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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.
$150
Application Fee
From 6.99% (variable)
Interest Rate (p.a.)
7.91%
Comparison Rate (p.a.)
$55,000
Max Loan Amount
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Product Name | NAB Car Loan (NAB Variable Personal Loan) |
---|---|
Interest Rate (p.a.) | From 6.99% (variable) |
Comparison Rate (p.a.) | 7.91% |
Interest Rate Type | Variable |
Min Loan Amount | $5,000 |
Max Loan Amount | $55,000 |
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 to 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.
The NAB Unsecured Personal Loan provides the following features:
There are two main fees that you need to be aware of with the NAB unsecured personal loan:
It's also important to point out that if you miss a repayment, a $35 default fee will be charged.
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.
4 Comments
October 5, 2016
Just wondering if u can negotiate a smaller repayments on a car loan while paying your car loan
October 6, 2016
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
February 24, 2015
I bank at NAB bank and on a parenting time am I entitled to a car lone
February 24, 2015
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