Purpose of the loan

A Secured Car Loan is provided for the purpose of purchasing either a new or used car that’s less than five years old.

The loan amount can be for either the full or partial purchase price of the vehicle depending on whether you’ve paid a deposit or not.

A Secured Car Loan can not be used for:

• purchasing a used vehicle that is over five years old
• purchasing a motor vehicle where there is another loan purpose sought, for example purchasing a motor vehicle for $20,000 and furniture for $5,000
• purchasing caravans, motor bikes, commercial vehicles or trucks
• refinancing an existing motor vehicle loan
• vehicles which currently have finance owing on them

 

If one of the above exclusions applies to you, you may want to consider taking out either an unsecured Variable Rate Personal Loan or an unsecured Fixed Rate Personal Loan instead.

Learn more about the difference between secured and unsecured loans.

Applications for finance are subject to the Bank's normal credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable.