The interest component of the EMI would be larger during the initial months and gradually reduce with each payment. The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan has to be repaid. It consists of the interest on loan as well as part of the principal amount to be repaid. (comparison rate 6.21% p.a.) available for eligible electric and hybrid car models only. Offer eligible for customers who apply, are approved and accept their contract by 7 August 2022.Ĭredit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.Equated Monthly Installment - EMI for short - is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. ^^To qualify for a Car Loan, applicant must meet all credit criteria and the car offered as security must meet all criteria - either new or if used, cannot be older than 7 years at time of application, registered under the applicant’s name, has been made locally or imported by the manufacturer, has never been written off (even if it was repaired), has a paid, fully comprehensive insurance policy with Westpac noted as the financier and is for personal use only. If you’re using a Westpac Car Loan to buy an electric or hybrid car, check our list of eligible vehicles.
Please read full terms and conditions before making a decision to apply for a Westpac Personal Loan. #The lending establishment fee will be added to your loan amount. The calculations should not be relied on for the purpose of making a decision whether to apply for a car loan. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The calculation is not an offer of credit. The calculator does not take establishment fees, stamp duty or other government charges into account. It is for illustrative purposes only and is based on the accuracy of the information provided. (comparison rate 7.69% p.a.), the estimated total amount payable including fees is $36,224.Īny calculation made by you using this Car Loan calculator is intended as a guide only. Interest rate ranges and representative examples are based on a personal loan of $30,000 borrowed for 5 years with the interest rate of 6.49% p.a.
For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice. This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. Online Banking Terms and Conditions (PDF 236KB) Officially imported (no ‘grey’ imports).~ (comparison rate 6.21% p.a.^) fixedĮlectric or hybrid car only.
As this loan’s secured against your electric or hybrid car, you get a preferential lower rate^^įrom 7.99% p.a. (comparison rate 9.18% p.a.^) fixedĦ.49% p.a.Consider this loan if the car you want is more than 7 years old, you want a motorbike, caravan or something else, or you don’t want to offer the car as security.Īs this loan’s secured against your car, you get a lower rate than our Unsecured Personal Loan^^.