IMB New Car Loan
100% confidential application
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 IMB New Car Loan 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.
| Product Name | IMB New Car Loan |
|---|---|
| Interest Rate (p.a.) | 5.89% (fixed) |
| Comparison Rate (p.a.) | 6.24% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $2,000 |
| Max. Loan Amount | $75,000 |
| Loan Security | Secured |
Pros
- Early repayments without penalty
- $0 service fee to pay every month
- Low interest rate
Cons
- $2,000 minimum loan amount for this account
- Application fee of $250
- Late fees may be charged
Main points to consider with the IMB New Car Loan
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 IMB car 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 years old with this IMB car loan, giving you more options when it comes to making your car purchase.
- Interest rate. This loan offers a competitive fixed rate of 5.89% p.a.
- Comparison rate. Based on a $30,000 secured loan over a period of five year(s), the comparison rate stands at 6.24% p.a.
- Repayment flexibility. You’ll have the ability to make extra repayments without penalty, helping you to pay back your IMB car 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 IMB 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.
If checking for eligibility in IMB, will that affect my credit rating.?
Hi Manoj,
Thanks for reaching out to Finder.
Yes, it will affect your credit score as credit check is required for all new loan applications with IMB Bank. Loan applications are considered “hard enquiries” and too many of them in a short period of time will decrease your credit score.
You can go to this page to read more about what causes your credit score to change.
I hope this helps.
Cheers,
Charisse
I’m wanting to buy a new car. I have a full-time job but have no credit card or loans as never needed one. I am married but my husband owns the house we live in. Would I be able to get a car loan?
Hi I’m just bough a new Honda CR-V AWD for $45.000K completely paid off full amount with my name on paper last 2 month , at the momemnt I’m just quite a job because I’m trying to find something new with a good income , and I’m a bit struggling with money right now because not work there anymore , I would love to borrow a few Thousand dollar like 3K-5k just for living before I find a good new job ( even though I can make a call then borrow it easyly from mom and dad but I really don’t want to upset them ) my history credit is not looking like perfect though :) is there a chance for me to borrow $3k-$5k from you just for a short team before I finding a job .thanks so much for your helping !
Hi Joe,
Thanks for leaving a question on finder.
If you’re not employed in the traditional sense and are in need of finance, you may still be eligible for a loan. This guide will take you through your options for borrowing while you’re unemployed, what you need to be aware of, and how you can apply. You can also see the ins and outs of eligibility criteria for lenders that offer these kinds of loans.
Since you own a car, your application may have a greater chance of being approved. This is because the lender may use this as security for the loan.
Cheers,
Joel
Hi Linda,
Thank you for reaching out to finder.
Please note that we are not affiliated with IMB and we can only help by providing general information.
As per IMB’s eligibility criteria, they can consider you if you have a good credit history and receiving a monthly income. You can click on the “Go to site” button to proceed with your online application. IMB will give you a feedback on the result of your application and will then ask you to submit your supporting documents.
If you are still looking to compare new car loan options, you can click here to review other lenders.
Hope this helps.
Cheers,
Charisse
Hi, I’m holding a temporary residency visa and valid for 1 year. I’m a full time working employee right now. Am I able to get a car loan with that visa?
Hi Mohammed,
Thanks for reaching out to us. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
If you are referring to IMB New Car Loan, please contact them directly by clicking on the ‘Go to Site’ button on the page.
You may also have a look on these pages for helpful info and compare your options:
https://www.finder.com.au/moving-to-australia/loans-for-non-residents
https://www.finder.com.au/car-loans
Cheers,
Rench
Hi there, I want to find out about me being able to get a car loan. Im on international student visa. I have a monthly income. Since, Im on an international student visa. This type of visa would not qualify for applying for a loan, would it ?
Regards,
Laksith.
Hi Laksith,
Thanks for reaching out to us. Please note that we are not affiliated with IMB Bank or any company we feature on our site and so we can only offer you general advice.
You can check this page for helpful information about loans for non-residents in Australia. You may also compare your options here.
If you are inquiring about car loan from IMB Bank, please contact them directly or click on the green ‘Got to Site’ button.
Cheers,
Rench
Hi, if I’m in the market for a new car but unsure of the exact price yet (still bargaining with dealer). Can I get an approval for $30K and if it ends up being $28K, is that fine?
Hi Joel!
Yes, it should not be a problem at all! In fact, it is better that you get approved for a higher amount then go down, rather than the other way around. :)
Hope this helps.
Cheers,
Jonathan
Hi All,
Just wanted to know if there was a rate lock associated with a loan $50,000 for a new car loan?
What would be the comparison rate also be?
Thanks
Hi Jarrod,
Thank you for your inquiry.
The comparison rate is based on a secured loan amount of $30,000 and a term of 5 years. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
I hope this information has helped.
Cheers,
Harold
Hi, I want to buy a new motorbike and the IMB loan looks quite competitive. With this loan, can I also finance the purchase of my safety equipment? Thanks, Tom.
Hi Tom,
Thanks for your question.
Please note that we are finder.com.au, a financial comparison and information website, not IMB.
I’ve checked the terms and conditions of this loan and I can’t find any reference as to whether you can use this loan to finance the safety equipment or not.
You can directly get in touch with IMB on 1300 78 08 97 to inquire.
Cheers,
Anndy
I am on a disability pensions from the Department of Veteran Affairs and Comsuper which is paid fortnightly.
Hi Wayne,
To be considered for a loan with IMB you need to be receiving an income as well as your DSP payments. You can compare other lenders on this page.
I hope this helps,
Elizabeth
Hi,
I have arrived recently to Australia and I’m on temporary residence visa. I’m employed on contract basis. Will I qualify for a car loan?
Thanks.
Hi Sam,
Unfortunately IMB does not consider temporary residents for loans. You can consider your other options on this page.
Hope this helps,
Elizabeth
Regarding loan security is the new car being purchased classed as security
Hi Michael,
The new car you purchase will be used as security for the loan. It is for new motor vehicle purchases, as well as demonstrator vehicles if the odometer reading is less than 5,000km.
I hope this has helped.
Thanks,
Elizabeth