7.1 / 10

based on 294 reviews as rated by Mozo community

Australian Military Bank car loans

Australian Military Bank is the longest operating financial institution connected to the defence force in Australia. When it comes to providing its customers with credit for car buying purposes, the customer owned bank has 5 car loans on offer. This page is designed to help you understand them, so scroll down and learn more...

Australian Military Bank offers the following car loans

Rates and fees verified as correct at 28 November, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Car Loan - Excellent Credit (Up to 5 years old, Variable, Secured)

3.99% p.a.to 7.69% p.a.

4.90% p.a.to 9.15% p.a.based on $30,000
over 5 years

$100

Unsecured Personal Loan (Fixed)

5.35% p.a.to 12.40% p.a.

6.21% p.a.to 13.2% p.a.based on $30,000
over 5 years

$100

Unsecured Personal Loan (Variable)

5.35% p.a.to 12.40% p.a.

6.21% p.a.to 13.2% p.a.based on $30,000
over 5 years

$100

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.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

Australian Military Bank car loan FAQs

Should I go for a fixed or variable interest rate?

With Australian Military Bank, 4 out of its 5 car loans have variable rates, meaning their interest rates can be increased or decreased while you are still repaying debt. If you want the security that your rate won't change, then you could opt for a fixed rate unsecured loan instead, where the interest is guaranteed for the life of your loan.

The plus side with any Australian Military Bank car loans, is that rates are kept competitively low. Which one will you choose?

Should I secure my car to the loan?

That depends on the car you want to purchase and your personal preference. For instance, if you wanted to go for a vintage set of wheels the ride will not qualify as security, as it needs to be under 5 years old so Australian Military Bank can recoup their losses if you default on your loan.  

New cars (or approved preloved cars up to a certain age) on the other hand, can be written into your loan contract as collateral, and in return you’ll be given a lower interest rate.

What does the “equity car loan” involve?

Want to nab an even more competitive interest rate? Well, if you can hand over 20% of the car purchase price, you may be approved for an “equity car loan”, where your deposit is rewarded in the form of a lower rate.

How much can I borrow?

There are a range of loans to suit the amount you’re looking to borrow, whether it’s just $1k or $80k. Keep in mind that used car loans have a $70k limit, and unsecured fixed rate loans are capped at $50k.

How frequently will I need to make repayments?

Every week, fortnight or month for the length of your contract. You can choose a preferred billing cycle when you first take out the loan.

How long can I take to pay off my loan?

From 1 - 7 years with all car loans detailed on this page, except for the unsecured fixed rate loan, where term lengths can reach a maximum of 5 years.

Can I make extra repayments and use a redraw facility?

Yes, you certainly can with all Australian Military Bank car loans (even the fixed rate version). Another perk is that you won’t be penalised in fees for clearing your debt before required.

What’s the application process like?

Straightforward. Fill out your details online, over the phone or at a branch in person. Make sure you have the following personal bits of info to include, such as:

  • Your driver’s licence and passport
  • Employment details including your annual salary
  • Residential address

Once you’ve applied, Australian Military Bank will let you know how you went in a couple of days. Best of luck and enjoy the ride!

How are Australian Military Bank car loans rated?

Mozo users have rated Australian Military Bank car loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of car-loans
Australian Military Bank car loans
Overall
6.3/10
Price
Features
Customer service
Convenience
Trust

29 Reviews

Recent Australian Military Bank car loan reviews

Australian Military Bank Unsecured Personal Loan - Excellent Credit (Fixed) review
Overall 8/10
Cool cool cool, no doubt.

Kinda hard to find branches and ATMs but overall not a bad bank to go with.

Read full review

Kinda hard to find branches and ATMs but overall not a bad bank to go with.

Price
7/10
Features
7/10
Customer service
10/10
Convenience
5/10
Trust
8/10
Less
Julia, Western Australia reviewed 8 months ago
Australian Military Bank Car Loan review
Overall 7/10
Yes

Price
7/10
Features
7/10
Customer service
7/10
Convenience
7/10
Trust
7/10
Less
Ariana, Victoria reviewed almost 5 years ago
Australian Military Bank Unsecured Personal Loan - Excellent Credit (Variable) review
Overall 7/10
Great rates but complicated

Just bought a car and they were willing to help me find which deal suited me best. However, it got a bit complicated so I had to come back a second time to ensure I had everything I wanted

Read full review

Just bought a car and they were willing to help me find which deal suited me best. However, it got a bit complicated so I had to come back a second time to ensure I had everything I wanted

Price
7/10
Features
5/10
Customer service
8/10
Convenience
9/10
Trust
5/10
Less
Elizabeth, Victoria reviewed about 5 years ago
Australian Military Bank Unsecured Personal Loan - Excellent Credit (Variable) review
Overall 0/10
Ok

Ok

Price
0/10
Features
0/10
Customer service
0/10
Convenience
0/10
Trust
0/10
Less
Warren, Victoria reviewed almost 5 years ago

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