As of March 2024, Macquarie Bank offers car loans for a range of different vehicles.

Macquarie Bank car loans review

Terms and features

Customers can borrow between $10,000 and $250,000, with a repayment period of up to seven years. Macquarie offers both fixed and variable rate car loans loans. It also allows for balloon payments, where a lump sum can be paid at the end of the loan term to reduce regular repayments. Borrowers can manage their car loan account details online, including upcoming payments, make document requests, and updating their account details.

Rates

Macquarie Bank's car loan interest rates vary depending on several factors, including whether the borrower is a property owner and the loan-to-value ratio (LVR), as well as credit history. Rates increase for used vehicles and are currently subject to a 1.00% increase for loan terms greater than 60 months.

Fees

There is an establishment fee and an ongoing monthly fee. However, early repayment of the loan does not incur a penalty.

Customer Experience:

  • Application Process: The application can be done online, and Macquarie Bank offers assistance for existing customers looking to upgrade their vehicles.

  • Eligibility: To apply for a car loan, individuals need to be at least 18 years old and permanent residents of Australia. Further eligibility criteria might be applicable, which can include credit history and overall financial stability.

Electric Vehicles

Macquarie Bank is notably proactive in the electric vehicle (EV) market, offering a specialised electric car-buying service called Macquarie Vehicle Select. The Macquarie website also has a calculator to compare the costs of owning an electric vehicle versus one powered by fossil fuels. Unlike some other lenders though, it does not have a special loan product with reduced rates for electric vehicles.