21 June 2023
Heritage Bank has been highly commended in the Finder Personal and Car Loan Awards 2023.
Finder’s awards recognise the best products across a variety of areas such as home loans, credit cards and, of course, best car loans and personal loans.
We look at thousands of loans from hundreds of different banks and lenders and compare their rates and fees to find the best product on the market. For car loans in particular, we looked at 300 different loans – and Heritage Bank proved its worth among the list.
So, why did Heritage Bank fare so well against other car loan products?
Over a 12-month period, Finder assessed each loan’s interest rate compared with the average on the market and gave a score out of 10. The same went for each product’s application fee and ongoing fee (if applicable).
Scoring highly each month meant that the overall cost for Heritage Bank’s Car Loan was a better offering than other loans on the market at the same time.
But there are lots of things that make Heritage Bank’s Car Loan so attractive.
As a flexible loan, you can choose whether you make repayments weekly, fortnightly or monthly. You can also choose from a loan term of between 1 and 7 years.
For borrowers who are approved, you can even access 100% of the finance needed.
It can be used whether you’re buying a brand new vehicle or if you’re buying a used vehicle that’s up to 7 years old – as long as the vehicle is no more than 10 years old when the loan term ends.
Talking of when the loan term ends, you can pay off your loan at any time without a penalty. You can choose to do this by paying a huge lump sum in one go or you can make as many additional repayments throughout the loan as you like.
With those extra repayments, if you decide you need access to a bit more cash, you can redraw from those extra funds without a fee.
Heritage Bank also offers a digital experience, making for a smooth loan experience. The application process itself is really simple: you can get started online in 5–10 minutes with a “quick start application”. Once your loan has been approved, you can then track your loan using the mobile banking app.
So, although Finder’s product awards focused on the rates and fees of each loan to decide the best on the market, there are even more reasons to take out a Heritage Bank Car Loan.
For more information on how we decided the Finder Personal and Car Loan Awards, you can take a look at our methodology here.
Rebecca Pike is Finder's senior writer for money. She joined Finder after almost 4 years writing for business publications in the mortgage and finance industry, including 3 years as editor of Mortgage Professional Australia.