Macquarie Car Loan

Eligibility and documents

Macquarie is not accepting new vehicle finance applications, so historical age, income or credit requirements do not establish eligibility today. Refinancing elsewhere requires a separate assessment by the replacement lender.

For an existing account enquiry, have your loan agreement, latest statement and any transfer notice available. Request a dated payout quotation before arranging refinancing or a vehicle sale. For hardship assistance, Macquarie may request details of income, expenses and liabilities; its team confirms the information needed for your circumstances.

Who this review is for

This review is useful if you already have Macquarie vehicle finance and need to identify your current servicing provider, understand settlement costs or prepare for a balloon payment.

New buyers need another provider. A secured car loan may offer a lower rate than an unsecured personal loan used to buy a vehicle, but the vehicle is at risk if repayments are not met. Compare vehicle restrictions, fees and total repayments, as explained in ASIC Moneysmart’s car loan guidance.

Existing borrowers should reconsider refinancing if exit costs and replacement-loan fees outweigh the interest saving. A lower monthly payment achieved by extending the term can leave you paying for the vehicle for longer.

Managing an existing Macquarie car loan

Find the correct servicing route

Direct applications closed in April 2024, with broker and novated leasing applications closing on 24 April 2024. There is no current Macquarie application or approval process to follow.

If your loan remains with Macquarie, its online banking and mobile app provide access to statements, interest details and direct debit settings. Contact support through Q within those services.

If your loan transferred, follow your notification. Allied Credit directs acquired Macquarie customers to Automotive Leasing, which provides payout, account enquiry, hardship and complaint forms. Do not assume Macquarie’s current servicing instructions apply to a transferred account.

Payout timing

For accounts covered by Macquarie’s payout guidance, quotations include interest through an expiry date five business days after the request. Allow up to two business days for final payment to clear. Macquarie says its PPSR security registration is removed within five business days of account closure.

Repayment support and complaints

Customers still serviced by Macquarie can contact its Financial Assistance team on 02 8550 5686, Monday to Friday, 9 am–5 pm Sydney time, excluding public holidays. Contact the team before a payment becomes overdue or an unaffordable balloon falls due.

Use Macquarie’s complaints process for unresolved account concerns. If dissatisfied with its response, you can seek free independent review through the Australian Financial Complaints Authority on 1800 931 678. Transferred customers should initially contact their current provider.

Questions before refinancing or settling

• Who currently services my agreement, and which repayment instructions apply?
• What is the full payout amount, its expiry date and the breakdown of discharge fees, accrued interest and any early termination costs?
• Does the replacement quotation include establishment, broker and ongoing fees, and what is its comparison rate for the stated amount and term?
• How does the replacement loan’s total remaining cost compare with keeping my current agreement, including any balloon?
• Will the new repayment fit my budget after insurance, registration, vehicle running costs and existing commitments?

Advantages and limitations for existing borrowers

• Account visibility: Eligible customers remaining with Macquarie can access statements, interest information and direct debit settings online.
• Fixed-rate certainty: Existing fixed-rate borrowers retain their contractual interest rate for the loan term.
• Limited access to extra payments: Macquarie permits additional repayments, but those funds cannot subsequently be withdrawn.
• Potentially costly exit: Settling a fixed-rate loan early can trigger substantial break costs. Obtain a quotation before committing to a sale or refinance.

Macquarie car loan interest, fees and total cost

Existing-account interest rates

Macquarie publishes a Car Loan Variable Rate Personal Use reference rate of 12.75% p.a., effective 15 October 2026. This is a reference rate, not a new-loan offer or comparison rate. The applicable variable rate is the reference rate less any relevant discount; check your account for both. See the official variable-rate notice.

Its interest guidance states that fixed and variable rate types cannot be switched after settlement. Interest is calculated daily on the outstanding balance. The former 7.6% figure on this review page should not be treated as current pricing.

Payout and account charges

Macquarie’s payout guidance includes the balance, accrued interest, applicable account-keeping fees, a $50 discharge fee and any fixed-rate break costs. Break costs can change daily. Individual account fees and other contractual charges require your agreement and current quotation; the online balance alone is not a settlement figure.

Compulsory insurance and shortfall risk

Macquarie requires comprehensive insurance throughout the loan. Include premiums in your vehicle budget and check the insurer’s excess, exclusions and insured value. A successful claim may still leave a shortfall against the loan. Contractual repayments continue until the claim is finalised and the debt is repaid.

Balloon payments and refinancing cost

A balloon is a lump sum due at the end of the agreement. Macquarie’s end-of-contract guidance directs borrowers to pay it or refinance with another lender. A balloon reduces regular repayments by deferring debt; it does not remove that debt.

For a useful refinancing comparison, total the replacement loan’s repayments, separate fees and any final balloon, then add exit costs paid separately. Compare this with all payments still due under the existing agreement. Avoid counting an exit fee twice if it is already financed into the replacement loan.

Verdict on Macquarie vehicle finance

Macquarie is no longer an option for a new car loan. For customers whose accounts remain with it, online access and published servicing guidance are useful features. The main financial limitation is that leaving a fixed-rate agreement may be expensive.

The decisive comparison is the cost of completing your existing agreement against the full cost of refinancing. Confirm your current servicing provider first, particularly if you received a transfer notice.

Macquarie vehicle finance FAQs

Can I still apply for a Macquarie car loan?

No. New car lending closed in April 2024 across direct, broker and novated leasing channels. Existing Macquarie banking customers also need another vehicle finance provider.

Has my Macquarie loan moved to Allied Credit?

Check your written transfer notification. Significant portions transferred in October 2025 and May 2026, but not every account moved. Automotive Leasing supports customers whose finance transferred to it.

Is 12.75% the interest rate on my loan?

Not necessarily. It is Macquarie’s published personal-use variable reference rate before any applicable discount. Your agreement may instead have a fixed rate or different servicing arrangements.

Can Macquarie refinance my balloon payment?

No. Its current guidance requires refinancing through another lender. Arrange this before maturity; a new lender’s approval should not be assumed.

Can I make extra repayments and redraw them later?

Macquarie’s repayment guidance permits extra payments by electronic transfer but provides no access to that money afterwards. Scheduled repayments continue until the debt is fully repaid.

Can I pay off my Macquarie car loan early?

Yes, subject to the applicable settlement charges. Request a payout quotation: fixed-rate break costs may outweigh the interest saved by repaying early.

Can I sell or trade in a car with finance outstanding?

Request a payout figure and coordinate settlement with your current provider. If the sale proceeds are below the amount owed, you need to cover the difference.

What if I cannot afford my next repayment?

Contact your current provider before the due date. Macquarie says it cannot stop a scheduled debit on the day it is due; discuss an alternative arrangement in advance.