Apply for a loan up to $80,000 to finance a new or used car, motorbike or boat.
This car loan from Australian Military Bank is a flexible loan that lets you finance a car, motorbike or boat up to five years old. You can apply for a loan from $1,000 and if you're a member with a 20% deposit for your vehicle you can be eligible for the lowest interest rate tier. Find out more about this loan in our review.
| Product Name | Australian Military Bank Car Loan |
|---|---|
| Interest Rate (p.a.) | From 5.71% (fixed) |
| Comparison Rate (p.a.) | 6.57% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $80,000 |
Pros
- Competitive, tailored rate
- Low minimum loan amount
- Finance motorbikes, boats or cars
Cons
- Application fee from $100 to $500
- $10 monthly fee
Main points to consider with the Australian Military Bank Car Loan
This car loan comes with a personalised interest rate from 5.71% p.a. that will be based on your personal credit history. If you have a deposit of 20% or more, you can be eligible for the lowest interest rate tier. You can apply for a loan amount between $1,000 and $80,000 and select loan terms up to 7 years.
You must be financing a car, motorbike or loan up to five years old. Keep in mind an application fee of from $100 to $500 applies as well as a monthly fee of $10.
Features of the car loan from Australian Military Bank
There are a number of features available with this loan, including:
- Competitive, tailored interest rates. The interest rate for this loan will be tailored to your credit history. Interest rates start from 5.71% p.a.
- Lower rates if you have a deposit. Members that provide a deposit of 20% or more can be eligible for the lowest interest rate tier. Keep in mind you'll still be subject to Australian Military Bank's normal lending criteria.
- Loan amount. You can apply for between $1,000 and $80,000.
- Flexible loan terms. Choose your own loan terms between 1 year and 7 years. If you want to repay your loan ahead of schedule you can do so without penalty.
- Vehicles you can finance. You're able to finance a motorcycle, car or boat up to five years old.
- Salary repayment option. You're able to make repayments directly from your salary.
How much does the loan cost?
The following fees and interest rates apply to this loan:
- Interest rate: You will receive a personalised rate from 5.71% p.a. based on your credit history.
- Monthly fee: $10.
- Application fee: from $100 to $500.
How to apply for this car loan
You can apply for this car loan online by clicking "Go to Site". First, make sure you (and any joint applicants) meet the eligibility criteria:
- Over the age of 18
- A citizen or permanent resident of Australia
- Are currently employed or earning a regular income
- Have not declared bankruptcy or insolvency or had any defaults in the last five years
- Agree to become a member of Australian Military Bank
You'll need the following details on hand to complete your application:
- Details of your employment, income and living expenses
- Information regarding your assets such as your savings and super
- Details of any debt you owe, such as loans and credit cards
- Your latest payslip
Once you complete your online application it will be sent to the Australian Military Bank online team. Someone will be in touch in 24 hours to let you know if you've been approved as well as your personalised interest rate. You'll receive a reference number to track your application and you'll also be able to track it in your Internet banking account.
Can I have a loan residual on this type of loan. Say 20%
Is there any penalty for early repayment?
Hi Grant,
Thanks for your question.
You can make early repayments without penalty. In terms of a loan residual, you’ll need to enquire about this directly to ADCU as this is handled on a case by case basis.
Cheers,
Shirley