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 3.99% (4.86% 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. On top of all this, this loan was awarded the 2022 Mozo Experts Choice Award for best Excellent Credit Car Loan!
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 3.99% (4.86% 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.
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.
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.
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Variable |
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3.99% p.a.variable |
|
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4.94% p.a.to 9.15% p.a.based on $30,000 |
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$100.00 |
|
|
$10.00 |
|
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$20.00 |
|
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$0.00 |
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$0.00 |
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$4,000.00 |
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$80,000.00 |
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1 Year |
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7 Years |
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Vehicle |
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Weekly, Fortnightly, Monthly |
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yes |
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yes |
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Application fee varies from $100 to $500 depending on credit score. |
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Loan purpose can be for a car, motorcycle, caravan or boat. |
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.
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