IMB New Car Loan
- Application Fee
- $274.78 ($250 Application fee + $24.78 PPSR fee)
- Interest Rate (p.a.)
- 5.99% (fixed)
- Comparison Rate (p.a.)
- 6.34%
- Max Loan Amount
- $125,000
Summary
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.
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 $274.78
-
Late fees may be charged
Details
Product details
| Product Name | IMB New Car Loan |
| Interest Rate (p.a.) | 5.99% |
| Comp. Rate (p.a.) | 6.34% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $2,000 |
| Max Loan Amount | $125,000 |
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 $125,000, 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 and 7 years.
Features of the IMB New Car Loan
- Loan amount. You can borrow between $2,000 and $125,000 to finance your new car purchase.
- Loan term. Depending on what best meets your needs, you can select loan terms of between 1 year and 7 years.
- 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 5.99% 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 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.
Fees to consider
- An upfront fee of $274.78 ($250 Application fee + $24.78 PPSR fee)
- No monthly fees
- Late fees may be charged
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.
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Your reviews
Rebecca Finder
Senior writer
Hi there, looking for more information? Ask us a question.
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Ash
November 03, 2019
Hi Cindy,
Thanks for contacting Finder.
The term ‘Fixed’ doesn’t 100% guarantee that it will remain as it is for the whole duration of your loan term. But the 5.49% interest rate applies to loan amount from $2,000 up to $75,000. Vehicles that will be purchased must be new or up to 2 years old to be qualified for the car loan.
I hope this helps.
Cheers,
Ash
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Rob
April 05, 2019
Hi Guys,
I’m looking f or a car loan for a second hand car, can you please tell me which lenders deal with this?
Thank-you
Nikki Angco
April 06, 2019
Hi Rob,
Thanks for getting in touch!
You may head to our used car loans page. It shows a list of providers, how it works, and how to compare used car loan providers. Once you have chosen a particular lender, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with your loan application or get in touch with their representatives for further assistance.
As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Hope this helps!
Best,
Nikki
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Manoj
March 18, 2019
If checking for eligibility in IMB, will that affect my credit rating.?
Charisse Finder
March 18, 2019
Hi Manoj,
Thanks for reaching out to Finder.
Yes, it will affect your credit score as a 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 read more about the causes of credit score change.
I hope this helps.
Cheers,
Charisse
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Linda
September 01, 2018
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?
Joe
September 11, 2018
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 !
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Charisse Ty Finder
September 01, 2018
Hi Linda,
Thank you for reaching out to Finder.
While we don’t represent IMB, we can 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, use our comparison table to help you find the lender that suits you. You can press the “Go to site” button of your preferred lender to start your application.
Hope this helps.
Cheers,
Charisse
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Mohammed
October 09, 2017
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?
Rench Finder
October 10, 2017
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
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Cindy
November 03, 2019
When the rate says ‘Fixed’, does that guarantee it will remain the same for the duration of the loan?