Any information on terms and rates is correct as of November 2023.

Car loan terms

A Westpac car loan can anything from $10,000 to $100,000, for either a new or used car, although it cannot be more than seven years old at the time of application. It must be registered in the applicant's name, have a fully paid, comprehensive insurance policy with Westpac listed as the financier, and can never have been written off. The loan term can be from one to seven years.

Car loan rates

As with personal loans, Westpac does not have a one size fits all car loan rate. Instead, borrowers are given a personalised interest rate based on their credit history and the car being purchased. Older cars, at a heightened risk of breaking down or being written off, as well as the risk profile of the borrower, normally have higher rates.

Car loan fees

These are some of the fees that can apply on Westpac car loans, as of November '23



Lending establishment fee


Added to loan amount

Monthly account fee


Prepayment fee


Applies to borrowers who take out a loan with a term of two years or more and repay it before two years

Missed payment fee


Blank cheque fee


Green car loans with Westpac

Westpac offers discounted rates when the car being purchased is an eligible electric or hybrid vehicle. As of November ‘23, there’s a 50 basis point discount from standard car loans. Other loan terms are the same, but the green car loan also comes with up to $750 worth of free charging.

To earn the discounted rate, the car in question needs to be an eligible model on an approved list. There are more than 2,000 models on the list, and you can check whether your car qualifies here.