NAB car loans

NAB's overall rating for car loans

(as rated by the Mozo community)

7.5 / 10

based on 82 reviews

NAB is a big bank with two unsecured car loans on offer, one with a variable interest rate, and the other rate fixed. The good thing about buying a vehicle with some help from this provider, is that you don’t encounter fees for repaying your debt before required. Continue reading for other benefits and potential drawbacks of using NAB to help you get on the road sooner...

NAB offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee  

12.69% 18.69% p.a.

13.56% 19.53% p.a.based on $30,000
over 5 years


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12.69% 18.69% p.a.

13.56% 19.53% p.a.based on $30,000
over 5 years


Go to site

*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.

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NAB car loan FAQs

What do NAB’s interest rates look like, and should I go for a fixed or variable rate?

NAB car loan interest rates may not be the most competitive in the market, one reason being because they are unsecured, where your car isn’t tied to the contract. We’ll go through this in the next FAQ, but first, here’s the difference between fixed and variable rates:

A fixed rate is set for the entire car loan term, so you’ll know how much interest NAB will charge you from the get go. This loan doesn’t come with a redraw facility for access to extra repayments, which is why you may prefer a variable rate loan instead. Unlike fixed rates, variable rates may be adjusted while you’re repaying the loan. This could work in or against your favour, so it’s a good idea to budget for potential rate changes if you choose a variable rate loan.

Does car loan security really matter?

It all comes down to personal preference. Secured loans are generally cheaper, as they are known to have lower interest rates. But that doesn’t mean you should rule out NAB’s unsecured loans, they have flexible features and don’t involve the paperwork attached to secured loans.

Any barriers to how much I can borrow?

First, you’ll need to have a clean credit history so NAB can trust your loan repayments will be made on time. Another possible barrier to taking out a car loan is not being employed. Remember, the bank will only lend you what you can afford to borrow, and loan amounts range from $5k to $55k. If you want to buy a more expensive set of wheels, head to our comparison hub and check out other car loans in the market.

How often would I need to make repayments?

You can pick between weekly, fortnightly or monthly loan repayment frequencies. This can help you get the timing just right for your budget.

How long can I take to pay off my loan?

Your car loan contract can be written up for 1 year, and 7 years is the longest length. Something to keep in mind is that repayments are spread across loan terms, so what you repay each month on a 2 year term will be different to a 5 year term.

Can I make more repayments and be ahead of schedule?

Absolutely, if you have a little extra cash sitting in your bank account and want to shave off some of your debt, you can make additional repayments.

And what about early loan repayment penalties?

There are none. With NAB, you don’t need to wait around for the last repayment due date and are free to clear your debt without being charged fees.

What’s a redraw facility?

Good question, a redraw facility (only available with NAB’s variable rate car loans) gives you access to any extra repayments you’ve made, similar to withdrawing money from a regular bank account.

Can I only buy a new vehicle with NAB?

No, you don’t have to. In fact, as these loans are unsecured, you aren’t confined to certain cars and can pick any one you like.

What if I make a repayment late?

It’s a scenario you should try to prevent, so you maintain a reputation for paying your dues. Set up automatic payments and you’ll be all up-to-date (provided you’re keeping funds in the “from” account).

I think this loan is right for me. How do I apply?

It’s a painless process, just be prepared to give NAB details they need such as:

Next, head right over to NAB in person, give them a call...or the easiest method of applying is likely right here online!

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