Find out all you need to know about IMB’s latest car loan offer with Savvy right here.
Fact checked
IMB Bank stands as one of the biggest building societies in Australia, offering services across a range of areas such as banking, insurance, travel and financial planning.
Crucially, though, they also offer a variety of loans for prospective borrowers across Australia, including car loans, so it’s worth looking into their offer to determine whether it’s the right one for you.
With Savvy, you can analyse all the ins and outs of IMB car loans to help you make the best choice for your financial needs and drive away with a great deal by considering a range of options
*Savvy does not represent IMB Bank for its car loan product. All information in this article is correct as of 29 July 2024.
You can lock in a competitive interest rate with a new car loan through IMB, with comparison rates starting out at just 6.59% p.a. to help you secure a cheaper loan.
Unlike many other lenders who require a minimum loan amount of $5,000 to $10,000, you’re able to take out a secured car loan with IMB for as little as $2,000 up to $125,000 with IMB.
They also come without any penalties for repaying the loan ahead of schedule, setting them apart from many lenders, meaning you have a greater capacity to save money overall on your loan.
With fixed car loan interest, you won’t have to worry about your repayments increasing over time and will be able to more accurately budget around these monthly commitments.
On top of the lack of early payment fees, you can save a few dollars each month by not paying an account-keeping fee (which could add up to hundreds of dollars overall otherwise).
You can decide whether to take a short term of one year or a longer repayment period of seven years, ensuring you have the options available to structure your car loan to your needs.
Thanks to IMB’s low car loan rates and lack of ongoing fees, you can lock in a highly competitive car loan deal and save compared to other lenders.
As mentioned above, being able to pay off your car loan ahead of schedule for free is rare and can be a great way to help you save a significant amount over your loan.
IMB has products for cars of any age, ranging from brand new to 20 years old or more, giving borrowers options to choose from regardless of the type of car they’re looking to buy.
The low advertised rate only applies to vehicles four years old or younger, meaning you’ll have to apply for a different loan if you want to finance a car older than that.
You’ll still be required to pay a relatively substantial application fee of $250 when you sign up for your car loan with IMB, regardless of the type of car or size of the loan.
IMB only offers a New Car Loan for cars up to four years and Secured Personal Loan for cars up to six years, so you won't be able to get a secured loan if your car is older.
There are actually three different types of car finance which IMB offers to customers, so it’s important to ensure that you select the correct one for the car you’re looking for. These are:
IMB New Car Loan
This loan product is designed for brand-new cars and those up to four years old. They attract the lowest available interest rate (mentioned above) and offer a borrowing ranging from $2,000 up to a maximum of $125,000. As discussed, these loans are secured in nature, meaning the car you purchase will also serve as collateral for your car loan.
IMB Secured Personal Loan
IMB’s secured personal loan product is offered to those who can use a car up to six years old as collateral for the loan. These come at a starting rate of 6.84% p.a. (7.19% p.a. comparison) and allow borrowers to access funds between $2,000 and $75,000 over terms of one to seven years. The same fees and charges which apply to the New Car Loan also apply to the Secured Personal Loan.
IMB Unsecured Personal Loan
The final product on offer is an unsecured personal loan, which can be used on whatever you like, which can include cars beyond six years of age. Borrowing capacity is reduced further to between $2,000 and $50,000 and can be accessed over one to seven years at a minimum interest rate of 8.98% p.a. (9.34% p.a. comparison). Like the secured personal loan, these loans come with the same fees.
When it comes to applying for a financing with IMB, the process isn’t dissimilar to other lenders. The process is relatively quick and simple, with applications taking place online or over the phone. Follow these steps to apply:
Gather your documents
Before you start your application, you should ensure that you have all the documentation required to apply. Gather the following pieces of information:
Apply for pre-approval
From there, you can submit your initial application directly through their website or on the phone. This should only take around ten minutes to complete and, once you’ve done so, you’ll receive an outcome confirming whether your application was successful. If it was, you can proceed with the process.
Choose your vehicle
Once you have your loan pre-approval in hand, you can go out and select your car. This can be an IMB new or used car loan and can be purchased from a dealership (though age restrictions will vary depending on the type of loan you choose). You can use your conditional approval to dictate the price of your vehicle in negotiations.
Submit your formal application
After you’ve chosen your vehicle, you can continue with your application and seek full approval. At this stage, you can send documents relating to the car you’re looking to purchase, which include:
Sign your loan contract
IMB will review your profile and documents and decide on whether to approve you for the funds you’re looking for. If they do, you’ll be required to sign a loan contract and return it to them, after which the funds will be advanced to your seller and you’ll be able to take ownership of your car.
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.