NAB Car Loan

How to use a NAB Personal Loan to buy a car

Borrow up to $55,000 with flexible terms and get behind the wheel of your new car.

If you’re searching for a personal loan to provide the finance you need to buy a car, the NAB Unsecured Personal Loan is well worth a closer look. With competitive fixed and variable rates available, this loan allows you to borrow up to $55,000 to cover the cost of a new vehicle.

You can tailor your repayment schedule to suit your budget and there are no early repayment penalties if you pay the loan out ahead of schedule. And if you ever need access to those extra repayments, a redraw facility is also included for added flexibility.

How does the NAB Unsecured Personal Loan work for buying a car?

The NAB Unsecured Personal Loan allows you to borrow between $5,000 and $55,000 to buy a car. You can repay the loan over a term of your choice (between 1 and 7 years). Also, as this is an unsecured loan, you don’t need to provide your vehicle as collateral for the loan.

You can choose between the security of a fixed rate and the flexibility of a variable rate, and then make repayments on a weekly, fortnightly or monthly basis. Early repayments can be made without penalty, while a redraw facility provides added convenience if you ever run short of cash.

If you’re an existing NAB customer and you apply for a NAB unsecured personal loan in-store before 2pm, you can enjoy same-day access to your funds, which allows you to start car hunting right away. Conditional approval is also available and is valid for up to three months, providing increased negotiating strength when buying your next set of wheels.

What features come with the NAB unsecured personal loan?

The NAB Unsecured Personal Loan provides the following features:

  • A variable interest rate of 14.69% p.a. If you choose a variable rate loan, you can access an interest rate of 14.69% p.a. and a comparison rate of 15.55% p.a.
  • A fixed interest rate of 14.99% p.a. If you prefer the security of a fixed rate loan, you can access an interest rate of 14.99% p.a. and a comparison rate of 15.85% p.a.
  • Apply for between $5,000 and $55,000. Whether you want a cheap car to get you from A to B or a more expensive, modern vehicle, NAB can offer a loan amount to suit.
  • A loan term of between 1 and 7 years. You can repay the loan amount over a term of between 1 and 7 years.
  • Same-day funds. Existing NAB customers that apply in-store before 2pm can take advantage of same-day access to their funds. Once approved, the loan amount can be in your bank account within two hours.
  • Flexible repayment schedule. You can choose to make repayments on a weekly, fortnightly or monthly basis to suit your budget.
  • Early repayment allowed. You can make lump sum repayments towards your NAB Unsecured Personal Loan at any time without any extra charge, and there is no penalty for paying off your loan early.
  • Redraw facility. If you make extra repayments towards your variable rate loan, you can access those funds through a redraw facility.
  • Conditional approval. NAB offers upfront conditional approval for up to three months when you apply for an unsecured personal loan online. This gives you increased bargaining power when shopping around for the right vehicle.

How much does this loan cost?

There are two main fees that you need to be aware of with the NAB unsecured personal loan:

  • The one-off application fee of $150
  • The ongoing loan service fee of $10 per month

It’s also important to point out that if you miss a repayment, a $35 default fee will be charged.

What should I consider before applying for this loan?

Before choosing this or any other loan product, make sure to carefully consider any potential downsides. One factor you need to be aware of with the NAB Unsecured Personal Loan is that because this product is not secured by your car, the interest rates are higher than what would be offered for a secured car loan.

This is also an all-purpose personal loan rather than a dedicated car loan, which means it doesn’t come with some features specific to car loans, such as insurance add-ons.

Finally, you should always consider whether you can afford to borrow and repay your chosen loan amount. Calculate your regular repayment amount and make sure it is realistically affordable for your budget.

If you’re looking for a personal loan to help you buy your next car, compare the NAB unsecured personal loan with a range of other similar lending products before deciding whether it’s right for you.

Was this content helpful to you? No  Yes

Related Posts

IMB New Car Loan

Borrow up to $75,000 for a new car up to two years old. Competitive 5.99% p.a. rate available to all approved applicants.

Westpac Car Loan

Apply for a Westpac car loan and enjoy a great interest rate when you purchase a new or used vehicle.

RACV New Car Loans

Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.

NRMA New Car Loan

Purchase a new car with an NRMA Car Loan with a fixed rate term and no monthly fees. NRMA Members could save 1% on loan rates.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

4 Responses

  1. Default Gravatar
    veronicaOctober 5, 2016

    Just wondering if u can negotiate a smaller repayments on a car loan while paying your car loan

    • Staff
      ElizabethOctober 6, 2016Staff

      Hi Veronica,

      You can only change the repayment amount on a NAB Car Loan by extending your loan term or applying for financial hardship. If you want to do either of these you’ll need to contact NAB directly.

      Hope this helps,

      Elizabeth

  2. Default Gravatar
    AmandaFebruary 24, 2015

    I bank at NAB bank and on a parenting time am I entitled to a car lone

    • Staff
      ShirleyFebruary 24, 2015Staff

      Hi Amanda,

      Thanks for your question.

      Please note that finder.com.au is an online comparison service and is not in a position to assess your eligibility for a NAB car loan.

      If you would like to discuss your eligibility or options, please get in touch with NAB directly.

      Cheers,
      Shirley

Ask a question