With competitive rates and flexible options, BOQ gives you more ways to save on a new car purchase.
This car loan from BOQ offers flexible features to help you purchase a new car. You can choose a fixed or variable rate depending on which works better for you, make extra repayments if you're able to and repay the whole loan early without penalty.
Find out more about this loan and if it's right for you in this review.
|Product Name||BOQ Car Loan|
|Interest Rate (p.a.)||From 7.39% (fixed)|
|Comparison Rate (p.a.)||8.19%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$5,000|
Main points to consider with a car loan from BOQ
A car loan from BOQ can come with either a fixed or variable rate. Fixed rates are a competitive 7.39% p.a. and variable rates are currently 11% p.a. You can apply for a loan starting from $5,000 depending on the price of the vehicle. The maximum loan term is 7 years.
A $195 application fee applies as well as a $7.50 monthly maintenance fee.
Features of a BOQ Car Loan
- Loan amount. How much you can borrow is tied to the value of the vehicle you want to buy. The minimum loan amount is $5,000 and you can borrow 100% of the car's purchase price if you buy from the dealer. You can borrow up to 90% of car's price if you purchase the car through a private sale.
- Fixed or variable rate. The loan can come with a fixed or variable rate. The fixed rate is 7.39% p.a. and variable rate is 11% p.a.
- Loan term. You can select loan terms of between 1 year and 7 years.
- Additional and early repayments. You won't be penalised for making additional repayments or repaying the loan early.
- Schedule your own repayment plan. Choose from weekly, fortnightly and monthly repayment options to find a schedule that works for you.
- Manage your loan anywhere. Get easy access to manage your car loan online or over the phone with Internet banking and EasyPhone Banking access (excluding withdrawals, transfers and BPAY).
Fees and charges to consider
It is important to note that there are a wide variety of car loan options from BOQ, and depending on which you choose there may be additional costs or discounts.
The following fees will apply:
- Application fee of $195
- Monthly maintenance fee of $7.50.
How to apply for a BOQ Car Loan
To start the application process click on the "Go To Site" button above. This will take you to the Bank of Queensland website where you can get started.
The following eligibility criteria may apply:
- You are at least 18 years old
- You need a loan of $5,000 or more
- You are an Australian citizen or permanent resident
- You have never been bankrupt
- You earn a regular income
Before getting started, you will also need:
- Proof of your identity
- Information regarding your employment
- Evidence of income and current assets
- Your expenses and liabilities
The ideal lender for your situation is likely one that has the range of options you need to personalise your car loan, and delivers straightforward competitive rates. Remember to compare a range of options to find the right one for your needs, and get financing that works for you.