Best Unsecured Personal Lender 3 years in a row
RFi Group’s Australian Lending Awards 2019, 2020, 2021

Looking for a car loan? Benefits of a personal loan

Our unsecured personal loans can provide flexibility and certainty when buying a new or used car.

No penalties or exit fees

No penalties when you make early repayments or exit fees when you pay off your loan sooner.

Get funds in one business day

If you’re approved and accept the loan. Accept your documents faster through NAB Internet Banking.

Personalised rates

From 6.99% p.a. to 18.99% p.a. (comparison rate 7.91% p.a. to 19.83% p.a. ).

Ability to redraw extra funds

Redraw available on a variable rate loan if you’re ahead on repayments, giving you flexibility if you need to make car repairs or upgrades.

Borrow up to $55,000 with flexible borrowing loan terms

Borrow from $5,000 with a loan term to suit your needs. Choose from one to seven years, with weekly, fortnightly or monthly repayment options.

No assets needed

NAB Personal Loans are unsecured, so your car won’t be used as collateral, unlike secured car loans.

Personal loan for a car

Personal loan for a car

Personal loan for a car

Personal loan for a car

  • Looking for a car loan to finance your new car? If you don’t want to provide your car as collateral or want the flexibility of deciding between a new or used car, a NAB Personal Loan to help get you on the road sooner.

    The best bits?

    • Avoiding dealer finance might help you save on extra fees, commissions, or high-interest rates.
    • As long as the primary loan purpose is the purchase of the car, you can use any remaining funds for other purchases.
    • You’ll own the car straight away, because an unsecured loan doesn’t use your car as collateral.
  • Unlike a secured loan, with an unsecured personal loan, you won’t need to provide collateral (such as your car) to borrow money. Our personal loans are all unsecured loans.

    Unsecured loans generally come with a higher interest rate than secured loans because of a higher risk to the lender. The interest rate you’re offered will be personalised. So, if you have an excellent credit history, you may be offered a rate at the lower end of our range.

Compare personal loan rates and fees

Your interest rate is based on several factors including information you provide in your application, your credit history and information we already have about you if you’re an existing customer.

After you submit your application, if you’re conditionally approved, we’ll give you an indicative interest rate. This is subject to verification of the information you give us in your application. We’ll provide your final interest rate in the loan documentation, at which point you can decide to accept the loan offer.

Personal loan interest rates

  Interest rate Comparison rate
Variable rate loan
Interest rate
From 6.99% p.a. to 18.99% p.a.
Comparison rate
From 7.91% p.a. to 19.83% p.a.
Fixed rate loan
Interest rate
From 6.99% p.a. to 18.99% p.a.
Comparison rate
From 7.91% p.a. to 19.83% p.a.

Personal loan fees

Personal loans interest rates
Application fee
One-off payment when loan is established
$150
Monthly fee $10
Exit fee $0
Late payment fee $0

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Our interest rates explained

Understanding the different types of interest rates will help you make an informed choice.

  • fixed rate stays the same for the life of the loan, so your loan repayments will also stay the same.

    variable rate can go either up or down over the life of the loan – this means your minimum repayment may change. A variable rate loan also gives you access to a redraw facility, so if you need money unexpectedly you can redraw extra funds you’ve paid.

  • comparison rate is used to help you identify the true cost of the loan, including the interest and some fees and charges. This makes it easier to compare the overall cost of different loans.

    When you read comparison rates, take note of the loan amount and term that they are based on. These affect the comparison rate and you want to be comparing apples with apples.

  • If you have an excellent credit history, you may be offered a rate at the lower end of our range. For example, from 6.99% p.a. on variable or fixed rate loans (comparison rate 7.91% p.a. ).

    An excellent credit history can mean you haven’t opened many new lending products or increased your credit limits too often.

    If you have credit accounts such as a credit card, personal loan or home loan and have made repayments on time, this will also positively affect your credit rating.

  • If your credit history isn’t long or as good, you’ll likely be offered a rate around 12.69% p.a. (comparison rate 13.56% p.a. )  or higher on variable or fixed rate loans.

    Find out more about credit-worthiness and how to improve your credit score. 

Help and support

We have guides and other resources to help you apply for a new personal loan or manage your existing one.

Other ways we can help

Use our help guides, FAQs and other support services to help you manage your banking more easily.

Contact us

Visit a NAB branch

If you have any questions or are unable to apply online, visit us in branch – we’ll be happy to help.

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