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Compare 100s of car loans
Did you know you can compare 100s of car loans? Review, calculate interest rate repayments, apply online and save by visiting our main car loans comparison page.
Compare and review Bank of Melbourne car loans
Looking to finance a new or used car, van, truck or motorcycle? When comparing Bank of Melbourne car loans, there are other key facts to consider and understand, other than just Bank of Melbourne’s interest rates.
What car loan options are available?
Bank of Melbourne has 1 car loan product:
- Bank of Melbourne Secured Persnal loan
View the above table for detailed product information and a comparison of the interest rates, fees and features.
You can also review and compare Bank of Melbourne personal loans, Bank of Melbourne home loan and Bank of Melbourne credit cards.
Do you have a Bank of Melbourne car loans calculator?
Yes. Use the filter to adjust your loan amount and term to calculate your approximate monthly repayments. When you apply the filter, you will see a breakdown of your approximate monthly repayments as well as the total amount of interest and fees paid.
For a more accurate quote, contact Bank of Melbourne directly.
How to apply for a Bank of Melbourne car loan?
If you’d like to apply online for a Bank of Melbourne car loan, just scroll up and click on “Learn more” to be taken to Bank of Melbourne’s secure online application form. Before you apply, be sure to learn about Bank of Melbourne’s loan products, fees and eligibility criteria. Give yourself around 30 minutes to complete the car loan application.
Bank of Melbourne’s car loan eligibility criteria
Before you apply for a car loan, be sure to understand and meet the Bank of Melbourne’s lending criteria. Below is high-level overview of Bank of Melbourne’s criteria:
Bank of Melbourne’s minimum requirements for a car loan
- Minimum age of 18
- Earn a minimum of $15,000 per annum
- You’re buying a car or motorcycle for personal use
- Minimum loan amount of $3,000 or more
- You’re a permanent Australian resident or valid work visa holder (457 or other diplomatic visas)
Information you’ll need to provide
Whether at the Bank of Melbourne branch or online, make sure to have the following details and documents nearby:
- A current Australian driver’s license (if you have one)
- Your current employer’s name, contact name and phone number
- Previous employer, if you’ve changed jobs in the last three years
- Income, expenses, assets and liabilities (such as other loans or credit cards)
Are you self-employed?
If you’re self-employed, you will also need to provide:
- Financial statements for the last year (no older than 18 months)
- Your most recent personal/business tax return (no older than 18 months)
Other things to keeping mind when applying
- Approval time takes between 1 to 3 business days
- It’s advantageous to have a good credit history. For example, you have no recent defaults and no frequent requests for credit
- Credit cards with large credit limits are seen as liabilities, even if there’s nothing owing. If you have existing liabilities, be certain you can pay them off in addition to your Bank of Melbourne car loan
There are many additional factors Bank of Melbourne consider when accessing your application, but the above are the most important. If you feel like you may not meet their eligibility criteria, it may be best to save!
What can you use a Bank of Melbourne car loan for?
Examples of common loan purposes Bank of Melbourne will lend for:
Additional Bank of Melbourne car loan information
Bank of Melbourne’s minimum and maximum car loan amounts and terms
How much can you borrow? Between $3,000 and $80,000, over terms between 1 year and 7 years. Use our filter as a repayment calculator to see your monthly repayments and rates.
Repayment schedule
Bank of Melbourne allow weekly, fortnightly or monthly repayment.
Extra repayment or early penalties
Bank of Melbourne doesn’t allow you to make additional or early repayments. There are fees associated with completely repaying your loan off early. View their terms and conditions to learn more about early termination.
Security
Bank of Melbourne’s Secured Personal Loan requires an asset (typically, the vehicle) as security.