| Product | Interest rate from | Comparison rate from | Upfront fee |
|---|---|---|---|
| Car Loan (up to 4 years old, Fixed, Secured) |
6.24% p.a. |
6.59% p.a.based on $30,000 |
$250.00 |
| Secured Personal Loan (secured by vehicle up to 6 years old, Fixed) |
6.84% p.a. |
7.19% p.a.based on $30,000 |
$250.00 |
| Unsecured Personal Loan (Fixed) |
8.98% p.a. |
10.72% p.a.based on $10,000 |
$250.00 |
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
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.
13 Reviews
I have an existing loan for $16k. The term is for 5 years although I will have easily cleared it in the next 2. I am purchasing a new car, and thought I would move the loan to the car to reduce the interest I am paying. I had calculated this will save me over $2000 over the 24 months if I leave my payments as they are. My wife and I both work, and yes we have a mortgage. On first contact with IMB the phone people were great, answered all the questions I had, were very forthcoming and made every effort to sell the loan to me. As they should. However once an application was filed I was treated like a second class citizen or perhaps a felon and spoken to in such a manner as to cause offence from the first word. It was like speaking to some sort of enemy who wanted to do all they could to make you feel small and obstruct any constructive comment into a destructive force. This person insisted on my wage paying 100% of all the expenses to qualify for a loan I already have with another bank. Blaming responsible lending for this requirement. However the attitude was clear that she was not there to find a way to help the client she was there to obstruct and belittle the client every way she can. I thought this was me, or having a bad day. However due to her impossible irrational non listening no thought approach she insisted on contacting my wife the following day. My wife's comments are worse than mine. In fact what my wife said about this woman cannot be written here.,however let's say she was less than impressed. If IMB policy is what this woman claims it is then surely this should be made clear on the application at time of applying. Not post application after tearing everything up, altering every financial number to fit a different agenda and making it impossible to qualify for a loan I can pay within 2 years without any issue. I don't actually need the loan. I have enough from the sale of my previous car to pay cash for the new car. I was only trying to save money on a loan I already have. However apparently reducing my overall commitments is not responsible banking? Apparently reducing my payment amount over the loan term is not responsible banking?
Read full reviewI have an existing loan for $16k. The term is for 5 years although I will have easily cleared it in the next 2. I am purchasing a new car, and thought I would move the loan to the car to reduce the interest I am paying. I had calculated this will save me over $2000 over the 24 months if I leave my payments as they are. My wife and I both work, and yes we have a mortgage. On first contact with IMB the phone people were great, answered all the questions I had, were very forthcoming and made every effort to sell the loan to me. As they should. However once an application was filed I was treated like a second class citizen or perhaps a felon and spoken to in such a manner as to cause offence from the first word. It was like speaking to some sort of enemy who wanted to do all they could to make you feel small and obstruct any constructive comment into a destructive force. This person insisted on my wage paying 100% of all the expenses to qualify for a loan I already have with another bank. Blaming responsible lending for this requirement. However the attitude was clear that she was not there to find a way to help the client she was there to obstruct and belittle the client every way she can. I thought this was me, or having a bad day. However due to her impossible irrational non listening no thought approach she insisted on contacting my wife the following day. My wife's comments are worse than mine. In fact what my wife said about this woman cannot be written here.,however let's say she was less than impressed. If IMB policy is what this woman claims it is then surely this should be made clear on the application at time of applying. Not post application after tearing everything up, altering every financial number to fit a different agenda and making it impossible to qualify for a loan I can pay within 2 years without any issue. I don't actually need the loan. I have enough from the sale of my previous car to pay cash for the new car. I was only trying to save money on a loan I already have. However apparently reducing my overall commitments is not responsible banking? Apparently reducing my payment amount over the loan term is not responsible banking?
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 reviewService 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.
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 reviewDo 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.
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 reviewTried 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.