7.5 / 10

based on 261 reviews as rated by Mozo community

Defence Bank car loans

Defence Bank is a member owned financial institution with competitive car loans to offer everyday Aussies and those working in the defence force. Whether you need a Ferrari or average car that does the job, one of the financing options listed here could help you get there sooner.

Defence Bank offers the following car loans

Rates and fees verified as correct at 24 November, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Low Rate Car Loan (Variable, Secured)

5.69% p.a.

6.48% p.a.based on $30,000
over 5 years

$56

Personal Loan (Variable, Secured)

8.99% p.a.

9.97% p.a.based on $30,000
over 5 years

$206

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.

Defence Bank car loan FAQs

What is a variable interest rate?

It’s a rate that Defence Bank could decide to increase or decrease at any point during your loan term, impacting on how much you’re charged interest against your debt. The good thing is, that the variable rates offered by this provider are competitively low. If you’d rather the peace of mind your rate will stay fixed, feel free to browse other loans in the market at our comparison hub.

Should I opt for a secured loan?

To access the lowest rate possible, you’ll need to secure your car to the loan. If you’d rather not sign papers that allow Defence Bank to repossess your car in a loan default situation, consider opting for its personal loan instead.

How much can I borrow?

Your loan application will be unique, as Defence Bank will factor in your credit history and salary into the assessment. Whether you want to opt for the low rate car loan or personal loan, you’ll need to borrow at least $1k. There is no maximum.

When will I be billed for repayments?

Each week, fortnight or month. Defence Bank will give you the choice.

How long can my contract last for?

From 1 - 7 years.

Can I bring my balance down with extra repayments?

Sure can. It’s a great way to cut down what you pay in interest too, all without needing to fork out more for fees. 

Is there a redraw facility?

Yes, and it’s free for you to use.

Are Defence Bank car loans suitable for preloved vehicles?

You can pick a used set of wheels up to 5 years old, and secure it to a low rate loan with Defence Bank. Heart set on a retro car instead? Pick the standard personal loan and pay more interest, or compare other financing options here.

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

Not at all. In fact, if you have the extra cash and want to wipe that debt sooner, go ahead!

How can I apply?

Ready to get your wheels on and buy a new car with Defence Bank’s help? Just give them a call, apply online or in person at a branch near you. Before you go ahead and do it, make sure you have the following info ready to provide:

  • Your passport or driver’s licence to prove your ID
  • Details of any outstanding debts
  • Your residential address in Australia
  • Employer details including your annual salary

Once your application is done and dusted, expect to hear back from the bank on your loan outcome in a few days.

How are Defence Bank car loans rated?

Mozo users have rated Defence 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
Defence Bank car loans
Overall
7.3/10
Price
Features
Customer service
Convenience
Trust

21 Reviews

Recent Defence Bank car loan reviews

Defence Bank Car Loan review
Overall 4/10
Difficult to use

Difficult to use. Felt like I was pushed into more Money. Difficult to get to a branch.

Read full review

Difficult to use. Felt like I was pushed into more Money. Difficult to get to a branch.

Price
4/10
Features
4/10
Customer service
5/10
Convenience
3/10
Trust
4/10
Less
Lauren, Queensland reviewed over 5 years ago
Defence Bank Car Loan review
Overall 10/10
Excellent customer service, loan explained to me

Excellent all round. Service exceptional and had the cheque for the car very quickly. Only drawback is the branch near me is on a RAAF base, which is OK for me because I have access to the base but may make it difficult for 'normal' people. However, the cash card provided works in all ATM's that I have tried using it on.

Read full review

Excellent all round. Service exceptional and had the cheque for the car very quickly. Only drawback is the branch near me is on a RAAF base, which is OK for me because I have access to the base but may make it difficult for 'normal' people. However, the cash card provided works in all ATM's that I have tried using it on.

Price
10/10
Features
7/10
Customer service
10/10
Convenience
8/10
Trust
9/10
Less
Debra, South Australia reviewed almost 6 years ago
Defence Bank Car Loan review
Overall 9/10
Very good

Good

Price
8/10
Features
8/10
Customer service
9/10
Convenience
6/10
Trust
9/10
Less
Joh, reviewed almost 6 years ago
Defence Bank Car Loan review
Overall 0/10
Avoid this mob

I served in the RAAF for over 20 years. As a convenience I was with Defence bank (Formally DEFCREDIT) because they have a branch on every military base in Australia. They have a captive customer base and they abuse it. They are selfish and do not give a stuff about our serving military personnel.

Read full review

I served in the RAAF for over 20 years. As a convenience I was with Defence bank (Formally DEFCREDIT) because they have a branch on every military base in Australia. They have a captive customer base and they abuse it. They are selfish and do not give a stuff about our serving military personnel.

Price
0/10
Features
0/10
Customer service
0/10
Convenience
5/10
Trust
0/10
Less
Jeff, Queensland reviewed about 6 years ago

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