Australian Military Bank Car Loan - Excellent Credit (Variable)

5.71% p.a.to 8.66% p.a.

6.57% p.a.to 10.07% p.a.based on $30,000
over 5 years

$100

Australian Military Bank Car Loan - Excellent Credit (Variable) Review

Review published: 20 February 2018

What's hot:

  • Interest rate from 5.71% (6.57% comparison rate)

  • Free extra repayments and redraw facility

  • Flexible repayment schedule

What's not:

  • $10 monthly service fee

Mozo snapshot:

For Aussies connected to the Australian Defence Force, the Australian Military Bank Car Loan is definitely worth checking out. It comes with a variable interest rate starting as low as 5.71% (6.57% comparison rate). Plus you can take advantage of features like free extra repayments and a redraw facility. But remember to budget for the application fee that can be up to $500.

Key features:

First things first, you’re probably going to want to know about the interest rate on offer. The Australian Military Bank Car Loan comes with a great variable interest rate from as low as 5.71% (6.57% comparison rate) for borrowers with excellent credit.

If you want to make extra repayments to pay off your car loan early and help save on interest then you’ll be able to without being slapped with an early repayment fee. And if you need some of those extra funds back for whatever reason, that’s all good because the Australian Military Bank Car Loan lets you redraw at no extra cost.

Fitting your repayments in to your regular budget is really important, which is why Australian Military Bank Car Loan lets you choose between weekly, fortnightly or monthly repayment terms with loan terms ranging from anywhere between 1 and 7 years.

Australian Military Bank Car Loan allows you to borrow anywhere from $1,000 - $80,000, which allows you to get the car you need, whether it’s a 2nd hand Corolla or a new Mercedes.

Who it's good for:

This loan is available to anyone who is in the Australian Defence force, a defence contractor, a civilian employee or family to someone who is any of these. Thanks to the variable rate, which is determined according to your credit history, this loan particularly benefits people who have good credit scores.

Any catches?

There’s a variable $100 - $500 application fee to look out for, plus the $10 monthly service fee, which might not seem high, but can certainly add up over time, especially if you are paying your loan back over many years.

The Mozo community has not yet rated Australian Military Bank for this personal loan.

Rates

  • Variable

  • 5.71% p.a.variable

  • 6.57% p.a.to 10.07% p.a.based on $30,000
    over 5 years

Fees

  • $100.00

  • $10.00

  • none

  • $0.00

  • $0.00

Other financial bits

  • $1,000.00

  • $80,000.00

  • 1 Year

  • 7 Years

  • Vehicle

Features

  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • Application fee varies from $100 to $500 depending on credit score.

  • none

About Australian Military Bank

Australian Military Bank (previously known as ADCU) offers financial products to members of the Australian Defence Force, civilian employees, defence contractors and their families. As well as offering services to people associated with the defence force, the provider welcomes other individuals. Australian Military Bank offers a comprehensive range of saving and investment accounts, loans, insurance and financial advice especially designed for its members.

*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 for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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