based on 170 Australian Mutual Bank banking product reviews as rated by Mozo community

Australian Mutual Bank car loans

Australian Mutual Bank offers plenty of car loans, it’s just a matter of finding the one that suits your needs best. That’s where this page comes in, detailing each loan in an easy-to-read comparison table. Scroll down even further and you’ll find a nifty FAQ section answering all the q’s you may have on what this credit union has to offer.

Australian Mutual Bank offers the following car loans

Rates and fees verified as correct at 25 October, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
New Car Loan (Up to 3 years old, Variable, Secured)

6.45% p.a.

6.66% p.a.based on $30,000
over 5 years

$150

Personal Loan (Variable, Unsecured)

7.99% p.a.

8.20% p.a.based on $30,000
over 5 years

$150

Australian Mutual Bank car loan FAQs

Should I opt for a fixed or variable rate?

Look at Australian Mutual Bank’s interest rates listed in the table above. Would you commit to an unchanging fixed rate loan, or rather pay interest at a rate subject to change during your loan term? Some like being charged at a set interest rate, as they know what repayments will be like for the life of the loan. Then again, potential rate drops can bring the bills down. It’s your choice!

What’s the difference between secured and unsecured loans?

Secured loans are cheaper, because you score a lower rate in return for tying your vehicle to the loan as collateral. If you don’t like the sound of that, Australian Mutual Bank can offer you an unsecured loan, which involves paying more in interest but no extra paperwork.

How much can I borrow?

Loan approvals vary between applicants, as they rely on a lot of personal information like credit history and salary. While we can’t tell you how much credit Australian Mutual Bank can lend you, note that secured loans start at $10k, and unsecured loans from $2k.

When will I be billed for repayments?

Either weekly, fortnightly or monthly. You get to pick the repayment frequency you find most suitable.  

How long will my contract last for?

Between 1 - 7 years.

So I can bring my balance down with extra repayments? 

Sure can, and free of charge too! This helps to reduce the amount of interest you pay.

Do Australian Mutual Bank car loans have redraw facilities?

Yes, whichever Australian Mutual Bank loan you choose, you’ll have a redraw facility to access any additional loan repayments made.

Can I use an Australian Mutual Bank New Car Loan to buy preloved car?

If it’s under 3 years old, you can. Otherwise, consider an unsecured loan, or taking out a secured personal loan using an asset you already have.

Will I be charged extra for repaying my loan off early?

Not at all. In fact, all Australian Mutual Bank car loans charge zero fees when you wipe that debt off before the contract is up.

What’s the application process like?

Very easy, as you can do it online, at a branch or over the phone. There are some personal details that must be included in your application though, which include:

  • Your ID (driver’s licence or passport number)
  • Your salary and employment info
  • Residential address
  • A list of your assets and any outstanding debts

Once that’s done, sit back and you’ll hear from Australian Mutual Bank on the outcome of your application shortly. You should be on the road in that dream car in no time. Good luck!

How are Australian Mutual Bank car loans rated?

Mozo users have rated Australian Mutual 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 Mutual Bank car loans
Overall
Price
Features
Customer service
Convenience
Trust

3 Reviews

Recent Australian Mutual Bank car loan reviews

Australian Mutual Bank New Car Loan
Overall 10/10
Great

Easy to apply. Heard back that day.

Read full review

Easy to apply. Heard back that day.

Price
9/10
Features
9/10
Customer service
9/10
Convenience
9/10
Trust
10/10
Less
Kathryn, New South Wales, reviewed about 6 years ago
Australian Mutual Bank Car Loan
Overall 9/10
Great interest rate

Wonderful helpful friendly staff.

Read full review

Wonderful helpful friendly staff.

Price
8/10
Features
9/10
Customer service
10/10
Convenience
9/10
Trust
10/10
Less
Lilias, New South Wales, reviewed over 8 years ago
Australian Mutual Bank Car Loan
Overall 6/10

Low fees and rates, but inconvenient locations and at times difficult service.

Read full review

Low fees and rates, but inconvenient locations and at times difficult service.

Price
9/10
Features
5/10
Customer service
4/10
Convenience
3/10
Trust
7/10
Less
Chris, New South Wales, reviewed over 11 years ago

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