NAB car loans

NAB car loans come with terms of up to seven years and can be repaid in weekly, fortnightly or monthly instalments. Borrowers can take out loans of up to $55,000 for terms between one and seven years.

The bank allows borrowers to make additional repayments and to repay the loan early at no extra cost. But there is an application fee and an ongoing monthly fee, though NAB may waive the application fee from time to time.

NAB offers unsecured car loans only, meaning they loan is not secured against an asset. This may help reduce the risk of losing your asset, but it may also mean a higher interest rate than what you might find on a secured car loan.

NAB provides both fixed and variable rate car loans. The variable rate loan has a slightly lower interest rate but will be subject to change at the bank’s discretion.

• Customer service centre (phone)
• Mobile app
• Online banking
• Email
• Live Chat
• Branch
• Mobile banking staff

To be eligible for a NAB car loan you must be an adult living in Australia and be able to provide proof that you earn a regular income. You don’t have to be a citizen of Australia if you are a 457 visa holder or a New Zealand citizen. If you are self-employed, you must be able to provide your most recent personal income tax return and your most recent notice of assessment.

• Must be 18 years or older
• Must provide proof of a regular income
• Must live in Australia
• Must have a good credit rating.

NAB car loans can be applied for in-branch or from the comfort of your own home. The online application process means that you can complete your application in your own time when it is most suitable for you.

When applying online, NAB will let you know if you have conditional approval, your indicate interest rate and repayments within 60 seconds of submitting.

NAB may contact you if they require more information. If everything is in order, the bank will let you know your final interest rate and repayments amount. You can accept the loan online and you should receive the funds on the same day if you are a NAB customer. If you don't hold a NAB account, the bank will arrange the funds transfer for you.

If you are looking at a NAB car loan, it is important to consider that:

• they have above-average interest rates,
• the car loan is unsecured and
• they charge an application fee and monthly fees.

It is worth noting, however, that the majority of car loans charge an upfront fee and the NAB car loan fee is below the market average. Another positive aspect of NAB car loans is that they do not charge extra for early repayment of the loan.

Customers of NAB are also likely to enjoy attentive customer service, with the bank offering multiple methods for keeping in touch. This includes branch access and online chat services. If you prefer a lender that allows you to drop in and chat in-person about your financial products, then this may be a plus for you.

It is wise to do your research and compare fees, features and interest rates before committing to a car loan.