IMB Car Loans
What car loans does IMB offer?
At the time of writing, IMB offers one dedicated car loan product for cars up to two years old, its New Car Loan. IMB Bank says this loan offers the following features:
- Fixed repayments
- No penalty for early repayments
- No account-keeping fees
- Additional repayments allowed
Is your car eligible for a secured loan with IMB?
To be eligible for IMB’s New Car Loan, your application will be subject to its normal lending criteria. Generally, your chosen vehicle might need to be:
- For personal use
- Less than two years old
- A new or used vehicle
Check the PDS (product disclosure statement) for more information regarding IMB’s car loan criteria.
Does IMB also offer personal loans?
Yes, IMB does offer both secured and unsecured personal loans as well as its car loan product. IMB says its personal loans can be used for new or used cars that are over two years old.
What are the minimum loan amounts on IMB car loans?
IMB’s New Car Loan has a minimum borrowing amount of $2,000 – you can borrow a maximum of $75,000.
What loan terms does IMB offer for car loans?
IMB’s New Car Loan offers terms ranging from one to seven years.
What are the fees on IMB car loans?
There are a number of fees to be aware of when taking out a car loan with IMB, including:
- $250 application fee
- $25.12 Personal Property Securities Register fee
How to apply for an IMB car loan
Before you commit to a particular product, you may want to consider comparing your car loan options with Canstar.
When applying for a car loan with IMB you will generally need to meet the following criteria:
- The car or motorcycle must be for personal use
- You must be at least 18 years old
- You must be a permanent Australian resident or valid work visa holder
- Currently employed with a monthly income
- Have a good credit rating and not be bankrupt
- Be borrowing at least $2,000
In addition, you may also have to meet the minimum loan amounts specified by the provider (see above). When applying, 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 IMB if you’re an existing member.
IMB Bank has been around since 1880, providing financial services for over 130 years. Having started in Wollongong, IMB Bank now has branches across NSW, ACT, and Victoria, and provides services for around 190,000 members.