Bank of Melbourne Secured Car Loan

Main points to consider about Bank of Melbourne Secured Car Loan

This personal loan offers a lowered interest rate, because your car is accepted as security. To qualify for this competitive rate, the vehicle used for security can't be more than 12 years old when the loan expires. It needs to be registered under your name and if the vehicle is under joint names, then both names need to be registered.

You can choose a fixed interest rate, knowing that your repayments won't change during your loan term. Or you could pick a variable interest rate, where you will be able to make extra repayments every month. The type of interest rate that suits you best depends on your financial and personal situation and whether you'd like peace of mind, or if you have the capacity to make extra repayments.

Features of the BoM Secured car loan

• Interest rate. The standard variable rate starts from 6.49% p.a. and fixed rate from 6.49% p.a.
• Loan term. If you opt for a variable rate loan, the loan terms is 1 to 7 years. For the fixed rate, it is 1 to 7 years.
• Loan amount. Borrow from a minimum of $3,000 and a maximum of $80,000.
• Repayment options. Choose from weekly, fortnightly and monthly repayments, depending which frequency suits you best. As mentioned before, if you opt for the variable rate, you can make extra repayments.
• Redraw facility. Only available on variable rate loans - access your extra repayments if you need them for an emergency.
• BoM Internet banking. With the demand for mobile banking increasing day after day, BoM's Internet banking means you can track and manage your loan repayments at a time that suits you best. You can also opt for e-statements, reducing your footprint on the environment.
• Optional protection. By opting for Consumer Credit Insurance, you can protect your repayments should something happen and you're not able to meet your financial commitments.

Fees

• Establishment fee. $250 establishment fee applies.
• Monthly admin fee. $12 per month. This fee is charged to maintain your accounts.
• Dishonour fee. $9. If your payment is late or missed, this fee is charged. To avoid this fee, set up direct debit or a reminder so you never forget to pay.
• Redraw fee. $10 per withdrawal. Please note that the minimum redraw amount is $500 and is only available for the variable rate option. You can avoid this fee by not using this feature.
• Discharge fee. $100 to $150. You are charged $150 if the loan is repaid within the first 12 months. If it is repaid after the first 12 months, the fee is $100. You can avoid this fee by not paying your loan out early before the loan term.
• Break costs. This is payable on early payments or additional repayments for the fixed rate option. You'll need to contact BoM directly to find out what this cost is, as it depends on your loan situation and your outstanding principal.
• PPSR fee. $6 PPSR fee (applies only if purchasing and securing against a vehicle).

How to apply for this secured car loan

If you would like to apply, please click 'Go to Site' to be safely redirected to the application page. The process usually takes less than 15 minutes and you will receive a response within 60 seconds. You don't need to be an existing BoM customer to apply.

Eligibility

• 18 years of age
• Permanent Australian resident
• You have an Australian residential address

Information you'll need

• Employment details - Your employer's details
• Financial information - Details of your income, assets, liabilities, Driver's License
• Personal reference - Including their name, address and contact details
• If self-employed - Your recent tax information and accountant's contact details

Keep updated with your application by logging onto BoM Internet Banking, or giving BoM your email address or mobile number. A free SMS or email will be sent to you, to keep you updated throughout the process.

Compare car loan providers

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
loans.com.au - New/Demo - Variable Rate Variable3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 6.24% to 7.74%	Comp. Rate (p.a.) 7.36% to 8.85%	Application Fee $400	Monthly Fee $8	Monthly Repayment $630.83	Go to siteMore Info Compare
Simplify New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.19% to 18%	Comp. Rate (p.a.) 6.6% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $622.21	Go to siteMore Info Compare
OurMoneyMarket New Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $250 min.	Monthly Fee $0	Monthly Repayment $622.82	Go to siteMore Info Compare
IMB New Car Loan Fixed1 - 7 Years $2,000 - $125,000	Interest Rate (p.a.) 6.24%	Comp. Rate (p.a.) 6.59%	Application Fee $274.78	Monthly Fee $0	Monthly Repayment $619.01	Go to siteMore Info Compare	You'll receive a fixed rate of 6.24% 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.
Stratton Finance New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.27	Go to siteMore Info Compare	You'll receive a fixed rate from 6.52% p.a. depending on the lender you are approved with. Apply for up to $300,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
RACV New Car Loans Fixed1 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.29% to 16.99%	Comp. Rate (p.a.) 8% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $635.67	Go to siteMore Info Compare	You'll receive a fixed rate from 7.29% 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.
OurMoneyMarket Used Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $250 min.	Monthly Fee $0	Monthly Repayment $622.82	Go to siteMore Info Compare
Simplify Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.19% to 18%	Comp. Rate (p.a.) 6.6% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $622.21	Go to siteMore Info Compare
Stratton Finance Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.27	Go to siteMore Info Compare	You'll receive a fixed rate loan from 6.52% p.a. with a comparison rate of 6.95% p.a. A used car loan of up to $300,000 with quick approval times and balloon payment options.
RACV Used Car Loans Fixed1 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 8.49% to 16.99%	Comp. Rate (p.a.) 9.21% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $647.01	Go to siteMore Info Compare	You'll receive a fixed rate from 8.49% p.a. Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.
Latitude Variable Rate Personal Loan Variable2 - 7 Years $5,000 - $70,000	Interest Rate (p.a.) 9.49% to 29.99%	Comp. Rate (p.a.) 10.37% to 30.69%	Application Fee $0	Monthly Fee $13	Monthly Repayment $653.57	Go to siteMore Info Compare	Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.

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