Today we are going to review Suncorp. We would review the Suncorp car loan, Suncorp car insurance, Suncorp personal loan calculator, and most importantly, Suncorp car loan rate. If you are looking for a car loan, Suncorp bank offers a secured car loan at a low fixed rate for new or used cars. The loan fixed rate helps you to know your monthly repayment plan and the entire term of the loan.
One of the good news is that fact that there are no hidden charges or ambiguous terms! Additionally, it offers flexible unlimited early repayments, which allows you to pay off your loan on time. In this article, we will look at Suncorp car loan, the rate, the terms for used cars, and other important information.
What Is Suncorp Car Loan?
Suncorp car loan is best for existing members who want a car loan or financing from a lender they have an existing relationship with. It has an establishment fee of $175 when you open the loan and charges a monthly fee.
Also, you get charged an early payout fee when you pay off your loan within 12 months of establishment. The loan cars are subject to government charges, such as Property Security Registry fees and stamp duty.
Suncorp Car Loan Rate
Suncorp has an application fee of $175, a fixed interest rate P.A of 7.79%, and a comparison rate of 8.39%. The maximum loan amount is $100,000.
Suncorp car loan comparison rate starts from 6.59% and the car loan interest rates (based) is from 5.59%. You can acquire the Suncorp car loan with a minimum and maximum loan term of 1 year and 7 years respectively. As earlier stated, there is a $175 application or establishment fees that you’ll need to pay to acquire the loan.
Suncorp Car Loan Calculator
As an Australian financial institution, Suncorp Bank provides their customers with a car loan calculator which is available on its website to help users estimate their car loan repayment amounts based on their chosen loan tenor.
The Suncorp Car Loan Calculator takes into account the loan amount, loan term, interest rate, and other factors to provide an estimated repayment amount so that you know what it involves before applying for a loan.
You might also need to contact the bank customer service so you’ll be informed properly of other fees that are involved or what your actual fees might be like.
How to Use Suncorp Car Loan Calculator
To use the Suncorp car loan calculator, follow these steps.
- Go to Suncorp Bank official website
- Navigate to loan calculators section of the site
- Click on the Car Loan Calculator link
- Enter the loan amount you wish to borrow
- Select the loan term
- Select your preferred repayment frequency (weekly, fortnightly, or monthly)
- Enter the interest rate for the loan
- Click on the “Calculate” button to get an estimate of your repayment amount for the selected options
It is important to keep in mind that the Suncorp car loan calculator might not give you an accurate results or amount you would need to repay. So it is advisable you contact the Suncorp bank customer care online or by going to their office as the actual repayments amount and available options might differ based on various factors such as fees and charges, and the individual circumstances of the borrower.
Suncorp Used Car Loan
Suncorp Bank offers loans for relatively used cars. The cars must be less than seven years old to qualify for financing. The minimum amount is $5,000, and the loan repayment terms range from 1 to 7 years.
Suncorp offers a guide to help you purchase a used car, coined “Used Car Shortlist Template.” Also, the Used Car Inspection Checklist is there to help you inspect the car properly. With these guides, you should be able to make the right choices when getting used cars.
How To Apply For The Suncorp Car Loan
You can either apply online or offline. Applying online gives you a faster response. To get started, go to the “official site.” However, before applying, there are certain criteria you must fulfill. They are:
- You must be at least 18 years old
- You must be a legal Australian resident
- You must be earning a net income
- You must be financially able to meet the repayments
Below are the documents you need when applying for the Suncorp car loan.
- Proof of identity
- Proof of income – it can either pay slips or a tax assessment
- Proof of liabilities – credit cards bills or loan statements
- Proof of non-Suncorp assets, such as shareholding statements or bank statements
Features Of Suncorp Car Loans
Below are the features of Suncorp car loans:
Fixed rates
Suncorp car loan rate is fixed, which is helpful towards protecting you from hidden interest exploitation. You know what to pay each month, each week or each forthnight; this helps you calculate better and know if you can fulfill it or not.
Secured
Suncorp car loan is highly secured. The vehicle you are getting with the financing will be the underlying asset that guarantees the funds. Suncorp Bank may repossess the car if you default on the loan agreement.
Flexible repayment options
The payment options are flexible. You can choose to repay weekly, fortnightly, or monthly.
Additional repayments and early payoff
Suncorp allows you to repay extra funds towards offsetting your debt with no penalty. So you can easily divert any free money into offsetting the car financing. You can even offset your whole debt early, but this might attract an early payoff fee.
Fees and charges
Suncorp car loan comes with fees and charges such as establishment fee, monthly fee, and early payout fee.
Benefit
Suncorp car loan allows you to make unlimited additional repayments without charging you a penalty.
Drawback
Suncorp Bank only offers secured loans. The options are limited – no unsecured loans or variable rate options.
Suncorp Car Insurance
Suncorp Car Insurance gives instant coverage for damage to your own car as well as damage you may cause to someone else’s car or property depending on the policy you decide to sign up for and what the policy covers. Suncorp offers a range of car insurance products, including comprehensive car insurance, third party car insurance, and third party fire and theft car insurance.
Benefits of Suncorp Car Insurance
Below are some of the benefits of Suncorp car insurance that you might need to know about.
1. Comprehensive Coverage
Due to the bank’s dedication to insurance coverage, Suncorp provides a comprehensive coverage through its Suncorp’s comprehensive car insurance which covers damage to your own car as well as damage you may cause to someone else’s car or property.
This is the kind of insurance coverage that is not possible with many Australian insurance companies.
2. Third Party Liability Coverage
Suncorp’s third party car insurance covers damage you may cause to someone else’s car or property. This is so unlikely and uncommon among other insurance brokers and providers.
Conclusion
Suncorp offers low-cost fixed-rate secured car loans, suitable for new and used cars. It’s fixed-rate and flexibility makes it one of the best car loan provider in Australia that you can trust and allow them to finance your car needs faster.
