based on 265 Defence Bank banking product 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 07 December, 2021. Other information correct at the time of writing. Advertiser disclosure.

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

4.99% p.a.

5.78% p.a.based on $30,000
over 5 years

$206

Personal Loan (Variable, Secured)

8.99% p.a.

9.96% p.a.based on $30,000
over 5 years

$206

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
Price
Features
Customer service
Convenience
Trust

22 Reviews

Recent Defence Bank car loan reviews

Defence Bank Car Loan
Overall 10/10
Amazing bank

This is bank is helpful, friendly and I am able to pay off my loan with ease early if I want.

Read full review

This is bank is helpful, friendly and I am able to pay off my loan with ease early if I want.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Danielle, South Australia, reviewed 11 months ago
Defence Bank Car Loan
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 6 years ago
Defence Bank Car Loan
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 7 years ago
Defence Bank Car Loan
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 7 years ago

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