Bank of Melbourne car loans

Bank of Melbourne
Bank of Melbourne's overall rating for car loans

(as rated by the Mozo community)

7.9 / 10

based on 9 reviews

Thinking of buying a shiny new or preloved vehicle with a Bank of Melbourne car loan? Whether you’re aiming for a low, competitive rate or more wiggle room, one of these two secured car loans detailed below could be your borrowing match. Scroll down and learn more....

Bank of Melbourne offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee  
Secured Personal Loan (Fixed)
Bank of Melbourne

8.49% p.a.

9.39% p.a.based on $30,000
over 5 years

$195

Go to site

12.74% p.a.

13.62% p.a.based on $30,000
over 5 years

$195

Go to site

12.99% p.a.to 19.99% p.a.

13.87% p.a.to 20.84% p.a.based on $30,000
over 5 years

$195

Go to site

12.99% p.a.to 19.99% p.a.

13.87% p.a.to 20.84% p.a.based on $30,000
over 5 years

$195

Go to site

* 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 for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and 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.

Bank of Melbourne car loan FAQs

Should I opt for a fixed or variable interest rate?

It’s unusual for financial providers to offer secured car loans with separate fixed and variable rate versions, so we’ll tease out your options here.

If you like the idea of sticking to a repayment routine on a competitively low, set interest rate, then a fixed rate car loan could be for you. Alternatively, you may not mind being charged interest at a higher variable rate for the flexibility to make extra loan repayments and redraw them at request. Remember, variable rates are not protected from fluctuations in the market during loan terms.

Should I secure my car to a Bank of Melbourne loan?

Want the lowest rate this bank can offer you? Then the answer is yes! Securing your car to a fixed or variable Bank of Melbourne car loan will keep your rate lower than its unsecured alternatives. Keep in mind, securing your car to a loan gives your lender the power to legally reclaim your car if you default on it.

Are there any borrowing minimums or limits?

With a Bank of Melbourne secured car loan, you’ll need to borrow at least $3k, and the max amount is $80k.

What would a secured car loan repayment look like?

Say you went for a fixed rate $30k loan. Based on the comparison rate at the time of writing, each weekly repayment over a 5 year term would equate to $145.

Try a personalised scenario for yourself with our car loan repayments calculator!

How frequently would my loan repayment due dates be?

You can pick between weekly, fortnightly or monthly loan repayments. This gives you the opportunity to choose a due date that works for your budget.

What could my car loan term potentially look like?

Fixed rate secured loan terms range from 1-5 years, and the variable rate version can be written for up to 7.

Are extra loan repayments allowed?

You can only make additional loan repayments on variable rate loans, which can help to bring down the amount you are being charged at in interest.

What about repaying all that I owe sooner?

Fees can come into play if you want to clear your debt before the loan term had ended. If this is a deal breaker, return to our car loans hub and continue your comparison there.

Say I wanted to dip into extra repayments. Could I do that?

Only with a variable rate loan, and you need to put in a request with Bank of Melbourne first. There may be a minimum redraw requirement and fees involved, so check with the provider for further info.

Can I use a Bank of Melbourne car loan to finance a pre-loved vehicle?

Yes! To qualify for a secured car loan, your preloved vehicle mustn’t be any older than 12 years on the loan term expiry date.

Are there penalties for making late repayments?

Just like the majority of car loan providers, late loan repayments are a no-no. You’ll get hit with a late fee, plus risk tarnishing your credit rating. If you’re having difficulties meeting repayments, notify Bank of Melbourne ASAP, so they can assist you where possible.

I want to apply. What’s involved?

Not too much. In fact, you can start on this very page by clicking a blue “go to site” icon in the table you scanned earlier, to begin an application on the Bank of Melbourne site.

Be prepared to provide the following bits of info about you too:

Once you’ve applied, the turnaround is quick. You should hear back from the bank within minutes on whether you were successful. Good luck and enjoy that new or preloved set of wheels!

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