BOQ (Bank of Queensland) Car Loans

BOQ provides car loans as well as bank accounts, term deposits, credit cards, home loans, personal loans, insurance, and superannuation.

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The table below displays a snapshot of BOQ’s car loan products on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a five-year loan in QLD.

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What car loan(s) does BOQ offer?

At the time of writing, BOQ offers a secured car loan for cars and other vehicles. This loan offers the following features:

  • Choice between a variable and fixed rate
  • Choice of repayment frequency – either weekly, fortnightly, or monthly
  • Choice of loan terms

Is your car eligible for a secured loan with BOQ?

To be eligible for a secured car loan with BOQ, your application will be subject to its normal lending criteria. Generally, your chosen vehicle might need to be:

  • For personal use
  • Less than seven years old
  • A new or used vehicle worth $5,000 or more

Check the PDS (product disclosure statement) for BOQ’s car loan criteria.

Does BOQ also offer personal loans?

Yes, BOQ does offer both secured and unsecured personal loans as well as its car loan product. The table below displays a snapshot of BOQ’s personal loan products on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.

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If you’re looking to take out a car loan with BOQ, you’ll need to want to borrow at least $5,000.

BOQ lets you choose a car loan term of between one and seven years.

There are two fees to be aware of when taking out a car loan with BOQ:

  • A $195 once-off application fee
  • A $7.50 monthly maintenance fee

See this article for look at the average fees currently charged by car loan loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017), to see if BOQ’s fees are more or less what the average customer is paying.

Applying for a BOQ car loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with BOQ (or most providers in Australia for that matter), you generally need to meet the following criteria:

  • The car or motorcycle must be for personal use
  • You must be 18 or over
  • You must be a permanent Australian resident or valid work visa holder
  • Be currently employed with a stable income
  • Have a solid credit rating and not be bankrupt

In addition, you may also have to meet the minimum loan amounts specified by the provider (see above). If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

  • A current driver’s license
  • Details of your current and previous (if applicable) employer
  • Details of your income, assets, expenses and liabilities
  • Previous tax returns if you are self-employed

You may also require your current account number for BOQ if you’re an existing member.

BOQ was initially founded in 1874 as the Brisbane Permanent Benefit Building and Investment Society, which was the first building society in Queensland.

After becoming a bank in 1887, it rebranded to Bank of Queensland (BOQ) in 1970, and in 1971 it was listed on the ASX.

Although founded in Queensland, BOQ in now a national bank, and also operates in New Zealand. Today BOQ operates more than 200 owner-managed branches and over 3,500 ATMs.

BOQ is committed to sustainability through initiatives such as powering their offices partly with solar energy to successfully reduce their carbon emissions by 20-45%, and requiring their vendors to meet sustainability thresholds.

They also partner with community organisations such as Children’s Hospital Foundation Australia, The Smith Family, and the Australian Red Cross. Check their Sustainability Scorecard for more details.

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Written by: Nina Tovey | Last updated: April 19, 2018