IMB offers car loans for vehicles that are new or up to two years’ old. Loan amounts range from $2,000 to $75,000, while loan terms range from one to seven years. IMB does not charge borrowers a penalty for early repayment of their car loan. IMB also offers everyday banking, home loans, personal loans, credit cards, financial planning and insurance. IMB won the ‘Best Secured Personal Loan Lender’ category at the Australian Lending Awards in both 2016 and 2017. IMB is a customer-owned institution that was founded in 1880.
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A bad credit car loan is a car loan for borrowers who have ‘bad credit’ or a bad credit history.
Some lenders refuse to offer bad credit car loans, because they believe there is an excessive risk that bad credit borrowers will not repay their loans. However, other lenders are willing to provide bad credit car loans.
Generally, these lenders charge higher interest rates for bad credit car loans than ‘prime’ car loans, reflecting the higher level of risk. Bad credit car loans may also have higher fees than prime car loans.
However, the big advantage of a bad credit car loan is that it allows borrowers with bad credit to access finance. Another advantage is that it could help bad credit borrowers improve their credit rating, assuming they make all their repayments on time.