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 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 |
| 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
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.
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
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
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
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?
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
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
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
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?
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
wt is the best no to call
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
Hi, I am currently having a car loan and paying an interest rate of 9.5%. Can I refinance my car loan?
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