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...
|Product||Interest rate from||Comparison rate from*||Upfront fee|
Car Loan (Fixed, Secured)
Bank of Queensland
8.19% p.a.based on $30,000
Unsecured Personal Loan (Fixed)
Bank of Queensland
11.71% p.a.based on $30,000
† 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.
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!