How to use a NAB Personal Loan to buy a car

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 from 8.49% p.a. to 20.49% p.a. If you choose a variable rate loan, you can access an interest rate from 8.49% p.a. to 20.49% p.a. and a comparison rate from 9.88% p.a. 21.78% p.a.
• A fixed interest rate from 8.49% to 20.49% p.a. If you prefer the security of a fixed rate loan, you can access an interest rate from 8.49% to 20.49% p.a. and a comparison rate from 9.88% p.a. to 21.78% 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 $250
• The ongoing loan service fee of $15 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.

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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 siteView details Compare	loading Fetching your data...
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 siteView details Compare	loading Fetching your data...
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 siteView details Compare	loading Fetching your data...
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 siteView details 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.	loading Fetching your data...
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 siteView details 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.	loading Fetching your data...
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 siteView details 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.	loading Fetching your data...
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 siteView details Compare	loading Fetching your data...
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 siteView details Compare	loading Fetching your data...
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 siteView details 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.	loading Fetching your data...
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 siteView details 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.	loading Fetching your data...
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 siteView details 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.	loading Fetching your data...

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