| Product | Interest rate from | Comparison rate from | Upfront fee |
|---|---|---|---|
| Car Loan (Variable) |
6.95% p.a. |
7.89% p.a.based on $30,000 |
$180.00 |
| Unsecured Personal Loan (Fixed) |
9.99% p.a.to 9.99% p.a. |
10.88% p.a.to 10.88% p.a.based on $30,000 |
$150.00 |
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?
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.
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.
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.
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.
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.
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.
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:
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!
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.
Kinda hard to find branches and ATMs but overall not a bad bank to go with.
Read full reviewKinda hard to find branches and ATMs but overall not a bad bank to go with.
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 reviewJust 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