Beyond Bank provides financing for individuals hoping to purchase new or used cars. Depending on their needs and circumstances, borrowers may choose between secured or unsecured car loans available at the bank.

What car loans are available at Beyond Bank?

Beyond Bank car loans come in secured (requires a vehicle as collateral) and unsecured (no collateral required) options. Interest rates are fixed, but repayment options are flexible and do not incur fees.  

Low Rate Car Loan

This fixed-interest loan is available for the purchase of new cars or vehicles less than eight years old. Borrowers can use an existing car – also no more than eight years old – as security and take out at least $5,000 up to 150% of the value of their car. Repayment terms up to seven years are available, with options to make extra repayments and pay out the loan early without charge or penalties. 

Low Rate Car Loan ‘Special Offer’

For those seeking a more competitive offering, Beyond Bank’s ‘special offer’ features a lower fixed rate than the standard low rate car loan and is available to finance the purchase of new or used vehicles manufactured within the current or previous two calendar years. 

The loan can be used not only for cars but also for caravans, camper trailers, and motorbikes. Borrowers can take out up to 100% of the vehicle purchase price, payable for up to seven years with zero extra or early loan repayment penalties.

Flexi Car Loan

This loan offers the flexibility to purchase a new or used set of wheels at a flexible fixed rate with no monthly fee. Car loans start at $5,000, with payment terms lasting at a maximum of seven years. Customers are also allowed to make extra repayments or pay out their loans earlier than the scheduled end without incurring fees or penalties. 

How to secure a lower interest rate at Beyond Bank

As a ‘green’ bank, Beyond Bank rewards customers who choose to go green. As such, customers borrowing to purchase an environment-friendly car may be eligible for a further rate reduction. The bank doesn’t specifically mention the discounted rate, hence it will be best to contact Beyond Bank directly for more information on eligibility and rate specifics. 

What are the features of Beyond Bank car loans?

Beyond Bank, as a member-owned bank, highlights the importance of customer convenience evident in its loan features. 

• Loan pre-approval – Borrowers can get pre-approved to determine how much they can potentially loan, which comes in handy when shopping for cars.

• 24/7 fund access – Even if branches are closed, customers have access to their money through Internet, mobile, and telephone banking.

• Redraw facility – Borrowers can make extra repayments on top of regular payments and redraw anytime without fees (staff-assisted transactions incur a fee).

• Flexible repayment options – Customers may opt to repay their loans weekly, fortnightly, or monthly.

What are the fees charged to customers?

Beyond Bank levies fees on establishing a loan or making any changes or requests on the contract. Customers may also be subject to certain fees throughout the life of their loans and whenever they fail to make repayments on schedule. 

Here’s a list of fees Beyond Bank charges to car loan borrowers.

These fees are correct at the time of writing and are subject to change.

Who can apply for a Beyond Bank car loan?

Beyond Bank car loans are exclusively available to Australian citizens or permanent residents aged 18 years and over. 

Would-be borrowers must present the following information and documents to support their loan application:

• Primary photo ID (e.g. passport, driver’s licence)

• Two most recent payslips

• Bank statements

Like other Beyond Bank products, anyone who acquires a car loan will automatically become a member and part-owner of the bank.