Compare Bank of Melbourne Car Loans | Interest Rates & Fees - BestFind

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Car loan amount

Term of car loan

Features

Type of vehicle loan

Car finance provider

Bank Of Melbourne Car Loans

Secured Personal Loan

Offer your car as security for a lower interest rate. Rates from 9.60% per annum comparison.

Overview

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term1 year

Maximum term5 years

Advertised rate8.49%

Comparison rate9.89%

Monthly repayments (approx)$322

Total repayments (approx)$11,597

Total interest repayments (approx)$1,597

Rate typeFixed

Secured or unsecuredSecured

Security required Yes

Application / establishment fees$195

Other Fees & Information

Monthly fee$12.0

Quarterly fee$0

Annual fee$0

Other fees$0

Missed payment fee$9

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$100

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 100 266

Data accurate as of13.09.2017

Comparison warning Comparison rates include establishment and monthly service fees. They’re based on a secured personal loan of $30,000 over 5 years and are only true for this example. WARNING: This comparison rate applies only to the example or examples given and may not include all fees and charges. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Unsecured Personal Loan

Buy the type of car or vehicle you want with interest rates from 12.99% p.a. (comparison rate 14.06% p.a.)

Overview

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term1 year

Maximum term7 years

Advertised rate12.99%

Comparison rate14.43%

Monthly repayments (approx)$343

Total repayments (approx)$12,379

Total interest repayments (approx)$2,379

Rate typeVariable

Secured or unsecuredUnsecured

Security required No

Application / establishment fees$195

Other Fees & Information

Monthly fee$12.0

Quarterly fee$0

Annual fee$0

Other fees$0

Missed payment fee$9

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$100

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 100 266

Data accurate as of13.09.2017

Comparison warning The above comparison rates are based on an unsecured personal loan of $30,000 over 5 years and are only true for this example. Interest rate ranges and representative examples are: Based on an unsecured loan of $30,000 borrowed for 5 years with the minimum interest rate of 10.99% p.a. (11.88% p.a. comparison rate)

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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 loansBank 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.