NAB Car Loans
One of Australia’s largest banking institutions, NAB was founded in 1858 and has operations in New Zealand, Asia, the US and the UK. The bank employs more than 35,000 staff who serve 10 million customers at more than 800 locations around the world.
NAB provides a wide range of personal finance products including home loans, credit cards and of course, car loans.
Car loans are similar to personal loans but are purposefully designed with vehicle purchase in mind. Depending on the car loan you pick, the total cost of your new ride could vary greatly, so it’s wise to shop around.
NAB car loan repayment calculator
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NAB car loans rates
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- No penalties for additional repayments
- No penalties for early payout
- Available for 457 visa holders
- Branch access available
- Monthly fee charged
- Application fee charged
Features of a NAB car loan
NAB car loans come with terms of up to seven years and can be repaid in weekly, fortnightly or monthly instalments. Borrowers can take out loans of up to $55,000 for terms between one and seven years.
The bank allows borrowers to make additional repayments and to repay the loan early at no extra cost. But there is an application fee and an ongoing monthly fee, though NAB may waive the application fee from time to time.
NAB offers unsecured car loans only, meaning they loan is not secured against an asset. This may help reduce the risk of losing your asset, but it may also mean a higher interest rate than what you might find on a secured car loan.
NAB provides both fixed and variable rate car loans. The variable rate loan has a slightly lower interest rate but will be subject to change at the bank’s discretion.
NAB car loans - customer service
- Customer service centre (phone)
- Mobile app
- Online banking
- Live Chat
- Mobile banking staff
Who is eligible for a NAB car loan?
To be eligible for a NAB car loan you must be an adult living in Australia and be able to provide proof that you earn a regular income. You don’t have to be a citizen of Australia if you are a 457 visa holder or a New Zealand citizen. If you are self-employed, you must be able to provide your most recent personal income tax return and your most recent notice of assessment.
- Must be 18 years or older
- Must provide proof of a regular income
- Must live in Australia
- Must have a good credit rating.
How to apply for a NAB car loan?
NAB car loans can be applied for in-branch or from the comfort of your own home. The online application process means that you can complete your application in your own time when it is most suitable for you.
When applying online, NAB will let you know if you have conditional approval, your indicate interest rate and repayments within 60 seconds of submitting.
NAB may contact you if they require more information. If everything is in order, the bank will let you know your final interest rate and repayments amount. You can accept the loan online and you should receive the funds on the same day if you are a NAB customer. If you don't hold a NAB account, the bank will arrange the funds transfer for you.
NAB car loans review
If you are looking at a NAB car loan, it is important to consider that:
- they have above-average interest rates,
- the car loan is unsecured and
- they charge an application fee and monthly fees.
It is worth noting, however, that the majority of car loans charge an upfront fee and the NAB car loan fee is below the market average. Another positive aspect of NAB car loans is that they do not charge extra for early repayment of the loan.
Customers of NAB are also likely to enjoy attentive customer service, with the bank offering multiple methods for keeping in touch. This includes branch access and online chat services. If you prefer a lender that allows you to drop in and chat in-person about your financial products, then this may be a plus for you.
It is wise to do your research and compare fees, features and interest rates before committing to a car loan.
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You don’t need good credit to get a car loan, although the worse your credit history, the harder and more expensive it’s likely to be.
Some lenders will do business only with borrowers who have good credit. However, there are other lenders that are willing to offer car loans to borrowers who don’t have good credit. The catch, though, is that they may charge higher interest rates and fees, and also require more paperwork.
If you don’t have good credit and want a car loan immediately, you can search for lenders that work with bad credit borrowers. If you are able to wait, you can work to improve your credit score and then apply for a car loan once you have good credit.
You may be able to get a no credit check car loan in certain circumstances, although it’s important to weigh up your options before doing so.
Most lenders refuse to provide no credit check car loans, because they don’t want to give loans to borrowers without first confirming that they have a track record of repaying debts. So any lenders that do provide no credit check car loans would take measures to protect themselves against the risk of default.
That’s why no credit check car loans have higher interest rates than other car loans. Also, borrowers often have to provide security and put down a larger deposit.
You might be better off finding a specialist lender who will look at your credit history and income, who will decide whether or not you are able to responsibility pay back the loan. Alternatively, you could contact a car finance broker.
Being a student is tough enough, and while you might find the odd student discount on movies and technology, the same can’t be said about car loans, as you can’t really get a discounted student car loan.
Lenders make money on the interest and fees that they charge with loans, and the lowest interest and fees are given to the most reliable credit holders: people with excellent credit history.
As a student, you are unlikely to have enough on your credit report to warrant an excellent history. There are however, ways of getting a lower interest car loan if you can’t get an interest-free loan from the bank of mum and dad. One way of doing this may be through getting a guarantor car loan, which can get you a secured car loan by setting