Car loans

You’re eligible to apply online for a NAB Car Loan if:

You’ll also need to check if the vehicle you want to buy is eligible:

To apply online for a NAB Personal Loan, you need to be:

Read important information for visa categories that are not acceptable.

No. Only sole borrowers can apply for a NAB Car loan or NAB Personal Loan.

The right option depends on what matters most to you. That might be lower costs over time with a secured loan, or the flexibility and simplicity of an unsecured loan. You’ll also need to consider things like whether you’re eligible, what your budget is if you’re buying a new or used car. These are all factors you should consider to determine which loan type is right for you.

Learn more about the differences between secured and unsecured loans.

• Reduce outstanding debts. Paying down credit cards or personal loans improves your borrowing capacity.
• Offer a deposit. Even 10 – 20% increases your ability to repay the loan and reduces repayments.
• Borrow realistically. Choose a loan amount and term that fit your budget without stretching.
• Show steady income. Recent payslips and bank statements help demonstrate stable, verifiable earnings.
• Consider a secured loan. If your car meets age and condition criteria, secured loans often come with lower rates.
• Avoid multiple applications. Several credit inquiries in a short period can hurt your credit score.
• Get insurance early. Secured loans typically require comprehensive cover before settlement.

Learn more about improving your creditworthiness.

You can get a personalised interest rate quote for a NAB Car Loan with no impact to your credit score. Your credit history will be accessed to generate your quote, but it won’t impact your credit score unless you apply.

When you apply for a NAB Car Loan or NAB Personal Loan, those applications are added to your credit file and will temporarily lower your credit score. If your loan application is declined, or you make multiple credit applications within a short timeframe, this can have a longer lasting impact on your credit score.

Learn more about your credit score.

There are several things we look at when you apply for a car loan. These include:

• Credit history. A strong credit score can help you access lower rates as it can show you’re a reliable borrower,
• Loan type. Secured loans (where the car acts as collateral) typically offer lower rates than unsecured loans.
• Loan amount and term. Larger loans or longer terms can affect the interest rate offered.
• Vehicle type and age. Eligible electric or low-emission vehicles may qualify for a discount, while certain vehicles may not be eligible to be used as security.
• Income and expenses. This can show your ability to manage repayments.

Yes, you can refinance an existing car loan to try to secure a better rate or lower repayments, especially if your financial situation has improved or interest rates have dropped. The main benefits of refinancing include potentially paying less interest over time, reducing your ongoing repayments, or adjusting your loan term to better suit your budget.

However, there are downsides to consider, such as exit or break fees on your current loan, establishment fees on the new loan, or extending the loan term which could increase the total interest you pay. It’s worth comparing the overall cost of refinancing, not just the rate, before deciding if it’s the right option for you.