NAB Car Loans
Compare NAB car loans
The table below displays a snapshot of NAB’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 NSW.
What car loan(s) does NAB offer?
At the time of writing, NAB offers just the one car loan options for cars and other vehicles.
This loan offers the following features:
- A fixed rate of 11.99% and comparison rate of 12.87% p.a. or a variable rate of 15.69% with a variable comparison rate of 16.55% p.a.
- Loan amount up to $55,000
- Loan term between 1 and 7 years
- Flexible repayment options include weekly, fortnightly or monthly
- Same day funds available – apply in store before 2pm and have your application approved within 2 hours
- Make lump sum repayments at no extra cost
Is your car eligible for a secured loan with NAB?
To be eligible for a secured car loan with NAB, 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
Check the PDS (product disclosure statement) for more information on NAB’s car loan criteria.
Does NAB also offer personal loans?
Yes, NAB does offer both secured and unsecured personal loans as well as its car loan product. The table below displays a snapshot of NAB’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.
Disclaimer: Product Target Market Determination (TMD) available at nab.com.au/TMD
The minimum loan amount for NAB’s car loan is $5,000, with the maximum amount being $55,000.
The minimum loan term amount that NAB offers is 1 year, with the maximum loan term at 7 years.
There are a number of fees to be aware of when taking out a car loan with NAB:
- Application fee – $150
- Ongoing fee – $10 per month
- Default fee – $35
See the relevant fees and charges documents for more information or contact NAB on 13 13 12 (Monday to Friday 8am-8pm, Saturday to Sunday 9am – 6pm)
See this article for look at the average fees currently charged by car loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017), to see if NAB’s fees are more or less what the average customer is paying.
Applying for a NAB car loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with NAB (or most providers in Australia for that matter), you generally need to meet the following criteria:
- The car or motorcycle must be for personal (or business) use
- You must be 18 or over
- You must be a permanent Australian resident or valid work visa holder
- 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 NAB if you’re an existing member.
NAB was founded in 1981 and is one of the big four banks in Australia. They serve over 12.7 million customers worldwide and employ over 42,000 people.
NAB offers mobile apps for internet banking on your Apple, Android, and Windows smart devices.
How NAB supports the community
- Children’s safety: Sponsoring the Alannah and Madeline Foundation since 2003, focussing on the Better Buddies Framework to prevent bullying.
- Mental health: Since 2008, the MLC Community Foundation has invested $7.8 million in not-for-profit organisations such as Lifeline Australia, RUOK?, and Suicide Prevention Australia.
- Disability accessibility:NAB works hard for the 1 in 5 Aussies with a disability, to improve their customer experience, recruit people with a disability, and support community initiatives that promote a full life.
- Investing in young entrepreneurs: The $20 Boss project enables young-uns to try out their big entrepreneurial idea. Work Inspiration and High Resolves aim to prepare teenagers for the workforce and increase their confidence in their skills.
- Community grants: Supporting community and charitable organisations to make a difference in their local community. $2 million worth of grants were distributed in 2014.
- Microfinance: Since 2003, NAB has supported Good Shepherd Microfinance, the Federal Government, and over 400 community organisations to help provide Aussies with financial resources, education, and microfinance products.
- Women’s financial literacy:The Start Counting program helps women improve their financial literacy and develop strong money habits.
- Financial access:Researching and working to improve financial access for the 3 million Aussies (1 in 6) who are living on a low income.
- Sports:Sponsoring local teams.
- Volunteering and giving:NAB gives their employees 2 days per year to spend volunteering for the cause they care about. In 2015, NAB employees gave 1 million volunteer hours.
- Transparency: You can assess NAB’s performance against their goals by reading their 2015 Dig Deeper
How NAB protects the environment
- Australia’s first carbon neutral bank.
- Financing renewable energy and natural resources – $1.8 billion invested over the last 8 years.
- Conserving water and other scarce resources.
- Reducing waste – 75% less landfill than in 2013.
- Sustainable supply chain management and annually awarding suppliers who do the right thing.