Queensland Country Bank New Car Loan

Mozo snapshot

With Queensland Country Bank’s New Car Loan you can borrow from $1,000 to $75,000 to refinance or cover the costs of a car no more than three years old. Variable interest rates for the loan start low at 4.99% p.a., there is no early repayment penalty fee and only a small $5 service fee to pay monthly.

Key features

Despite the fact that it’s called a ‘New Car Loan’, Queensland Country Bank’s loan can be used to cover the costs of or refinance a car up to 3 years old. Plus with this loan you can borrow not only the purchase price of the car, but also other upfront costs like insurance. 

As long as you meet the eligibility criteria you can borrow from as little as $1,000 to as much as $75,000 with loan terms ranging from 1 to 7 years. Although it should be noted that loan amounts of $50,000 or more can only be borrowed with a loan term of 5 years or over. 

Queensland Country Bank is also pretty flexible when it comes to making repayments, you can choose to make repayments weekly, fortnightly or even monthly. And on top of that, as this is a variable rate loan, you can even make extra repayments and early repayments without incurring any penalty fees.

Who is it good for

You don’t need to live in Queensland to take advantage of Queensland Country Bank’s New Car Loan. You can apply online or over the phone. You need to be at least 18 years of age, be an Australian citizen or permanent resident and be currently in paid employment. You must also not have been bankrupt. 

Any catches

It should be noted that loan amounts over $50,000 can only be taken out with a loan term of 5 years or more. There is also no redraw facility with this loan, meaning you won’t be able to take money back out, once you’ve paid it in.