Most people have a relationship and credit history with a bank. For example, according to the 2021 census, 35 percent of Australians have a mortgage. Meanwhile, according to the RBA, there are approximately 17 million bank cards in circulation.
The benefit of taking out a loan with a bank is that you’re borrowing directly from a lender. On top of that, borrowing from your own bank allows you to easily manage your loan alongside all your other accounts for added convenience. If you have a mortgage and enough equity in your home, this can open an avenue to draw down on the equity to purchase your car.