BOQ car loans – Find the best finance option for your ride
As one of the top regional banks, the Bank of Queensland (BOQ) has managed to hold its own even though it’s not owned by one of the big banks. The financial services institution has been operating since 1874, and it’s proud to deliver personal service to its customers.
In this guide, you get to know more about BOQ car loans and what they have to offer.
BOQ car loans in a nutshell
BOQ car loans offer both secured and unsecured options. They come with moderately competitive interest rates, some fees and charges, as well as flexible features.
For secured options, the minimum loan amount is $5,000, and it’s possible to borrow up to 100% of the purchase price. The debt can be repaid over a maximum of 7 years. Overall, BOQ car loans are best for borrowers looking for fixed repayments and a way to exit their contract early without extra charges.
What types of loans does BOQ offer?
- Fixed rate flexible car loan. A secured car loan may suit you if you don’t mind using your new or used car as security. In the worst-case scenario, it means you lose your ride if you default. But the upside is you get to lock in a lower rate of 7.39%. Loan terms go up to 7 years, and you can borrow between $5K and 80K. The maximum loan to value ratio can be 100% of the purchase price when you buy from a licenced dealer. When you buy from a private seller, it goes down to 90%.
- Fixed rate unsecured personal loan. Besides paying for your holiday or wedding, you can use a BOQ personal loan to buy a car. The good thing is you don’t have to offer your purchase as collateral though you do pay a higher rate of 10.99% p.a. You can borrow between $3K and $40K and repay it over a maximum loan term of 7 years.
BOQ also offers personal overdrafts, credit cards, and home loans.
A closer look at BOQ car loan features
- Fixed rates. The biggest advantage of a fixed rate car loan is that your repayments won’t change even when rates go up.
- Flexible repayment options. You can choose a repayment frequency that suits your budget, be it weekly, fortnightly, or monthly.
- Additional repayments. Enjoy the chance to pay off your debt at an earlier date without penalty. That means no break costs or early repayment costs.
- Fees, rates and charges. BOQ charges an application fee of $195 (secured) or $150 (unsecured). There’s no additional repayment fee or early repayment fee, but keep in mind other costs such as redraw fees may apply.
- Be at least 18 years of age
- Be a permanent Australian resident
- Earn a regular income
- Apply for a loan of $5,000 or more
- Must not have a history of bankruptcy
How to apply for a Bank of Queensland car loan
To apply for a BOQ car loan, find the financial product you want and then click “Go to Site” in the table above. You’ll need to provide the following:
- Proof of identity
- Employment details
- Details about your finances – income, assets, expenses, and liabilities
After you submit your enquiry on BOQ’s website, representatives will be in touch. However, before you decide to apply, make sure you have considered all financing options. You can use our comparison table to evaluate other lenders and determine the best fit for you.
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