7.6 / 10

based on 523 reviews as rated by Mozo community

IMB Bank car loans

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

Rates and fees verified as correct at 03 December, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Car Loan (up to 2 years old, Fixed, Secured)

4.99% p.a.

5.34% p.a.based on $30,000
over 5 years

$250

Secured Personal Loan (secured by vehicle up to 6 years old, Fixed)

6.45% p.a.

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

$250

Unsecured Personal Loan (Fixed)

9.54% p.a.

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

$250

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.

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 clarify...so 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:

  • Prove your identity with document details such as a driver’s licence or passport
  • Submit employment details and proof of income
  • Prove your residency in Australia

How are IMB Bank car loans rated?

Mozo users have rated IMB 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
IMB Bank car loans
Overall
5.0/10
Price
Features
Customer service
Convenience
Trust

12 Reviews

Recent IMB Bank car loan reviews

IMB Bank Car Loan review
Overall 2/10
Clueless.

Service seems to break down with their Online Service Division: they were poor when communicating with me and they seemed to have no communication at all with their own local branches. I found dealing with them very frustrating.

Read full review

Service seems to break down with their Online Service Division: they were poor when communicating with me and they seemed to have no communication at all with their own local branches. I found dealing with them very frustrating.

Price
9/10
Features
9/10
Customer service
1/10
Convenience
1/10
Less
Robert, New South Wales reviewed 2 months ago
IMB Bank Car Loan review
Overall 1/10
No to IMB car loans!

Do not use this bank for a car loan if you or your company are in receipt of JobKeeper payments under Covid 19! Regardless if you are still working full time and receiving your normal pay.

Read full review

Do not use this bank for a car loan if you or your company are in receipt of JobKeeper payments under Covid 19! Regardless if you are still working full time and receiving your normal pay.

Customer service
2/10
Trust
1/10
Less
Gerry, Australian Capital Territory reviewed 4 months ago
IMB Bank Car Loan review
Overall 1/10
Time wasting red tape

Tried to apply for a $20,000 car loan. They made it incredibly difficult and kept wanting more and more information and validation. They kept asking about our HECS debt - never had one. Weren't willing to lend even though we have two properties with no mortgage and have never had an issue with credit or defaulting on any payment. The lower interest rate is not worth the amount of stress and the amount of time we have wasted over this application.

Read full review

Tried to apply for a $20,000 car loan. They made it incredibly difficult and kept wanting more and more information and validation. They kept asking about our HECS debt - never had one. Weren't willing to lend even though we have two properties with no mortgage and have never had an issue with credit or defaulting on any payment. The lower interest rate is not worth the amount of stress and the amount of time we have wasted over this application.

Price
5/10
Features
5/10
Customer service
2/10
Convenience
2/10
Trust
2/10
Less
Tamara, Victoria reviewed 5 months ago
IMB Bank New Car Loan (up to 2 years old) review
Overall 0/10
Poor on-line customer service

Since I started this loan application process on the 6th, we have gotten nowhere despite us providing significant information, far more than I have ever had to provide when applying for loans from other banking institutions. The final straw was the request for group certificates - something I have never provided to finance providers in my 40 years of banking. To date I purchased a scanner to provide on-line documents but that proved inadequate (resolution requirements not stated). I then had to resort to the local library to do expensive faxing. All considered I have done more than enough to apply for this small loan.

Read full review

Since I started this loan application process on the 6th, we have gotten nowhere despite us providing significant information, far more than I have ever had to provide when applying for loans from other banking institutions. The final straw was the request for group certificates - something I have never provided to finance providers in my 40 years of banking. To date I purchased a scanner to provide on-line documents but that proved inadequate (resolution requirements not stated). I then had to resort to the local library to do expensive faxing. All considered I have done more than enough to apply for this small loan.

Price
4/10
Features
4/10
Customer service
0/10
Convenience
0/10
Trust
1/10
Less
G, New South Wales reviewed about 5 years ago

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