Australian Military Bank Car Loan - Excellent Credit (Variable)

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 3.60% (4.51% 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 from $100 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 3.60% (4.51% 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 $4,000 - $80,000, which allows you to get the car you need, whether it’s a 2nd hand Corolla or a new Mercedes.

Who is it 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.