The NAB car loan offers you a competitive way to finance your car as well as the choice between a fixed or variable rate.
If you’re thinking about buying your first car or upgrading to a new car, a NAB car loan may be a financing option to consider. If you're already searching for your car, you can get upfront conditional approval for up to three months when you apply online.
The NAB car loan allows you to borrow any amount in between $5,000 - $55,000. You can choose a term in between 1 year(s) and 7 year(s), and you can make weekly, fortnightly, and monthly payments.
Things to consider about the NAB car loan
| Product Name | NAB Car Loan Variable Rate |
|---|---|
| Interest Rate (p.a.) | From 14.69% (variable) |
| Comparison Rate (p.a.) | 15.55% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $55,000 |
| Loan Security | Secured |
Pros
- Flexible borrowing amount
- Ability to make early repayments
- Choose between fixed or variable interest loan
Cons
- Higher rate of interest
- Application fee of $150
- Monthly fee of $10
This loan gives you a choice between a fixed or variable rate. As this loan is unsecured it's suitable for a range of vehicles, including new or used. If you select the variable rate loan you have the option of making extra repayments and redrawing them at any time through a redraw facility.
Features of the NAB car loan
The NAB car loan comes with various features that you can take advantage of.
- Monthly fees. This loan comes with a maintenance fee of $10 per month.
- Loan amount. Borrow from a minimum of $5,000 to a maximum of $55,000
- Loan term. Choose from a term between 1 and 7 years.
- Interest rate. When you apply for an NAB car loan you can opt for a fixed rate loan or a variable rate loan.
- Conditional approval. If you apply online you're able to get conditional approval, giving you up to three months to find the car you want to buy.
- Repayments. With the NAB car loan you can make weekly, fortnightly and monthly payments.
- Redraw facility. If you have a variable rate version of this car loan, then you have access to a redraw facility. This allows you to access any extra repayments you've made, in cash you need the cash. You can redraw between $500 and $15,000 at a time.
- Nab Car Insurance. Nab can also arrange insurance to protect your car loan (at an additional cost). This is provided by Allianz Limited and the premium comes from the same account you nominate to make repayments for your loan. NAB is also responsible for getting the insurance renewed.
How to apply for the NAB car loan
You can get the application process started by clicking "Go to Site" on the page above. The following eligibility criteria needs to be met for you to apply:
- Be at least 18 years old
- Have a regular income or wage
- Have a good credit rating
- Be able to afford the loan repayments
You'll need the following on hand to complete your application:
- A driver's license, utility bill or bank statement
- Details of your income and employment
- Information regarding your assets and liabilities
- Your most recent tax return and notice of assessment if you're self-employed
The online application process is simple and secure and it takes about 30 minutes to complete. When you've submitted your application, NAB can confirm your approval within two business days or sooner. After approval, funds can be deposited into your NAB transaction account or be provided as a cheque.
Just wondering if u can negotiate a smaller repayments on a car loan while paying your car loan
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
I bank at NAB bank and on a parenting time am I entitled to a car lone
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