on 17-03-2019 11:45 AM
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?
on 19-03-2019 04:32 PM
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).
Was this helpful? Then give it 'Kudos'!
If your question was answered, select 'Accept as Solution' to make it easier for others to find.