BOQ Car Loan

Find out more about BOQ car finance with Savvy right here to help you compare loan options before you apply.

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, updated on June 30th, 2023       

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The Bank of Queensland (BOQ) is a Brisbane-based bank which specialises in banking and personal and business financing, ranging from home loans to car loans.

Before you apply for any type of loan (especially car loans), it’s important to compare your options to put yourself in a position to make as educated a decision as possible.

You can do just that with Savvy. We’ve broken down BOQ’s car loan offer so you can know exactly what to expect and, once you’re ready, you can apply directly through us to make the application process smoother.

BOQ logo

The features and benefits of a BOQ car loan

Rates starting from 7.39% p.a.

Your BOQ car loan interest rate can start from as little as 7.39% p.a. (8.19% p.a. comparison), enabling you to secure an affordable car loan deal and minimise your interest costs.

Take between one and seven years to repay

Repaying loans, in general, is all about ensuring that you’re as comfortable as possible in doing so, so you’ll be able to decide on a loan term which best fits your needs with BOQ.

Borrow upwards of $5,000

With loan amounts beginning from as little as $5,000 and ranging up to a maximum of $80,000, you can purchase a wide range of vehicles with or without a deposit.

Free early repayments without penalty

Another way for you to maximise your overall loan savings and reduce interest and fees is to take advantage of BOQ’s free additional payments and lack of early repayment penalty.

Choose your repayment frequency

You’ll be able to align the frequency of your repayments with your income from your employment, with monthly, fortnightly or weekly options available to borrowers.

Fixed rates throughout your term

You won’t have to worry about your repayments changing month to month, with fixed BOQ car loan interest rates bringing a level of security and certainty to your budgeting into the future.

BOQ car loan pros and cons


Purchase a new or used vehicle

You’ll be able to use your car loan to purchase either a brand-new vehicle straight out of the car yard or a used car from either a dedicated dealer or a private sale.

100% financing for dealership purchases

If you decide to buy your new or used car from a dealership, BOQ can provide you with 100% of the funds required to purchase the vehicle, meaning you won’t have to pay upfront.

Online applications

If you’re tight on time, you can apply online via the BOQ website (or directly with Savvy) and save on the hassle associated with mountains of paperwork and face-to-face meetings.


Application and monthly fees

Unfortunately, your BOQ secured car loan will come with an application fee of $195 and an ongoing monthly fee of $7.50, so you’ll have to budget for these costs.

Deposit required for private purchases

While you can access 100% financing for dealership purchases, this isn’t the case for private sales. You’ll have to supply at least a 10% deposit for a car bought privately.

No refinancing to BOQ car loans

Car finance is only available to new or existing BOQ customers, meaning if you want to switch from your current lender to BOQ, you won’t be able to do so.

More about BOQ car finance

How do I apply for a BOQ car loan?

Applying for a BOQ secured car loan is simple when you do it with Savvy. We can not only secure the best deal available for you from BOQ but also from our panel of more than 25 lenders across Australia. We do the heavy lifting to make life easier for you. Familiarise yourself with our process to see how you can benefit from applying directly with Savvy.

  • Submit your quick quote

Submitting a quick quote on our site will only take minutes for you to do and involves telling us more about you as a borrower. After you’ve done this, you can go ahead and complete your initial application if you wish to, which will enable your consultant to move ahead and start comparing options on your behalf to find the most suitable deal.

  • Discuss with your consultant

If you only submitted a quote, you can chat with your consultant about your potential options. However, once you’ve applied to us, your consultant will get in touch with you to discuss the best offer available to you found in conjunction with our state-of-the-art technology. If you’re happy with the lender (which may be BOQ), the process can move forward.

  • Have formal approval arranged

Your consultant will then use the information taken from your Savvy application to prepare your formal application to your lender. You won’t need to worry about this process, as they’ll handle all the minutia for you and tailor it to ensure everything meets your lender’s eligibility criteria. From there, you can be notified of formal approval within one business day.

  • Sign your contract and drive away

Your consultant will get in touch with you to send through your lender’s formal finance agreement, which confirms all the details of your loan. You can sign this electronically and return it to your consultant. You can expect your loan to be funded and ownership able to be transferred to you in as few as 48 hours from the time you first applied.

Am I eligible to apply for a BOQ car loan?

It’s important to know what your preferred loan’s eligibility criteria are before you commence the application process, as it’s a highly avoidable way to be rejected for car finance. Your Savvy consultant will always pair you with loans and lenders for which you qualify, so there’s no risk of this happening when you apply with us. The key criteria to meet when applying for a BOQ car loan are:

  • You must be 18 years of age or older
  • You must be an Australian citizen or permanent resident
  • You must be earning a regular income
  • You must never have been bankrupt previously
  • You must be able to provide documents relating to your identity, employment, income, assets, liabilities and expenses

Common BOQ car loan queries

What is a BOQ Specialist car loan?

A BOQ Specialist car loan is a product tailored specifically to a certain set of borrowers. These are primarily medical professionals such as doctors, dentists and vets, but can also be approved for students and graduates operating in these spaces and accountants working with medical clients. You can compare a range of car loan offers for doctors and healthcare workers with Savvy.

Does it matter what car brand I buy with BOQ?

No – as long as your car meets their age and other requirements, you can purchase any model you wish. You can buy anything from a Suzuki or Kia up to more luxury vehicles like a Lexus and everything in between.

Can I take out a car loan with BOQ if I’ve never had one before?

Yes – there shouldn’t be too many obstacles for getting your first car loan provided you can show that your income and employment is stable and that you’ve exhibited positive credit behaviour in the past, such as with a personal loan, credit card or even through paying your bills on time. Additionally, if you’ve built a healthy amount in your savings account, this will also help your chances of approval for vehicle finance.

Will I be able to borrow to cover other costs?

Not with BOQ – the maximum loan-to-value ratio (LVR) offered by BOQ is 100%, meaning you can borrow the equivalent of the full cost of your vehicle purchase. However, we’re partnered with flexible lenders who can help you incorporate on-road costs into your loan such as stamp duty, vehicle registration, insurance and more.

Is BOQ for Queensland borrowers only?

No – loans and other products aren’t restricted to Brisbane borrowers or those looking for a car loan in Queensland when it comes to BOQ. You can apply for your loan no matter where you live across the country and get approved for purchases of vehicles in any state or territory, not just near where you live, with Savvy.

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