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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.
| Product Name | MOVE Bank New Car Loan |
|---|---|
| Interest Rate (p.a.) | 5.39% (fixed) |
| Comparison Rate (p.a.) | 5.66% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $10,000 |
| Max Loan Amount | $150,000 |
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 5.39% p.a. and a comparison rate of 5.66% 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 5.39% p.a. and competitive comparison rate of 5.66% 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.
