Bank of Melbourne Variable Car Loan

Start rate p.a.
12.74%

Interest
Variable

Max. loan
$80,000

Moneybuddy says

Secured variable rate car loan from the Bank of Melbourne which uses your car as security to help keep rates low. There is a choice of fixed or variable interest rate, and 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 7 years are available. You can choose to repay the loan weekly, fortnightly, or monthly, and a redraw facility is available on variable interest rate personal loans. You can make extra repayments on the variable car loan to pay off your loan faster.

The Basics

Car type Used and New

Security Secured

Car loan type Conventional Car Loan

Start rate p.a. 12.74%

Interest Variable

Max. loan $80,000

The cool stuff: features

Loan insurance available? Yes

Repayment schedule Fortnightly or Monthly

Online application Yes

Redraw facility Yes

Early repayment allowed Yes

Additional repayments allowed Yes

The Facts & Figures

Comparison rate p.a. 13.62%

Min. loan $3,000

Min. term 12 months

Max. term 84 months

The ugly stuff: fees

Signup fee $195

Exit fee $150

Monthly fee $9

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