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Secured car loan

Posted by jt26 jt26
Message 1 of 2 703 Views

We need to borrow around $15,000 for a car loan. As we'd like to have the cash to offer a private buyer, does it have to be an unsecured loan initially, and then able to swap over to a secured loan to tak advantage of the lower interest rate? Also we are living in Canberra for a few months on a job placement and wont be able to get into a Bankwest branch to be able to sign paperwork. Can you pleae advise on these issues?


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Re: Secured car loan

Posted by LyndsC LyndsC
Message 2 of 2 684 Views

Hi @jt26, as we can't transfer a loan across to a different product, you would be required to refinance the loan if you wanted a secure car loan after purchasing a car. This would involve a new application for the Car Loan. 

In regards to living in Canberra you can accept the forms for a personal loan via online banking, so would not be required to visit a branch. Please keep in mind, if you require any other dispursal options aside from electronic transfer you may be required to either go into a branch (the closest to Canberra being Liverpool NSW).

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