Finty
IMB Bank

IMB Bank New Car Loan

SecuredFixed rate

For New and Used Cars up to 4 years old. With great rates and no penalty for early payout, the IMB New Car Loan could have you cruising in the car of your dreams sooner than you thought. No monthly fees, flexible terms of 1 - 7 years, borrow up to $125,000.

Written byDavid Boyd

6.24%

interest rate a year, from

6.59%

comparison rate, from

Establishment fee
$250
Monthly fee
Not published
Borrow
$2,000 to $125,000

What it would cost

At the lowest published rate of 6.24%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$611
Total repayments
$21,982
Interest and monthly fees
$1,982

Loan details

Rates

Interest rate (a year)
6.24%
Comparison rate (a year)
6.59%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$2,000 to $125,000
Loan term
1 year to 7 years
Establishment fee
$250
Monthly fee
Not published

How it compares

Against the other secured car loans we compare. Typical means the middle half of them.

Comparison rate

6.59%

From 6.59%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$3,584

Interest and fees at its starting rate. Typical is $4,663.

Setup fee

$250

A typical setup fee is $258.

Most you can borrow

$125,000

Typically you can borrow up to $130,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 6.59%, below the typical 7.99%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • One rate for everyone. Everyone approved gets 6.24%, so the rate you see is the rate you get.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

Similar loans

Secured loans from other lenders that start at a similar comparison rate.