IMB New Car Loan

Moneybuddy says

The IMB New Car Loan has a very competitive interest rate and a slick set of features. This is a secured car loan for vehicles up to 2 years old. This is a popular loan because there are no monthly fees, loan amounts range from $2,000 to $75,000 and the repayments are fixed, so there are no nasty surprises if interest rates rise. The IMB New Car Loan also allows early repayments with no penalties.

The Basics

Interest Fixed

Car type New

Security Secured

Car loan type Conventional Car Loan

Start rate p.a. 6.34%

Comparison rate p.a. 6.62%

Max. loan $75,000

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 Yes

The Facts & Figures

Min. loan $2,000

Min. term 1 year

Max. term 7 years

The ugly stuff: fees

Signup fee $199

Exit fee $0

Monthly fee $0

Comparison Rate Disclaimer Comparison rate is based on a $30,000 secured loan over 5 years.

Early Repayment Fee -

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Warning: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

IMB says

With great rates and no penalty for early payout, the IMB New Car Loan could have you cruising in the car of your dreams sooner than you thought. So what are you waiting for?

Key features

  • Very competitive interest rates
  • Loan amounts from $2,000 up to $75,000
  • Fixed repayments for no nasty surprises!
  • No penalty for making extra repayments
  • No monthly account keeping fees
  • This loan is for vehicles up to 2 years old
  • Choose between weekly, fortnightly or monthly repayments
  • Loans from 1 to 7 years
  • Loan repayment insurance is available if you want it
  • You need to be over 18 years old, have a good credit history and monthly income

Pros

  • Make extra repayments with no penalties
  • Repayments are fixed and won't increase so you can budget easily
  • No monthly fees
  • Loan terms of 1 to 7 years
 

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