IMB Bank Car Loan

Find out all you need to know about IMB’s latest car loan offer with Savvy right here.

Written by 
Thomas Perrotta
Thomas Perrotta is the managing editor of Savvy. Throughout his time at the company, Thomas has specialised in personal finance, namely car, personal and small loans, although he has also written on topics ranging from mortgages to business loans to banking and more. Thomas graduated from the University of Adelaide with a Bachelor of Media, majoring in journalism, and has previously had his work published in The Advertiser.
Our authors
, updated on April 10th, 2024       

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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 10 April 2024.

The features and benefits of IMB Bank car loans

Low IMB car loan rates starting at 6.24% p.a.

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.

Borrow as little as $2,000

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.

No early repayment penalty

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.

Fixed interest rates

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.

No monthly fees

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).

Repay over one to seven years

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.

The pros and cons of IMB car finance


Competitive interest and fees

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.

Free early repayments

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.

Options available for cars of any age

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.


Lowest rates for cars up to four years old only

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.

Hefty application fee

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.

Limited secured personal loan options

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. 

IMB Bank car loans explained

What different types of car loan do IMB offer?

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.

How do I apply for an IMB car loan?

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:

  • Your driver’s licence
  • Your Medicare card
  • An income statement or group certificate
  • Your two most recent payslips

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:

  • The dealer invoice
  • Full comprehensive car insurance policy or certificate of currency

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.

Frequently asked questions about IMB car loans

Is it better to pay off my car loan quicker?

Yes – the longer any loan goes, the more you’ll end up paying in interest. For instance, a $30,000 car loan at 5.00% p.a. paid monthly over five years would cost you just under $4,000 in interest alone. However, shorten that term to three years and you’d save $1,600 with a total interest outlay of $2,368.

Will I have to make a deposit for my car loan with IMB?

No – there’s no obligation for you to pay a deposit at the outset of your loan in most cases. However, doing so can help you save a significant amount of interest by reducing your overall loan amount. Your deposit essentially serves as an interest-free contribution towards the purchase of the car, meaning that if you have the means to do so, a deposit will help you cut down on overall costs.

How do I find the best car loan for me?

The best way to ensure you receive a suitable car loan for your needs is to get a quote through Savvy. We’re partnered with a range of Australia’s most reputable lenders and can match you to a loan that best suits your profile thanks to our dedicated consultants and state-of-the-art technology. Get started today and you can drive away in as few as 48 hours.

Can I work out how much my car loan repayments would be?

Yes – you can use Savvy’s car loan repayment calculator to crunch the numbers and find a loan term and size which best aligns with your personal financial situation.

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