IMB New Car Loan

Information verified correct on August 30th, 2016

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 NameIMB New Car Loan
Interest Rate (p.a.)From 6.34% (fixed)
Comparison Rate (p.a.)6.62%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term7 years
Min Loan Amount$2,000
Max. Loan Amount$75,000
Application Fee$199
Monthly Service Fee$0
Loan SecuritySecured
Pros
  • Early repayments without penalty
  • $0 service fee to pay every month
  • Low interest rate
Cons
  • $2000 minimum loan amount for this account
  • Application fee of $199
  • 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 6.34% p.a.
  • Comparison rate. Based on a $30,000 secured loan over a period of five year(s), the comparison rate stands at 6.62% 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.

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29 Responses to IMB New Car Loan

  1. Default Gravatar
    Sam | May 14, 2016

    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.

    • Staff
      Elizabeth | May 16, 2016

      Hi Sam,

      Unfortunately IMB does not consider temporary residents for loans. You can consider your other options on this page.

      Hope this helps,

      Elizabeth

  2. Default Gravatar
    Michael | February 26, 2016

    Regarding loan security is the new car being purchased classed as security

    • Staff
      Elizabeth | March 1, 2016

      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

  3. Default Gravatar
    Deborah | February 21, 2016

    I want to buy a classic car 1974 model. can I secure the loan with this or another vehicle if this one is not suitable as security

    • Staff
      Elizabeth | February 22, 2016

      Hi Deborah,

      IMB new car loan can only be secured against a new or demonstration vehicle with an odometer reading less than 5,000km. You may want to consider the IMB secured personal loan on this page instead.

      Thanks,

      Elizabeth

  4. Default Gravatar
    gal | February 9, 2016

    Hi guys
    I’m after a used (less than 5 years old) motorcycles loan. It keeps sending me to new car loans sections is that the right one?

    • Default Gravatar
      gal | February 9, 2016

      Is there a different loan which allows me to buy a used motorcycle less than 5 years old but with more than 5000 km?
      Thanks for your time

    • Staff
      Elizabeth | February 9, 2016

      Hi Gal,

      I can’t recommend a specific lender, but you can find a full list of your used motorbike loan options, as well as the eligibility requirements for the bikes detailed here. When you’re ready to apply for one of the loans just scroll up to the table on that same page and click “Go to Site”.

      I hope this will help.

      Thanks,

      Elizabeth

    • Staff
      Elizabeth | February 9, 2016

      Hi Gal,

      Motorcycle loans are similar to car loans in that you are able to choose a secured or unsecured option, depending on whether you want to use your motorcycle as a guarantee. The IMB New Car Loan allows you to use the loan to finance a motorcycle, however the loan can only be secured against a new vehicle or demonstration vehicle with an odometer reading less than 5,000km.

      Hope this has helped,

      Elizabeth

  5. Default Gravatar
    Nadia | January 16, 2016

    I bought a new car less than 2 years ago and it is under Nissan Finance but I want to change to a financier with a more competitive rate. Will I qualify as a customer for the IMB New Car loan?

    • Staff
      Elizabeth | January 18, 2016

      Hi Nadia,

      All applications are handled on a case-by-case basis by IMB. However, the minimum eligibility criteria is that you are under the age of 18, an Australian citizen or permanent resident and are not currently bankrupt. You also need to show that you can currently afford the loan and the car will need to meet certain criteria as well.

      I hope this has helped.

      Thanks,

      Elizabeth

  6. Default Gravatar
    sashang | June 29, 2015

    wt is the best no to call

    • Staff
      Elizabeth | June 30, 2015

      H Sashang,

      Thanks for your questions.

      To apply for this loan or get in contact with IMB, just click ‘Go to Site’ on the page above.

      I hope this has helped.

      Thanks,

      Elizabeth

  7. Default Gravatar
    sashang | June 29, 2015

    looking car loan

  8. Default Gravatar
    Saurabh | April 3, 2015

    Hi,

    I just bought Hyundai 2014 IX35 Trophy Model. I am not happy with the finance and want to get it re financed. If you do re financing, do ring me.

    Thanks
    Saurabh

    • Staff
      Elizabeth | April 7, 2015

      Hi Saurabh,

      Thanks for your question.

      Just to confirm we are not IMB, but are finder.com.au, a comparison service. The IMB New Car Loan is available for refinancing. To click through to the IMB website, click ‘Go to Site’ to find out more details about the loan and submit your information for a callback or apply.

      I hope this has helped.

      Thanks,

      Elizabeth

  9. Default Gravatar
    kerry | March 27, 2015

    Hi

    looking into refinancing car loan but currently unemployed (pregnant)but payments have been always on time never missed a payment currently supported by partner

    can I be approved

    thank you

    • Staff
      Shirley | March 30, 2015

      Hi Kerry,

      Thanks for your question.

      Please note that finder.com.au is an online comparison service and is not in a position to assess your eligibility.

      If you would like to discuss your eligibility or options, please get in touch with IMB directly by clicking on ‘Go to site’.

      Cheers,
      Shirley

  10. Default Gravatar
    tina | March 22, 2015

    Hi Guy’s

    If I brought a new car at 23,000 on a fixed loan over a period of 7 years what would my monthly repayments be
    Many thanks

    • Staff
      Shirley | March 23, 2015

      Hi Tina,

      Thanks for your question.

      Your monthly repayments would be around $347.02. Please be mindful that this doesn’t represent a quote and is indication only.

      Cheers,
      Shirley

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