Car Loan FAQs and Benefits of a Car Loan

Geelong Bank is a mutual financial institution and as such is owned by its members, each one of whom is a shareholder. Yes, you must be a member of Geelong Bank to have a loan.

The minimum amount you can borrow is $5,000. The maximum amount you can borrow is determined by your ability to meet the repayments of the loan. Wish to calculate how much you could borrow? Use our Loan Calculator.

Our preferred method is via automatic payroll deduction. However, you can arrange to make your loan repayments by direct debit from your savings or transaction account with Geelong Bank or another financial institution.

Statements are produced monthly. Duplicate statements can be requested at anytime from our office.

Account information including balances and statements are available through our internet banking services.

We will take a Bill of Sale over your vehicle as security.

The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness, disablement, involuntary unemployment or death is to take out insurance. It is recommended that you take out insurance on your loan, although not compulsory. Although you do not have to purchase your insurance through us, we do offer a range of insurance policies. Learn more about our Loan Protection Insurance. A Lending Consultant will discuss this option with you.

If Geelong Bank has taken security over your vehicle, you will be required to have the vehicle comprehensively insured.

By contributing any extra income to your loan, in addition to your usual repayments, you are able to pay off your loan sooner and could potentially save thousands of dollars in interest costs. We don’t charge a fee for early pay-out of your loan either.

Geelong Bank gives you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. The quicker you pay out your loan the more money you save in interest charges. We do not charge a fee for early repayment of your loan.