Home

Car Loans

MOVE Bank New Car Loan

Last updated: 18 February 2020

Thinking of upgrading to a younger model? MOVE Bank is offering a competitive car loan at a fixed rate on any vehicle up to 3 years old.

MOVE Bank's New Car Loan offers a competitive fixed interest rate with no monthly fees, so you can rest easy knowing your repayments won't increase.

This loan offers extra repayments penalty-free and a free redraw facility. If you have some money left over at the end of the month, you can pay off your loan faster and save yourself money long term. However, if you find yourself strapped for cash or are hit with an unexpected expense, you can get access to more funds when you need them, free of charge.

Pros

Low rate
Flexible payment options
Redraw facility
No ongoing fees

Cons

$195 establishment fee
Late fees may be charged
Minimum loan amount of $10,000

Main points to consider with the MOVE Bank New Car Loan

MOVE Bank's New Car Loan is available on any car up to three years old.

With an interest rate of 4.89% p.a. and a comparison rate of 5.16% p.a., this loan sits well into the lower end of the market, though there is a moderately high establishment fee of $195.

Features of the MOVE Bank New Car Loan

Competitive rate. This loan comes with a fixed low interest rate of 4.89% p.a. and competitive comparison rate of 5.16% p.a.
Free car buying service. If you're looking to trade in your old vehicle, MOVE Bank will put you in touch with a broker, free of charge.
Not available for private sales. This loan is only for new cars of 3 years old or less.
$10,000-$150,000 available. This loan has a minimum borrowing amount of $10,000 and a maximum of $150,000.
Loan term of up to 7 years. You can pay your loan back in 7 years or less.
Free redraw facility. Have access to funds from your repayments, free of charge.
Pre-approval. You can be approved for this loan in advance.

Fees and charges

Single up-front fee. Pay an establishment fee of $195
No monthly fees. There are no monthly fees with this loan.
No extra payment penalty fees. Pay off your loan sooner and save money over the life of the loan.
No transaction fees on your MOVE Bank savings and transaction accounts. If you're already a MOVE Bank customer, pay no transaction fees on your savings and transaction accounts.

How to apply for the MOVE Bank New Car Loan

To apply for this loan, click "Go to Site" and get started on the online application process. Before applying, make sure that you meet the following criteria:

Be at least 18 years old
Be an Australian citizen or permanent resident
Have a good to excellent credit rating
Have a regular wage or income
Be able to afford the repayments

Documents you will need to apply for this loan:

Proof of ID
Proof of address
Details of any assets owned
Details of any outstanding loans
Details regarding your income and living expenses

MOVE Bank offers a competitive car loan, but be sure to weigh up all of the loan features carefully before submitting an application.

Compare this loan to similar car loans and equip yourself to make the best decision possible for your circumstances.

Bria Horne

Bria Horne is a writer for Finder, with a specialist knowledge of personal loans, car loans and business loans. Originally from the UK, Bria has been a professional personal finance writer in Australia for over 2 years. She has an M.A and B.A in Philosophy and Literature from the University of Sussex, and previously worked on the UK’s leading hospitality publication.

IMB New Car Loan

You'll receive a fixed rate of 5.45% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

More info

Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 5.49% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

More info

RACV New Car Loans

You'll receive a fixed rate from 5.69% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

More info

Stratton Finance New Car Loan

You'll receive a fixed or variable rate depending on the lender you are approved with
Apply for up to $100,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.

More info

Ask an expert

To ask a question simply log in via your email or Facebook or create an account.

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Subscribe to the Finder newsletter for the latest money tips and tricks

Notify me via email when there is a reply

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

Ask a question