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Car Loan FAQ's

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Our helpful FAQs will help you get the keys to your dream car sooner.

  Do I have to be a Member of The Mac to take out a loan?
Yes, you must be a member of The Mac to receive a loan. We’re a mutual financial institution and as such, are owned by our members. As we’re not owned by shareholders we can invest our profits back into delivering better rates, products and services for our members.
  What is a comparison rate?
A comparison rate includes the interest rate and any fees payable over the life of the loan, giving you a true understanding of how much you’ll be paying. It’s always a good idea when comparing loans to compare based on the comparison rate.
  What is a loan term?
A loan term is the period of time you decide to take a loan over. For example, if you decide to take a loan over 7 years, your loan term will appear as 7 years or 84 months.
  Do you have fixed rate Car Loans?
Our current car loans are variable rate car loans, not fixed. This means that the interest rates can fluxuate however they often don't. 
  Are there establishment fees for Car Loans?
Our Car Loans have a $150 establishment fee. To register your vehicle as security on the Personal Properties Security Register (PPSR) there is an additional $15 charge. On loans more than $35,000 stamp duty will apply. These fees are not payable upfront and are added to the total of your car loan. Please read our Loans, Fees & Charges guide for more information.
  Are there any monthly or account keeping fees?
There aren’t any ongoing or account keeping fees.
  How much can I borrow?
There is no minimum amount that can be borrowed under a New Car Loan and the maximum is$150,000. Remember, the amount you can borrow will be assessed and determined by your ability to meet your loan repayments. We pride ourselves on our transparent, honest lending and endeavour to help all members achieve their dreams without living above their means.
  Is there a fee for early loan payouts?
We don’t charge early payout fees on our car loans.
  Can I make additional payments without a fee?
An advantage of having your car loan with The Mac is that you can make additional repayments without being penalised.
  What are the loan repayment options?
You can tailor your loan to suit your income flow with the option of weekly, fortnightly or monthly loan repayments.
  Can I redraw on my loan?
There is an optional redraw facility on The Mac’s Car Loans. This gives you the ability to make additional repayments to reduce the interest payable, whilst still having the flexibility to redraw on the additional amount should any unexpected expenses arise. This facility is free of charge and you have the option to remove this function if it isn’t desired.
  Will I need to insure my car?
As a secured loan you’ll need insure your vehicle with Comprehensive Insurance. You’ll need to provide copies of your policy to us when taking out your loan, at the policy’s renewal and if changing insurers.
  Can I insure my loan repayments?
You can insure your loan so your repayments are covered should you find yourself in a number of insurable circumstances. You can obtain cover for sickness, accident, death and involuntary unemployment giving you peace of mind. Although loan protection insurance is not compulsory, it is recommended. Our friendly staff are happy to provide you with quotes for a range of different policies.
  How do I make payments on my Car Loan?

Repaying your loan is simple. We can organise to have automatic payroll deductions from your account or if you prefer simply transfer between your own accounts through Online Banking, The Mac App, Phone Banking or in branch. You can set up automated Periodic Payments so you’ll never miss a repayment.

If you’re making payments on your loan from an external account, you’ll need to provide both the BSB (802-388) and Alternate Reference Number. Remember, funds can take up to two business days to be processed from external financial institutions.

  How often will I receive a statement for my loan?
Statements will be provided 6 monthly, however you can view your loan balance and payments at any time with Online Banking, The Mac App and Phone Banking. You can request a statement at any time from our branches, although this may incur a charge.
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Want to talk to a real person about your Car Loan enquiry?

You can request a call back from our team to answer your question,or call 1300 622 278, Monday to Friday 8am – 5:30pm.
Our Camden, Narellan, Picton or Tahmoor branch teams are also happy to help.

Find out where your local branches are located.

  Find out more

  • Testimonial - Sharryn H 2

    After dealing with many other banks it has always been a refreshing and pleasant banking experience to go to The Mac. - Sharryn

    Mia Tindale
  • Testimonial - Sharryn H

    I have been a very happy banker with The Mac for about 6 years. My interaction with our local branch has always been a super friendly and professional one. - Sharryn

    Mia Tindale
  • Testimonial - Jane H 2

    Whatever and whenever you needed assistance or just a quick smile and hello over a simple transaction was enough to make your day. Thank you to a wonderful team. - Jane

    Mia Tindale
  • Testimonial - Jane H

    It's amazing, the stark difference between The Mac and a bank; and for me The Mac was exactly what I needed. - Jane

    Mia Tindale
  • Testimonial - Elizabeth T 2

    The Mac have helped me to feel at home, have made very helpful suggestions to deal with my financial needs, all with politeness and pleasantness as if I was all important! Thank you all very much. - Elizabeth

    Mia Tindale
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