New car finance options

Get there sooner with a personal loan

Saving for a large purchase, like a car, can be difficult. We offer a range of car finance options, including a secured NAB Car Loan and an unsecured NAB Personal Loan, as well as secured NAB Car Loan for electric vehicles and plug-in hybrids.  If you’re approved and accept your loan offer through NAB Internet Banking, your money will be ready in one business day.

We offer fixed and variable rate loans with a maximum loan term of seven years. While our dedicated car loans are secured, our personal loans are unsecured, which means you don’t need to use the car as security. Paying off your loan early is something to be proud of, so we won’t surprise you with any penalty or exit fees. However, life can sometimes take an unexpected turn and we understand it can feel overwhelming, so be reassured that we won’t penalise you with fees for missed repayments, and we also have support options available. 

With our secured car loans, you can borrow from $10,000 to $100,000 - and repayments can be made monthly.  Our unsecured personal loan options allow you to borrow from $5,000 to $55,000 — and repayments can be made weekly, fortnightly or monthly to align with your pay cycle.

How to get a car loan

You can use either an unsecured personal loan or a secured car loan to buy a new or second-hand card from either a dealer or a private seller.

First, work out how much you need to borrow. Then think about what type of car you need and what you’ll use it for. You’ll also have to do some research to determine how much you’ll need for the car you want.

It’s also a good idea to set up a budget so you know how much you can afford in repayments. 

You can use our personal loan borrowing power calculator to work out what you can afford to borrow and repay. 

Getting approved for a car loan

Before you apply, make sure you’re eligible and have all the information you need.

To be eligible you need to be 18 years or older, receive regular income and meet citizenship requirements. 

You’ll also need your NAB ID if you’re an existing NAB customer, driver’s licence number (if you have one), employment details and financial information such as your income, assets, debts and expenses.

If you’re interested in using an unsecured loan, find out more about how to apply for a personal loan. 

Check your credit rating

Before you apply for a personal loan, you may want to get a credit report. The report outlines the last seven years of your credit history – including why you've applied for credit, what types of credit, and how much each time.

It also lists if you've been bankrupt, as well any overdue accounts you may have had. Be aware these reports sometimes have mistakes, so check yours closely.

Find out more about creditworthiness and how we assess your ability to service a personal loan.

Family or lease options to consider

Getting a car loan and proving you can make repayments can help get you off to the right start with your credit history. But you should consider all your options before you make a final decision.

Ask yourself:

• Do you have enough savings to buy a cheaper car outright?
• Can you wait a little longer and save enough to reduce the car loan amount?
• Can your family help you buy your car?
• Is the car for work or business purposes?
• If the car's for work or business purposes, you might be able to lease it rather than purchase it outright.

There are all kinds of leasing arrangements available; your tax specialist can explain the tax implications before you make that decision.