Drive away with more than a new car – no account-keeping fees, flexible terms and a competitive rate
If you’re looking to buy a vehicle, the New Car Loan from IMB is a competitive offering that can help you secure your purchase. You can take advantage of a range of flexible features for minimal fees and fixed repayments. The loan also comes with a competitive interest rate, helping you to keep your repayments low.
Things to consider about the IMB New Car Loan
|Product Name||IMB New Car Loan|
|Interest Rate (p.a.)||From 5.99% (fixed)|
|Comparison Rate (p.a.)||6.34%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||1 year|
|Maximum Loan Term||7 years|
|Min Loan Amount||$2,000|
|Max. Loan Amount||$75,000|
|Monthly Service Fee||$0|
- Early repayments without penalty
- $0 service fee to pay every month
- Low interest rate
- $2,000 minimum loan amount for this account
- Application fee of $250
- Late fees may be charged
This loan can help you finance new motor vehicle purchases, as well as cars up to two years old. While this loan is only available for these vehicles, you’re able to borrow between $2,000 and $75,000, leaving room for a wide range of vehicles to be financed with this loan. This is a fixed rate loan with terms available of between 1 year(s) and 7 year(s).
Features of the IMB New Car Loan
- Loan amount. You can borrow between $2,000 and $75,000 to finance your new car purchase.
- Loan term. Depending on what best meets your needs, you can select loan terms of between 1 year(s) and 7 year(s).
- Choice of vehicle. You're able to finance a new car or one that's up to two tears old with this loan, giving you more options when it comes to making your car purchase.
- Interest rate. This loan offers a competitive fixed rate of 5.99% p.a.
- Comparison rate. Based on a $30,000 secured loan over a period of five year(s), the comparison rate stands at 6.34% p.a.
- Repayment flexibility. You’ll have the ability to make extra repayments without penalty, helping you to pay back your loan and save on interest.
- Optional Loan Repayment Insurance. You have the option of taking out Loan Repayment Insurance, where you’ll have peace of mind knowing your repayments will be covered if you aren’t able to.
- Account-keeping fees. This loan comes with no account-keeping fees, helping to keep your ongoing costs down.
How you can apply for the IMB New Car Loan
If you’re looking to apply for the New Car Loan, you can apply directly with IMB by clicking on the "Go to Site" button. First, make sure you meet the eligibility criteria outlined below:
- You're over the age of 18
- You have a good credit history
- You receive a monthly income
You’ll need to have the following documents handy to complete the application:
- Your email address
- Details of your income, assets, expenses and liabilities
- Your current and previous employer’s details
The application will take approximately fifteen minutes to complete, but if you don't have time to complete it, you can save it and complete it at a later time. Once you submit this application you’ll be advised of the outcome and asked to submit supporting documentation, and you’ll then be kept updated on the progress of your application via email. If you’re an existing IMB member you can apply directly via Internet banking.