NAB Car Loans
NAB car loans come with terms of up to seven years and can be repaid in weekly, fortnightly or monthly instalments. The bank allows borrowers to make additional repayments and to repay the loan early at no extra cost. Borrowers can take out loans of up to $55,000 for terms of up to seven years. Variable-rate and fixed-rate loan options are available. 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 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
- Loan minimum of $5,000
- Loan maximum of $55,000
About NAB car loans
NAB is one of Australia’s largest banking institutions. They offer 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 offer unsecured car loans only, meaning they loan is not secured against an asset helping to reduce the risk and therefore the cost of the loan. NAB offers both a fixed and variable rate car loan. The variable rate loan has a slightly lower interest rate but will be subject to change at the bank’s discretion.
Features of 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. You can also apply for conditional approval if you are still in the early stages of searching for your dream car. Having your finances ready-to-go can give you the confidence to negotiate the best deal possible when you find the car you are interested in.
There are no early exit fees if you do manage to pay off your loan early which is another plus of NAB car loans. This means that if you come into a lump sum of money, or receive a pay rise, this money can go straight onto your car loan without you having to worry about being penalised. There are, however, fees charged on a monthly basis as well as an upfront application fee.
- Customer service centre (phone)
- Mobile app
- Online banking
- Live Chat
- Mobile banking staff
- No early exit penalty
- Available for 457 visa holders
- Online application available
- Branch access available
- Application fee charged
- Monthly fee charged
What RateCity says
If you are looking at a NAB car loan it is important to consider that they have above average interest rates and charge an upfront and monthly fee. 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 about your financial products, then this may be a plus for you.
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; you can also be 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.
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Lenders that provide bad credit car loans tend to be smaller challenger lenders rather than the bigger banks.
Bad credit car loans are a niche product. The bigger banks tend to focus on mainstream car loan finance for borrowers with better credit histories. That’s why smaller lenders tend to be the ones that provide bad credit car loans.
Bad credit car loans can have high interest rates and fees, so it’s important to compare options before submitting an application.
If you already own a car, you could potentially bring down the cost by selling your car in the process. Before that happens, though, you’ll need to find out how much your car is worth.
One of the first places to find this value is to research the value of your current car, giving you an idea of roughly how much it’s worth in its peak condition.
There are plenty of websites that offer a free online valuation, allowing you to enter your car’s make, model, year, badge and description, with results listing a price guide based on both selling your car privately and through a dealership.
Of course, dealerships will try to profit on your trade-in by buying it for less than they can sell it, making it highly unlikely that you’ll get the same price selling a car to a dealer as you would selling a car privately.
However, private car sales can be costly and can take months to sell, making car trading more convenient with a guaranteed return, even if you may not be able to realise the total value of your car’s worth.
Remember that everything is negotiable. If the dealership is offering you less for your trade than you wanted, try to negotiate elsewhere to gain that money back. Start by negotiating on the price of the trade and then ask them if they can give you a further discount on your new car.
Even if you’ve been denied a car loan before, you might still be able to get car finance. The key is to make the right application to the right lender.
The ‘right’ application is one that makes you look like an acceptable risk, which might include things like improving your credit score, increasing your savings rate and accumulating a bigger deposit.
The ‘right’ lender is one that deals with borrowers like you. For example, while some car loan lenders only deal with good credit borrowers, there are others that specialise in bad credit or poor credit borrowers.
There are four different ways you can get a car loan. You can go straight to a lender. You can get a finance broker to organise a car loan for you. You can get ‘dealer finance’ – which is when the car dealer organises a car loan for you. Or you can organise your own car loan through a comparison website, like RateCity.
Whichever method you choose, you will need to provide proof of identification, proof of income and proof of savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. You might also be asked to provide proof of insurance.
Yes, some banks will be willing to provide guarantor loans, including Commonwealth Bank, NAB, Westpac and ANZ, though the terms for signing up to a banker-issued guarantor car loan may not necessarily be as good as another lender.
You should keep in mind though that these larger banks, because of their monopoly of the market, tend to have higher interest rates than the smaller lenders.
In comparison, smaller loan companies and credit unions tend to be more competitive in their battle for your business. There are plenty of lenders willing to lend to people with bad credit or no credit history who have willing guarantors.
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.
Yes, you can get a car loan with bad credit, although you’ll probably find the process trickier and dearer than that experienced by people who have good credit histories.
You can find a number of lenders that specialise in bad credit car loans. However, make sure you compare bad credit car loans before you sign on the dotted line, because not all car loans are alike and having bad credit may mean you are more likely to be hit with higher fees and interest rates.
If you have bad credit, it’s important not to take out a car loan unless you can afford the repayments because a default could further damage your credit rating. Conversely, if you make all the repayments and repay the loan successfully, your credit rating might improve.
Student car loans are not a necessarily a product in and of themselves, but what you may be looking for is a guarantor car loan.
A guarantor car loan has a third-party act as a form of guarantee for your loan application, telling the bank or lender that if you default on your loan, someone will pay the loan repayments.
Going guarantor on a car loan is no new thing, and before internet-based credit scores, guarantor car loan applicants would apply for loans with a guarantor or property owner who could vouch for the person borrowing the loan.
To get a guarantor car loan, you’ll need someone willing to act as a guarantor for your car loan.