive insurance that includes Westpac as the financier.

Remember, you have the flexibility to choose an insurer of your preference for comprehensive coverage of the car's full value; Westpac car insurance is not mandatory.

Accessible customer support and user-friendly interface

Despite its size, Westpac maintains a personal touch by providing 24/7 customer support through its helpline. Their knowledgeable consultants are well-versed in facilitating online loan applications, ensuring that you receive the assistance you need throughout the process. Additionally, Westpac's user-friendly interface and clear application pages make it easy to complete the car loan application online.

man holding thumbs up

Westpac is a trusted & reliable provider of car loans

In our review, Westpac adheres to the compliance criteria in accordance with the National Consumer Protection Act, where the granting the loan will not cause financial distress to the consumer.

✅ Westpac is a registered credit provider in Australia: ACL 233714

Customer Reviews & Testimonials

October 2018

I love the pay method. for someone who is active and enjoys running along the coast, it is great to know that I can go with just my band and pay and not need to carry around a wallet or cash.

Ryan S
— Brisbane —

April 2018

Great service and lovely advice from one of the brokers at Westpac they really care about you.

Karen R
— Perth —

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Opening Hours

  • Monday 09:00 – 17:00
  • Tuesday 09:00 – 17:00
  • Wednesday 09:00 – 17:00
  • Thursday 09:00 – 17:00
  • Friday 09:00 – 17:00
  • Saturday – Closed
  • Sunday – Closed