If you’re looking to buy a new or used car, you’ve probably come across that little problem: paying in cash is only for a privileged minority. Most of us need a little help, and that’s where IMB Car Loan comes in. Because if you’re going to pay in installments, you might as well do it properly, without being cheated in the contract.
IMB Car Loan promises to make your life easier by offering decent rates, without the mountain of hidden fees that banks love to push. And let’s be honest: when it comes to financing, the most important thing is to be clear about what you’re signing.
Why we recommend IMB Car Loan
We don’t recommend any product just because it looks “cute” on the website, no. There’s a logic to it here.
Fixed interest rate: you know how much you’ll pay from the first bill to the last. No surprises along the way.
No monthly maintenance fee: while other institutions love to charge monthly fees just because, IMB Car Loan doesn’t take money from you for nothing.
Early payment without penalty: pay early and save. And without paying a penalty for wanting to get rid of the debt sooner.
Fast online process: without having to leave home, without the headache of excessive bureaucracy.
Options for different types of cars: new, semi-new or even old, there is a solution for every type of car.
In other words, the combination of fixed interest, payment flexibility and an honest process make IMB Car Loan a more interesting option than 90% of the offers you will see out there.
What can I use IMB Car Loan for?
Did you think it was only for new cars? Not at all. The IMB Car Loan is flexible and can be used for various situations involving vehicles. Check it out:
Buying a new car, directly from the dealership.
Purchase of a semi-new car, up to 4 years old.
Buying a used car, 5 or 6 years old.
Purchase of an older car, over 6 years old (but with another type of personal loan associated with it).
Car refinancing (depending on the situation).
Acquisition of passenger vehicles, utility vehicles or even collector cars.
This flexibility is important because not all financing options accept used or older cars. Most traditional banks are full of restrictions.
Advantages and disadvantages of borrowing
No loan is perfect. If someone has sold you this idea, you might be suspicious. There are always pros and cons, and understanding this is essential to making the right decision.
Advantages of IMB Car Loan
Competitive interest rates: for new cars, starting at 6.24% per year, which is well below the market average.
Easy comparison: you can simulate everything online before you commit.
No monthly maintenance fee: you don’t have to pay to keep the loan active.
Freedom to repay: if you can pay extra installments, great. You can, without being penalized.
Loans of up to $125,000: which covers a good range of cars on the Australian market.
Flexible term: you can adjust the number of installments according to your payment capacity.
Specific service for each type of car: new, semi-new or older used.
Disadvantages of IMB Car Loan
Higher rates for older cars: Cars over 6 years old fall into another category, with rates as high as 8.98% per year.
Need for a good credit analysis: those with a bad credit history or recent financial problems may have more difficulty getting approval.
Value limit: For very expensive or luxury cars, the 125,000 limit may not be enough.
Loan divided into categories: the type of vehicle and its age change the condition of your financing.
In other words: it is very worthwhile for those who have a good financial history and want to finance a new or semi-new car. For those who want to finance an older car, they have to carefully analyze the conditions.
How is credit analysis done at IMB Car Loan?
There is no magic here, it is a basic credit analysis. IMB Car Loan will look at some very objective points:
Credit history: If you usually pay your bills on time, you’re already halfway there.
Proof of income: the bank needs to be sure that you can afford the installments without going into debt.
Stable employment: having a fixed employment relationship or a regular source of income counts for a lot.
Banking relationship: being a long-standing IMB customer can work in your favor, but is not mandatory.
Value and age of the vehicle: to define whether the car is financed new, semi-new or personally (for old cars).
The idea is simple: the better your financial profile, the faster and easier your credit approval will be.
Is there a maximum and minimum loan amount for IMB Car Loan?
Yes, there is. And it’s a good idea to pay attention to these details so you don’t waste time:
New cars and up to 4 years old: it is possible to finance between 5 thousand and 125 thousand dollars.
Cars 5 to 6 years old: amounts up to 75 thousand dollars, already considered as a personal loan with the car as collateral.
Cars over 6 years old: loans of up to 50 thousand dollars, but completely without the car’s collateral, in the form of personal credit.
These amounts will help you get an idea of what you can and cannot finance. If your car is older and more expensive, you may have to make up the difference with your own funds.
It is also important to remember that IMB reserves the right to reduce the approved amount based on its risk analysis, so never count on the maximum amount until you have confirmation.
Want to apply? Learn how to get the IMB Car Loan right here!
If after all this you think that IMB Car Loan is for you, then don’t waste any time. But look, I’m not going to sit here and give you a step-by-step tutorial as if you were incapable of clicking a button.
The process is simple: click on the button that takes you directly to the application on the IMB website and follow the instructions there.
It will be quick and straightforward, without having to leave your home, wait in line or deal with a rude attendant.
Just one final tip: have your documents, proof of income and information about the vehicle you intend to finance on hand. This will speed up the analysis a lot.
Now it’s up to you: click the button below and start your IMB Car Loan application.
