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