Defence Bank car loans

Defence Bank
Defence Bank's overall rating for car loans

(as rated by the Mozo community)

7.3 / 10

based on 21 reviews

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

Product Interest rate from Comparison rate from* Upfront fee

5.69% p.a.

6.69% p.a.based on $30,000
over 5 years


8.99% p.a.

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


*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. WARNING: 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:

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

More helpful car loan quick links