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Buying a car, motorbike, or boat

A First Home Buyer

Whether you need a vehicle for work or leisure, it's important to pick a loan that’s right for you.

You have a choice of a secured or an unsecured personal loan, different terms and a choice of a fixed or a variable interest rate. If you would like a lower interest rate, then a secured personal loan is the option for you. By using your car as security, you have the advantage of a lower rate to borrow for a car, motorcycle or boat.

In the case of a Bank of Melbourne Secured Personal Loan, any car1 offered as security must be no more than 12 years old at the point when the loan expires. An unsecured personal loan is suitable for those looking at purchasing a vintage or imported vehicle.

If your employer offers salary packaging you can also consider a novated lease. Bank of Melbourne also offers a range of car finance options if you use your car for business purposes.

Suggested finance options for buying a car, motorbike or boat

  • Secured Personal Loan

    • Flexible personal loan repayment options.
    • The term of your secured personal loan is your choice. Choose a term of
      • 1 to 7 years for variable interest rate loans
      • 1 to 5 years for fixed interest rate loans
    • Fast and simple application process2
    More info Apply online

Compare and Calculate

Compare personal loans View Personal loans interest rates Visit carsales.com.au

The Detail

Conditions, fees and credit criteria apply.
Before making a decision, it's best to read the terms and conditions:

The advice on our website is prepared without knowing your personal financial circumstances. Before you act on this or any advice, please consider if it's right for you. If you need help, call 13 22 66.

1. The vehicle used as security must be registered under the applicant's name. If the vehicle is registered under joint names, loan applications must be made in joint names. 

2. Limited time offer ends 23 December 2011.

3. The comparison rate is based on a secured personal loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.