Macquarie Car Loan Review

Macquarie Bank is a global financial services company that offers flexible loan terms and competitive rates. However, be wary that they have a very low tolerance for impaired credit and a heavy reliance on paper documentation and manual processes.

Best for

Competitive rates for medium to strong credit customers, especially if you own a property

Flexible loan terms, with balloon payments allowed of up to 40% depending on the length of the loan and the vehicle age

Draw backs

Very low tolerance for impaired credit - even one pay day enquiry in the last 6 months can lead to a decline!

Heavy on paper documentation - approval times can be fast (~3 hours) but they still require paper loan documents to be printed and signed prior to settlement

Macquarie overview

Founded in 1969 in Sydney, Macquarie Bank has grown into a global business with operations in more than 32 markets. They offer a wide range of financial services, including flexible car loans for new and used cars, caravans and motorbikes in Australia. Taking out a loan with Macquarie, as with any lender, has a number of pros and cons. 

Macquarie offers very competitive rates, especially if you have a medium to strong credit rating and if you own a property. They also have flexible loan terms to suit all different types of customers and personal circumstances, including allowing balloon payments of up to 40%. They also offer great customer service.

They have great approval times, often less than three hours, but they still have a heavy reliance on paper documentation, so you’ll need to print and sign paper loan documents before your loan can settle. They also have a very low tolerance for impaired credit.

Overall, if you have a good credit history and own property, you’ll be able to access the best rate with Macquarie.

How to apply for a Macquarie loan

To apply for a car loan with Macquarie, you'll need to be at least 18 years old with an Equifax credit score of 400 or above. Additionally, you’ll need to have been working for the past three months. There are no restrictions on minimum income or how new the vehicle needs to be.

They have flexible loan terms, and offer weekly, fortnightly or monthly repayments. Additionally, they offer both secured and unsecured loan products, so you’ll be able to get a loan regardless of how old the car is.

Learn : 8 things you should know about your credit score before applying for a car loan

See if you qualify for a Macquarie loan in minutes

Find my rates
Fixed rates from:

6.40% (8.89% comp rate)

Loan amounts:

$10,000 - $1,000,000 (depending on age of borrower)

Loan terms:

1 to 7 years

Loan types:


Min. credit score:


Min. income:




  • Establishment fee: $449 dealer sale; $600 private sale
  • Monthly: $8.90
  • Early termination charges: $150 flat fee plus $650 pro-rata
  • Brokerage up to $990

Big no-no's (automatic declines)

If you're not an Australian Citizen or Permanent Resident

If you've previously defaulted on a loan

Driva tip: Putting down a deposit can lead to a rate reduction of ~1% in some cases

Other hot tips

Macquarie offers loans for cars, motorbikes (dealer sales only) and caravans

Macquarie - Frequently Asked Questions