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 their car loan product.
You can lock in a very low interest rate with a new car loan through IMB, with comparison rates starting out at just 5.23% p.a.
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 with IMB, enabling you to pay more of your own money and save.
They also come without any penalties for repaying the loan ahead of schedule, which is common with car loans, 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 the course of your loan 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 or early repayment fees, you can lock in a highly affordable car loan deal and save compared to other lenders.
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 main product on offer is an IMB secured car loan, which requires you to use your car as collateral for your loan and take advantage of higher borrowing ranges and lower rates.
The low advertised rate only applies to vehicles two 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.
Whilst most other lenders will provide the option to pay off their loans on a weekly or fortnightly basis, you’ll only be able to do so each month with this car loan.
There are actually three different types of car finance which IMB offers to customers. It’s important to ensure that you select the correct one for the car you’re looking for, which will either be an IMB new car loan or an IMB used car loan. These are:
IMB New Car Loan
This loan product is designed for brand-new cars and those up to two years old. They attract the lowest available interest rate (mentioned above) and offer a borrowing ranging from $2,000 up to a maximum of $75,000. 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 5.98% p.a. (6.33% p.a. comparison) and allow borrowers to access funds between $2,000 and $60,000 over terms of one to five 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 significantly reduced to between $2,000 and $30,000 and can be accessed over one to five years at a minimum interest rate of 8.98% p.a. (10.72% 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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