IMB New Car Loan

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 5.99% (fixed)
Comparison Rate (p.a.)6.34%
Interest Rate TypeFixed
Min Loan Amount$2,000
Max. Loan Amount$75,000
Loan SecuritySecured

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

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.

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39 Responses

  1. Default Gravatar
    joelJune 22, 2017

    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?

    • Staff
      JonathanJune 22, 2017Staff

      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

  2. Default Gravatar
    JarrodMay 27, 2017

    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

    • Staff
      HaroldMay 29, 2017Staff

      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

  3. Default Gravatar
    TomOctober 10, 2016

    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.

    • Staff
      AnndyOctober 11, 2016Staff

      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

  4. Default Gravatar
    WayneSeptember 19, 2016

    I am on a disability pensions from the Department of Veteran Affairs and Comsuper which is paid fortnightly.

    • Staff
      ElizabethSeptember 19, 2016Staff

      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

  5. Default Gravatar
    SamMay 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
      ElizabethMay 16, 2016Staff

      Hi Sam,

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

      Hope this helps,

      Elizabeth

  6. Default Gravatar
    MichaelFebruary 26, 2016

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

    • Staff
      ElizabethMarch 1, 2016Staff

      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

  7. Default Gravatar
    DeborahFebruary 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
      ElizabethFebruary 22, 2016Staff

      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

  8. Default Gravatar
    galFebruary 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
      galFebruary 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
      ElizabethFebruary 9, 2016Staff

      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
      ElizabethFebruary 9, 2016Staff

      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

  9. Default Gravatar
    NadiaJanuary 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
      ElizabethJanuary 18, 2016Staff

      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

  10. Default Gravatar
    sashangJune 29, 2015

    wt is the best no to call

    • Staff
      ElizabethJune 30, 2015Staff

      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

    • Default Gravatar
      DevinderJuly 12, 2017

      Hi, I am currently having a car loan and paying an interest rate of 9.5%. Can I refinance my car loan?

    • Staff
      RenchJuly 13, 2017Staff

      Hi Devinder,

      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.

      You can refer to this guide for car loan refinancing and you can also compare your options from there.

      If you are referring to IMB Bank car loan, please contact them directly or you can click on the green ‘Go to Site’ button to visit their official site and inquire with them.

      Best regards,
      Rench

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