IMB Bank car loans

IMB Bank
IMB Bank's overall rating for car loans

(as rated by the Mozo community)

5.3 / 10

based on 11 reviews

IMB Bank has a rep for setting low fixed interest rates on its car loan products and charging no monthly fees. For even more reasons why members looking for new or used cars are choosing IMB Bank to make it happen, read these frequently asked questions further down the page...

IMB Bank offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

5.45% p.a.

5.80% p.a.based on $30,000
over 5 years


6.45% p.a.

6.80% p.a.based on $30,000
over 5 years


9.54% p.a.

11.28% p.a.based on $10,000
over 3 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.

IMB Bank car loan FAQs

How do I benefit from a fixed rate car loan?

When it comes to IMB Bank’s fixed rate car loans, you can have your cake (as the competitively low rate, you so dearly like, won’t increase) and eat it too (with no early repayment penalties). Fixed rate car loans can also help you plan your budget well ahead as there’ll be no hikes to surprise you.

Why should I secure my car to the loan?

For the lowest rate IMB Bank can offer you, buy a new ride (or one that’s under 2 years old) and secure it to the car loan as collateral. To be eligible for security at all, the car you buy must be under 6 years old. Keep in mind, IMB Bank will have the power to sell your car if for some reason you forfeit the loan. Alternatively, if you don’t want to use your new wheels as collateral, go for IMB Bank’s unsecured car loan with a steeper interest rate but less paperwork.

How much can my car cost?

The most expensive set of wheels you can buy with an IMB Bank car loan is $75k, but that’s only if IMB Bank assesses you’ll be able to reasonably afford the ongoing repayments without stretching your budget. Looking for a more budget-friendly ride? The smallest loan amount is $2k.

What would my repayments look like?

Say you bought a brand new $30k car with an IMB Bank secured loan. Using Mozo’s personal loan repayment calculator, based on the comparison rate at the time of writing at 6.77%, each monthly repayment would be $591.

How often can I make IMB Bank car loan repayments?

Monthly, but don’t let this put you off. You can make additional car loan repayments and not be subject to break fees if you clear that debt early.

How long can I have to pay off my car loan?

IMB Bank car loan terms range from one to 7 years, depending on the age of your car and if you’ve secured it. The length of your contract will also be based on how much you’ve borrowed and your personal preference. Remember, it’s okay to have a lengthy loan term as you have the opportunity to repay the loan early fee free.

Will I be penalised in fees for making more loan repayments than required?

Not at all. There are no fees charged for making extra repayments, but you can’t go back once you’ve made them, as you don’t have the flexibility of a redraw facility. So be sure you can afford to exceed those regular monthly repayments and won’t need to dip into them later on.  

Can I repay my IMB Bank car loan off sooner rather than later?

Sure can! Even though fixed rate loans usually spell early loan repayment penalties, IMB Bank car loans are an exception. This means you can wipe off that debt sooner and pay less in interest if it suits.

Just to I can’t redraw from additional car loan repayments?

Correct, IMB Bank does not have a redraw facility, meaning you can’t dip into any extra car loan repayments you have made. If this feature is a deal breaker for you, visit our comparison tables and select a different provider.  

I don’t want a new car, but a second-hand one. Can I still use an IMB Bank loan to help finance it? 

There’s nothing wrong with choosing an old wagon, but it needs to have been in the world under 6 years to qualify for loan security. If you want a vintage Cadillac, you could opt for the IMB Bank unsecured car loan with a higher interest rate instead.

What happens if I don’t make a car loan repayment on time?

Here’s the catch - IMB Bank charges higher late repayment fees, compared to many other car loan providers in the market. So before you take out a car loan with IMB Bank, ensure you can afford your ongoing repayments to avoid the steep late payment fees or even worse defaulting on your loan and damaging your credit score.

I want to apply. Where do I start?

Scroll up the page and click a “go to site” link located beside the loan name, or visit the website directly. You can also apply at a branch or call IMB Bank. Just make sure you can:

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