If you're in the market for a new or used car you might want to consider what's available from IMB. Generous loan amounts of up to $75,000 are on offer if you're looking to purchase a new car. Competitive rates are also on offer for vehicles up to six years of age.
Find out more about IMB and the flexible loans it has on offer in the page below, and compare and apply for the right secured loan for your car-buying needs.
New Car Loan. If you're purchasing a new car or one that is less than two years old you can secure a rate of 5.49% p.a. with the IMB New Car Loan. You can apply for a loan amount between $2,000 and $75,000 and repay it over a term of 7 years.
Secured Personal Loan. This loan needs to be secured with a new or used vehicle up to six years of age, but can be used for any purchase (this includes the purchase of that vehicle). You can borrow between $2,000 and $60,000 for terms that can extend up to 5 years. A competitive rate of 6.69% p.a. applies to this loan.
Unsecured Personal Loan. If you're looking to purchase a used car that's over six years old you can consider the IMB Unsecured Personal Car Loan, which comes with a rate of 9.79% p.a.. You can borrow up to $30,000 with this loan have between 1 year and 5 years to repay it. You're also able to make additional repayment to pay off your loan sooner.
Is your car eligible to be used as security?
As IMB offers two secured car loans, different criteria is in place for each:
New Car Loan: The car needs to be new or up to two years old and between $2,000 and $75,000.
Secured Personal Loan: The car can be new or used vehicle up to six years of age.
How you can apply for a loan with IMB
The first step is deciding which loan is right for you to finance your vehicle purchase. Once you've done this, you can click "Go to Site" to get the application process started. You'll need to meet the eligibility criteria outlined below to be eligible to apply:
Be over the age of 18
Have a good credit history
Earn a monthly income
You'll need the following information on hand to complete the application:
Personal information including your name, contact details and a form of ID
Financial details such as your income, assets and expenses
Your employment information
The application should take approximately 15 minutes to complete.
The loan options IMB has available are competitive offerings, but as they are not the only ones in the market, it's important to compare your options before you decide which one is best for you.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at The Lizzies. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).
Looking for a home loan that works with you to help you pay it off sooner? The IMB Equity Advantage Home Loan combines your home loan and everyday accounts so that you lower the interest you pay therefore paying off your home sooner.
The IMB Standard Variable Home Loan offers flexible repayment options, a redraw facility to access any additional repayments made and a 100% offset account.
You'll receive a fixed rate of 6.99% p.a. Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.
You'll receive a fixed rate from 5.69% p.a. A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees. Note: Product only available to residents of Victoria.
You'll receive a fixed or variable rate depending on the lender you are approved with Apply for up to $150,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
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