NAB Car Loan
- Application Fee
- $350
- Interest Rate (p.a.)
- From 6.49% (fixed)
- Comparison Rate (p.a.)
- 8.05%
- Max Loan Amount
- $100,000
Summary
Borrow up to $100,000 with flexible loan terms and get behind the wheel of your new car.
This fixed rate secured car loan from NAB offers stability as well as flexibility. With a fixed rate you know what your repayments will be over the loan term, but you can also make extra repayments to pay off the loan early without penalty or exit fees.
Pros
-
You can repay the loan early without penalty
-
Know what your interest rate is for the life of the loan
-
Buy a car up to 12 years old
Cons
-
Application fee of $350
-
Monthly fee of $15
-
No redraw facility available for extra repayments
Details
Product details
| Product Name | NAB Car Loan |
| Interest Rate (p.a.) | 6.49% to 13.29% |
| Comp. Rate (p.a.) | 8.05% to 14.79% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $10,000 |
| Max Loan Amount | $100,000 |
How does the NAB car loan work?
The NAB Car Loan allows you to borrow between $10,000 and $100,000 for the purchase of a new or used car. You can repay the loan over a term of your choice (between 1 to 7 years).
This is a fixed rate car loan with no penalty or exit fee if you repay the loan early.
Because the loan is secured by the car there are some requirements for it to be eligible. This includes that the car can be new or used but must be less than 12 years old and must never have been written off.
What features come with the NAB car loan?
The NAB car loan provides the following features:
- A fixed interest rate from 6.49% p.a. to 13.29% p.a.
- Apply for between $10,000 and $100,000. 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.
- Receive funds quickly. Once the loan has been approved and finalised, you'll receive the funds within 1 business day.
- Early repayment allowed. You can make lump sum repayments towards your NAB Car Loan at any time without any extra charge, and there is no penalty for paying off your loan early.
- Conditional approval. NAB offers upfront conditional approval for up to 3 months. 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 car loan:
- The one-off application fee of $350
- The ongoing loan service fee of $15 per month
It's also important to point out that if you miss a repayment, a default fee will be charged.
Am I eligible for the NAB car loan?
To be eligible for the NAB car loan you must:
- Be an existing NAB personal customer and registered for NAB Internet Banking
- Be at least 21 years old
- Be buying an eligible new or used car up to 12 years old at the time of application
- Be an Australian citizen, New Zealand citizen or Australian Permanent Resident
- Have your residential address in Australia
- Receive a regular income
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.
With the NAB Car Loan you should consider:
- This car loan is secured by the vehicle, which means it could be repossessed if you fail to make your repayments.
- You must be a NAB personal customer to apply.
- You cannot access a redraw facility from the extra repayments you make.
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 car loan with a range of other similar lending products before deciding whether it's right for you. You might also prefer to take out an unsecured NAB personal loan.
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Your reviews
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Elizabeth Barry Finder
October 05, 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
Amanda
February 24, 2015
I bank at NAB bank and on a parenting time am I entitled to a car lone
Shirley Liu Finder
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
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veronica
October 05, 2016
Just wondering if u can negotiate a smaller repayments on a car loan while paying your car loan