Bank of Melbourne Fixed Car Loan

Start rate p.a.
10.99%

Interest
Fixed

Max. loan
$80,000

Moneybuddy says

The Bank of Melbourne secured fixed rate car loan uses your vehicle as security to help keep rates low. You can choose between fixed or variable interest rates, and car loans can be between $3,000 and $80,000. There is a $195 establishment fee and a $9 monthly fee per loan, and repayment terms from 1 to 5 years are available. Loans can be repaid weekly, fortnightly, or monthly and you can track and manage your loan repayments by using Bank of Melbourne Internet Banking.

The Basics

Car type Used and New

Security Secured

Car loan type Conventional Car Loan

Start rate p.a. 10.99%

Interest Fixed

Max. loan $80,000

The cool stuff: features

Loan insurance available? Yes

Repayment schedule Fortnightly or Monthly

Online application Yes

Redraw facility No

Early repayment allowed Yes

Additional repayments allowed No

The Facts & Figures

Comparison rate p.a. 11.88%

Min. loan $3,000

Min. term 12 months

Max. term 60 months

The ugly stuff: fees

Signup fee $195

Exit fee $150

Monthly fee $9

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Bank of Melbourne says

When you take out a new car loan you’ll know what to expect. It’s a fixed rate for the life of the loan, so there are no unexpected costs down the road. You can borrow between $3,000 and $80,000 and choose to make repayments weekly, fortnightly or monthly. You could even receive conditional approval before you go shopping.