Bank of Melbourne Secured Car Loan
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- Application Fee
- $0
- Interest Rate (p.a.)
- From 6.49% (fixed)
- Comparison Rate (p.a.)
- 7.9%
- Max Loan Amount
- $130,000
Summary
Want to upgrade or purchase a new car? A Bank of Melbourne (BoM) Secured car loan could help.
Pros
-
Flexible repayment options
-
High maximum borrowing amount
Cons
-
A $0 application fee applies
-
Monthly fee of $12
Details
Product details
| Product Name | Bank of Melbourne Secured Car Loan |
| Interest Rate (p.a.) | 6.49% to 12.99% |
| Comp. Rate (p.a.) | 7.9% to 14.34% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $10,000 |
| Max Loan Amount | $130,000 |
Main points to consider about Bank of Melbourne Secured Car Loan
This personal loan offers a lowered interest rate, because your car is accepted as security. To qualify for this competitive rate, the vehicle used for security can't be more than 12 years old when the loan expires. It needs to be registered under your name and if the vehicle is under joint names, then both names need to be registered.
This loan comes with a fixed interest rate, so your repayments won't change during your loan term.
Features of the BoM Secured car loan
- Interest rate. The standard fixed rate starts from 6.49% p.a.
- Loan term. You can repay back your loan for up to 1 to 7 years.
- Loan amount. Borrow from a minimum of $10,000 and a maximum of $130,000.
- Repayment options. Choose from weekly, fortnightly and monthly repayments, depending which frequency suits you best.
- BoM Internet banking. With the demand for mobile banking increasing day after day, BoM's Internet banking means you can track and manage your loan repayments at a time that suits you best. You can also opt for e-statements, reducing your footprint on the environment.
- Optional protection. By opting for Consumer Credit Insurance, you can protect your repayments should something happen and you're not able to meet your financial commitments.
Fees
- Establishment fee. $0 establishment fee applies.
- Monthly admin fee. $12 per month. This fee is charged to maintain your accounts.
- Dishonour fee. $9. If your payment is late or missed, this fee is charged. To avoid this fee, set up direct debit or a reminder so you never forget to pay.
- Discharge fee. $100 to $150. You are charged $150 if the loan is repaid within the first 12 months. If it is repaid after the first 12 months, the fee is $100. You can avoid this fee by not paying your loan out early before the loan term.
- Break costs. This is payable on early payments or additional repayments for the fixed rate option. You'll need to contact BoM directly to find out what this cost is, as it depends on your loan situation and your outstanding principal.
- PPSR fee. $6 PPSR fee (applies only if purchasing and securing against a vehicle).
How to apply for this secured car loan
If you would like to apply, please click 'Go to Site' to be safely redirected to the application page. The process usually takes less than 15 minutes and you will receive a response within 60 seconds. You don't need to be an existing BoM customer to apply.
Eligibility
- 18 years of age
- Permanent Australian resident
- You have an Australian residential address
Information you'll need
- Employment details - Your employer's details
- Financial information - Details of your income, assets, liabilities, Driver's License
- Personal reference - Including their name, address and contact details
- If self-employed - Your recent tax information and accountant's contact details
Keep updated with your application by logging onto BoM Internet Banking, or giving BoM your email address or mobile number. A free SMS or email will be sent to you, to keep you updated throughout the process.
Sources
Your reviews
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Shirley Liu Finder
March 29, 2015
Hi Winnie,
Thanks for your question.
Please note that finder.com.au is an Australian comparison site and we only compare products issued in Australia. In most cases you’ll need to be an Australian resident or hold a relevant Visa to be eligible for the products we display.
You may be able to use the BoM secured car loan to pay off your son’s car but there will be conditions attached to this. It’s recommended that you discuss your eligibility or options with BoM, please get in touch with them directly by clicking on ‘Go to site’.
Cheers,
Shirley
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Winnie
March 26, 2015
Can I use the BoM secured car loan to pay off a car loan that is under my son’s name?