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.

No reviews yet. Write a review

$150

Application Fee

From 6.99% (variable)

Interest Rate (p.a.)

7.91%

Comparison Rate (p.a.)

$55,000

Max Loan Amount

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product NameNAB Car Loan (NAB Variable Personal Loan)
Interest Rate (p.a.)From 6.99% (variable)
Comparison Rate (p.a.)7.91%
Interest Rate TypeVariable
Min Loan Amount$5,000
Max Loan Amount$55,000

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 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.

What features come with the NAB unsecured personal loan?

The NAB Unsecured Personal Loan provides the following features:

  • A variable interest rate of 6.99% p.a. If you choose a variable rate loan, you can access an interest rate of 6.99% p.a. and a comparison rate of 7.91% p.a.
  • A fixed interest rate of 12.69% p.a. If you prefer the security of a fixed rate loan, you can access an interest rate of 12.69% p.a. and a comparison rate of 13.56% 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 to 7 years. You can repay the loan amount over a term of between 1 to 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.

Compare car loan providers

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Loans.com.au - New and Dealer Used Car Loan
From 4.67% (fixed)
5.22%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate from 4.67% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
Plenti Car Loan
From 4.89% (fixed)
5.44%
$2,001
3 to 7 years
from $249 to $799
$0
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
Credit Concierge Car Loan
From 3.35% (fixed)
4.41%
$10,000
1 to 7 years
$350
$8.50
You'll receive a fixed rate of 3.35% p.a. with a comparison rate of 4.41% p.a.
Get access to over 20 providers to fund a new or used car.
RACV New Car Loans
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% 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.
Wisr Secured Car Loan
From 4.74% (fixed)
5.01%
$5,000
3 to 7 years
$195 for refinance and dealer sale ($245 for private sale)
$0
You'll receive a personalised interest rate from 4.74% p.a. to 16.01% p.a. based on your risk profile
A flexible car loan from $5,000 - $63,000 with personalised rates and rewards for strong credit customers.

⭐Special Offer: Wisr's standard establishment fee $605 will be reduced to $195 for applications submitted through Finder. T&Cs apply.
OurMoneyMarket Car Loan
From 5.35% (fixed)
5.65%
$2,001
1 to 7 years
$250
$0
You'll receive a fixed interest rate from 5.35% p.a. to 14.99% p.a. based on your risk profile.
Borrow between $2,001 and $75,000 to finance a new or used car up to 10 years.
MoneyForJam Car Loan
From 2.85% (fixed)
4.85%
$4,500
1 to 7 years
From $1 to $990
$25
You'll receive a fixed rate from 2.85% p.a. based on your risk profile
Borrow between $4,500 and $120,000 with loan terms up to 7 years to finance a new or used car. Get access to more than 40 providers. You could get up to $250 cash back if you get insurance or warranty too by 31 July 2021. T&Cs apply.
Stratton Finance New Car Loan
From 3.85% (fixed)
4.05%
$10,000
3 to 7 years
$700
$8.25
You'll receive a fixed rate from 3.85% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
CarClarity Car Loan
From 3.35% (fixed)
4.95%
$1,000
1 to 7 years
$356
$8.25
You'll receive a fixed rate from 3.35% p.a.
Get access to more than 30 lenders to finance a new or used car for personal or corporate use. Borrow up to $250,000 with terms from 1 to 7 years.
IMB New Car Loan
4.99% (fixed)
5.34%
$2,000
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPSR fee)
$0
You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
NRMA New Car Loan
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
Purchase a new or used car up to 3 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
NAB Personal Loan Unsecured Fixed
From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
Heritage Bank Car Loan
4.89% (fixed)
5.53%
$5,000
1 to 7 years
$200
$5
You'll receive a fixed rate from 4.89% p.a.
Finance a new or used car up to 5 years old. Large maximum borrowing amount up to $100,000 and terms up to 7 years.
Symple Loans Personal Loan
From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
SocietyOne Car Loan
From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% p.a. and 17.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
loading

Compare up to 4 providers

Car Loan Offers

Important Information*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 4.99% 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.

Logo for Beyond Bank Low Rate Car Loan "Special Offer"
Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 4.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 4.99% 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.

Logo for NRMA New Car Loan
NRMA New Car Loan

You'll receive a fixed rate of 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

Ask an expert

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

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, 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.

4 Comments

    Default Gravatar
    veronica
    October 5, 2016

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

      Avatarfinder Customer Care
      Elizabeth
      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

    Default Gravatar
    Amanda
    February 24, 2015

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

      Avatarfinder Customer Care
      Shirley
      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

Go to site