Australian Military Bank Car Loan
- Application Fee
- $150
- Interest Rate (p.a.)
- From 6.95% (variable)
- Comparison Rate (p.a.)
- 7.89%
- Max Loan Amount
- $200,000
Summary
Borrow up to $200,000 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, caravan or boat as long as it's under 5 years old. You can borrow as little as $4,000.
Pros
-
Competitive, tailored rate
-
Low minimum loan amount
-
Finance motorbikes, boats or cars
-
$10 monthly fee
Cons
-
Application fee from $150
Details
Product details
| Product Name | Australian Military Bank Car Loan |
| Interest Rate (p.a.) | 6.95% to 9.69% |
| Comp. Rate (p.a.) | 7.89% to 11.12% |
| Interest Rate Type | Variable |
| Min Loan Amount | $4,000 |
| Max Loan Amount | $200,000 |
Main points to consider with the Australian Military Bank Car Loan
This car loan comes with a personalised interest rate from 6.95% p.a. that will be based on your personal credit history. You can apply for a loan amount between $4,000 and $200,000 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 $150 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 6.95% p.a. The comparison rate on this loan starts from 7.89% p.a.
- Loan amount. You can apply for between $4,000 and $200,000.
- 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, caravan or boat that is less than 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 6.95% p.a. based on your credit history.
- Monthly fee: $10.
- Application fee: $150.
How to apply for this car loan
Before you apply for this car loan 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 debts you owe, such as loans and credit cards
- Your latest payslip
Remember to always compare car loan options thoroughly before submitting an application in order to find the best possible financial solution for your circumstances.
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Your reviews
Richard Finder
Editor
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Shirley Liu Finder
June 17, 2014
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
Grant
June 17, 2014
Can I have a loan residual on this type of loan. Say 20%
Is there any penalty for early repayment?