Rates and fees verified as correct at 04 December, 2020. Other information correct at the time of writing. Advertiser disclosure.
|Product||Interest rate from||Comparison rate from||Upfront fee|
|Secured Personal Loan (Fixed)|| |
12.13% p.a.based on $30,000
|Secured Personal Loan (Variable)|| |
13.72% p.a.based on $30,000
|Unsecured Personal Loan (Fixed)|| |
14.81% p.a.based on $30,000
|Unsecured Personal Loan (Variable)|| |
16.41% p.a.based on $30,000
WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.
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Good question, as it really depends on how you intend to use your loan and if you are happy with the rate attached. For instance, say you want to lock your interest rate in for the entire loan term, then you would select the fixed rate option as you’ll know exactly what your repayments will look like. But if you don’t mind the possibility of a future rate change up or down, go for a variable rate car loan. That way, if you decide to repay your debt early, you won’t get stung by a penalty fee.
If you can secure your car to the loan, you’ll receive a lower interest rate. Arab Bank can also accept property as security, so be sure to check out your options with them if you’re after a secured loan to buy a preloved car. Prefer a no fuss loan with less paperwork? Go for an unsecured loan and pay a little more interest in return.
Every loan applicant has different financial circumstances, so it’s hard to give a definitive answer. But if you’re eligible, the price tag of your car can range from $5k to $50k. Looking for more credit than that? Return to our car loans hub and browse through other options in the market.
It’s up to you, with a choice between weekly, fortnightly or monthly repayment dates.
Loan terms are written up to last from 1 - 5 years.
You can make additional repayments on any of the loans described on this page. Just remember, there isn’t a redraw facility so make each one wisely!
There are a few Arab Bank branches around the country, but you can also call its customer service line or apply for a car loan online. To speed up the time it takes, gather up the following personal info to supply them with:
Once you’ve hit “send” on the official site or handed them your form, you’ll likely hear back from the bank within a few business days.
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