Secured variable interest rate Car Loan

Buying a car is an exciting step, and finding the right loan can make all the difference. Whether you’re after a lower rate with a car loan or the flexibility of a personal loan, it’s all about choosing what works best for you. We’re here to walk you through both options, so you can make a confident decision that suits your budget and lifestyle. Let’s explore the benefits of each and help you get on the road with the right finance solution.

A secured variable interest rate car loan is a type of car financing where the loan is “secured” by collateral. In most cases, this is the car being purchased with the loan. This means that if you default on the loan, the lender has the right to repossess the car. The upside is that with a car backing the loan, you’ll usually pay a lower interest rate when compared to an unsecured loan.

The interest rate for this loan is fixed, so you’ll have the same minimum monthly repayment for your loan term.

A variable rate is a type of interest rate that goes up and down with market conditions. When you have a variable rate loan, the amount of interest you pay may vary during your loan term.

Interest rates are influenced by the cash rate, which the Reserve Bank of Australia sets. If the cash rate goes up, your interest rate may increase too, but if the cash rate is lowered, your rate (and the amount of interest you pay) might be reduced too.

At Coastline Bank, you can choose a loan term between 1 and 7 years. This allows you to choose a term that best fits your budget.

A short term of 1-3 years may be an option if you don’t mind higher monthly payments but lower overall interest costs. On the other hand, longer terms of 4 to 7 years offer more manageable monthly payments, although you may pay more in interest over time. Our personal loan calculators can help you find a loan term that fits your finances. Alternatively, contact us, we’re happy to help.

We’ll ask for some information and documents to verify your identity and your income. This may include:

• Proof of Identity
  We’ll ask for some ID. This may be a combination of items, such as your Driver’s Licence, Passport, Medicare Card or Birth Certificate.
• Proof of income
  Gather your last 3 payslips or your most recent tax returns.
• Bank statements
  Please provide bank statements for the past 3 months.
• Proof of employment
  We’ll ask for some details of your employment and conduct an employment check.
• Other loans and debts
  We'll ask some questions about any existing debts you may have.

Having your documents ready will help streamline your online application process. Our secure verification is designed to be fast and easy.

Yes, at Coastline Bank, you can pay off your unsecured personal loan early without penalty. Early repayment can be a wise move as you’ll save money on interest costs.

After you submit your application and all the required documents, you can typically expect a response within 1-3 business days. If we need some additional information, it may take slightly longer. Once approved, you'll receive the funds within a few days.

We strive to make the process as smooth as possible. If you have any questions or wish to check the progress of your application, contact us, we’re happy to help.