NAB offers both secured and unsecured car loans.
An unsecured loan means those borrowing to purchase a new set of wheels won't lose their ride if they fail to meet repayments, while a secured loan typically means lower interest rates, as the bank assumes less risk in financing a secured car loan.
|
Car loan products |
Available at NAB? |
|---|---|
|
Fixed rate car loan |
✅ |
|
Variable rate car loan |
✅ |
|
Fixed interest secured car loan |
✅ |
|
Variable interest secured car loan |
❎ |
|
Green car loan |
✅ |
NAB provides car loans as small as $5,000 and as large as $100,000 for terms of one to seven years.
NAB only offers fixed rates and monthly repayments on its secured car loans, which allow a borrower to take on a loan worth up to $100,000. On unsecured car loans, it offers both variable and fixed interest rates and weekly, fortnightly, or monthly instalments, but borrowers can only access up to $55,000 through the facility.
The bank's secured car loans are offered through fintech lender Plenti and borrowers purchasing an all-electric and plug-in hybrid car via a secured loan could realise a lower interest rate.
Interest rates
NAB doesn't offer an exact interest rate on car loans. Instead, it advertises an interest rate range, with the exact rate a person might receive depending on their personal circumstances.
Factors that might influence the rate offered to a borrower include their credit history, their income, assets, debts, and expenses, and their history with NAB.
Application
Considering applying for an NAB personal loan? The bank allows applications to be completed online and in branch.
It promises would-be borrowers applying online an instant response and, if their application is successful, the funds could be in their bank account in as little as a single business day.
Eligibility
To apply for NAB to finance a car purchase, a person needs to be at least 18 years of age and receiving a regular income.
They also need to be an Australian resident for tax purposes, an Australian or New Zealand citizen, an Australian permanent resident, or hold an acceptable temporary residency visa.
Those hoping to apply for a joint loan with another person need to apply together in a NAB branch.
Fees
NAB secured car loans come with some fees worth mentioning. Firstly, they typically demand a $350 application fee. Secondly, a borrower will be forking out for a $15 monthly fee over the course of their loan, and an extra $7 per week in which they miss a repayment.
The bank's unsecured car loans, on the other hand, only demand a $15 monthly fee. Application fees are waived and it doesn't charge a late repayment fee.
