7.8 / 10

based on 3376 reviews as rated by Mozo community

Bank of Queensland car loans

If you need a new or used vehicle in your life, Bank of Queensland may have the right car loan solution to get you on the road sooner. With BOQ you can pick between a fixed or variable rate, plus enjoy the freedom of clearing that debt without penalty before your loan term ends. Want more info? Read the FAQs and answers below...

Bank of Queensland offers the following car loans

Rates and fees verified as correct at 27 November, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Car Loan (Fixed, Secured)

7.39% p.a.

8.19% p.a.based on $30,000
over 5 years

$195

Unsecured Personal Loan (Fixed)

10.99% p.a.

11.71% p.a.based on $30,000
over 5 years

$150

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.

Bank of Queensland car loan FAQs

Should I opt for a fixed or variable interest rate?

A BOQ fixed rate car loan is a fraction lower than its variable rate counterpart, and is guaranteed to stay the same during your loan term. On the other hand, the variable version could increase or decrease according to the market, which could work in or against your favour. So when it comes to Bank of Queensland secured car loans, the only major difference between a fixed and variable rate is whether or not the rate you are charged at in interest can change.

Should I secure my ride to the loan?

If you want the lowest interest rate Bank of Queensland can offer you, then it’s a no brainer! Signing up for a secured loan, as opposed to an unsecured one, will mean you’ll receive a lower interest rate but keep in mind BOQ will have the power to seize your car if you default on it.

Any car loan minimums or limits?

BOQ car loans start from $5k, and there is no borrowing limit.

What would a secured car loan repayment look like?

Let’s say you bought a brand new station wagon for $30k with a fixed rate BOQ car loan. Based on the comparison rate at the time of writing, if you paid it off over 5 years, each weekly loan repayment would be $153.

Of course, all car loan needs are different, so calculate a personalised scenario using our nifty tool here.

How often would I need to make repayments?

You can pick between weekly, fortnightly or monthly loan repayment frequencies.

What could my car loan term potentially look like?

Your loan term could vary between 1 and 7 years, depending on the price of your car and financial situation. With BOQ car loans, lengthy loan terms are not restrictive as you can repay what you owe early without financial penalty.

Are extra loan repayments allowed?

Absolutely! If you have heavy pockets and want to bring down your balance, you can make additional loan repayments fee-free. Do keep in mind, you can’t dip into them through a redraw facility.

So there are no early loan repayment penalties?

Correct, you can finalise your loan before the term ends at no extra cost.

And there isn’t a redraw facility?

That’s right. Think through any extra repayments you make, as there’s no going back!

Can I buy a second-hand car with one of these loans?

Yes! So long as that car is not a day over 12 years old when the loan term ends, it will qualify as security. If you want to buy a vintage vehicle instead, check out BOQ’s unsecured personal loans, or browse the range of car loans we compare here at Mozo.

Are there penalties for making late repayments?

Yes, you are charged a fee and risk tarnishing your credit score. Try to avoid late loan repayments or missing them at all costs, and call Bank of Queensland if your financial circumstances have changed since you first signed on for the loan.

I think this loan is right for me. How do I apply?

Just by scrolling up to the top of this page and hitting a blue “go to site” icon next to the product of your choice. Alternatively, visit the Bank of Queensland website directly, call its customer service line or visit a branch in person.

A few things you’ll be prompted to type in online include your loan preferences and general personal details. BOQ will review your enquiry and call you back to get more information from you.

Some details you may need to provide verbally:

Keep in mind, you need to be 18 years or older and earning a regular income. Best of luck!

How are Bank of Queensland car loans rated?

Mozo users have rated Bank of Queensland 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
Bank of Queensland car loans
Overall
6.6/10
Price
Features
Customer service
Convenience
Trust

23 Reviews

Recent Bank of Queensland car loan reviews

Bank of Queensland Car Loan review
Overall 7/10
Good service.

Friendly staff, good rates.

Read full review

Friendly staff, good rates.

Price
8/10
Features
7/10
Customer service
8/10
Convenience
9/10
Trust
10/10
Less
Taylor, New South Wales reviewed 9 months ago
Bank of Queensland Car Loan review
Overall 5/10
Ok

Sometimes they are good and sometimes they are not good.

Read full review

Sometimes they are good and sometimes they are not good.

Price
5/10
Features
6/10
Customer service
7/10
Convenience
5/10
Trust
5/10
Less
Paula, Queensland reviewed about 2 years ago
Bank of Queensland Car Loan review
Overall 8/10
Good value and easy process with realistic advice.

Easy process and in branch staff at Sanctuary Cove were excellent.

Read full review

Easy process and in branch staff at Sanctuary Cove were excellent.

Price
7/10
Features
5/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Jack, Queensland reviewed almost 5 years ago
Bank of Queensland Car Loan review
Overall 0/10
Rivals loan sharking

Going into 7 years to pay off a $30,000 car loan, yes folks I am paying back $14600 in interest charges. It is disgusting. I wish I did my homework better but I just trusted them, what a mistake.

Read full review

Going into 7 years to pay off a $30,000 car loan, yes folks I am paying back $14600 in interest charges. It is disgusting. I wish I did my homework better but I just trusted them, what a mistake.

Price
2/10
Features
2/10
Customer service
0/10
Convenience
1/10
Trust
0/10
Less
Roly, Western Australia reviewed almost 6 years ago

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