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NAB Car Loan

As one of Australia’s Big Four banks, National Australia Bank (NAB) is a juggernaut in the Australian financial landscape. NAB has over 42,00 employees operating more than 1,700 branches and business banking centres worldwide, servicing over 12,700,000 customers.

Whether you’re an individual, small to medium enterprise, or one of the country’s biggest businesses, NAB has a product or service to suit any retail or business need.

NAB Personal Car Loan

NAB offers both fixed and variable interest rate car loans for individuals wishing to purchase a new or used vehicle. Loan applications can be approved with funds deposited in a NAB bank account on the same day if submitted with all relevant documentation by 2pm. Features of a NAB car loan:

  • Borrow from $5,000 - $55,000
  • Terms from 1-7 years
  • Weekly, fortnightly or monthly repayment options
  • Make additional repayments and pay off the loan without any extra fees
  • Redraw facility to take back any additional payments you’ve made (variable rate loans only)

If you haven’t found your car yet, you can still apply for a loan. NAB offers unconditional loan approval for up to three months, giving you plenty of time to find and buy a car.

NAB Business Car Loans

NAB offer the widest range of car loan products for businesses on the market, with every option you could want covered. They offer finance for cars, buses, trucks and entire vehicle fleets, and include:

  • Repayment plans that suit the cash flow of your business
  • 100% finance so you can use your cash for your business
  • Finance up to $500,000

NAB car loan options for businesses:

  • Business vehicle loan - you own the vehicle from the start with NAB providing full or partial funding.
  • Hire purchase - NAB buys and owns the vehicle, you pay it off, then take ownership at the end of the loan agreement.
  • Finance lease - NAB owns the vehicle and leases it to you, with the option to buy it at the end of the lease period, or rollover into another lease agreement.
  • Novated lease - Staff can purchase a car from their pre-tax salary, saving them money by paying less income tax, while also potentially reducing your company running costs.
  • Fully maintained novated lease - The same as a novated lease, only all running costs are included in the lease agreement.
  • Fully maintained operating lease - Lease company vehicles and have all operating costs and paperwork taken care of.

All of these options offer a wide range of tax benefits to your business. Talk to your accountant or seek independent financial advice about which option would suit the financial needs of your business the best.

NAB programs and initiatives

As you would expect from a financial institution as big as NAB, they are involved in a number of programs and initiatives aimed at creating wealth and opportunity for all Australians. Some of these programs and initiatives include:

  • Social and financial inclusion - A focus on providing financial services to all Australians, regardless of their background or socio-economic status. They have formed a range of educational programs in conjunction with community groups and the government, and actively seek to empower women, support indigenous and African Australians, and promote social inclusion within their own organisation.
  • Education and young people - Developed a range of programs including $20 Boss (creativity, entrepreneurship and innovative thinking), Work Inspiration (preparation for life after school) and High Resolves (confidence and skill building for high school students).
  • Accessibility Action Plan - Ensuring staff and customers can realise their potential regardless of their disability.

NAB also has a number of programs and initiatives related to health and wellbeing, community grants, disaster and crisis support, and environmental products and services.

NAB are also heavily involved in two of Australia’s biggest sports, Australian Rules Football (run by the AFL), and its global counterpart, Football (run by the FFA).

  • The NAB Auskick program supports junior development right across Australia, while they also sponsor the annual NAB Rising Star competition (awarded to the AFL’s best young player), NAB Challenge (pre-season competition with games played in rural and regional areas) and NAB AFL Trade Period (off-season period when clubs recruit new players).
  • NAB supports Football across multiple levels including the men’s and women’s national teams; the A-League, W-League and FFA Cup; NAB Young Footballer of the Year Awards in both the A-League and W-League; and the MiniRoos, the FFA’s junior development program.

Finally, they also have their own NAB Foundation, which has so far distributed $8.1 million in grants. The aim is to enable people and communities to make positive changes in Australian society. They do this by:

  • Providing funding
  • Supporting community projects
  • Offering skilled mentoring and volunteering
  • Seeking impact investment opportunities

NAB Car Loan Eligibility

To be eligible for a NAB car loan you must have a good credit rating, and they will conduct stringent background checks to ensure you can repay the loan. NAB makes it very clear that you should seriously think about the terms of the loan and how this will impact on your ability to make repayments. While some loan providers are happy to approve applications and deal with the consequences later, NAB are open about ensuring you think carefully about the impact of the loan on your lifestyle.

Should you wish to apply for a loan, you must be 18 years of age, a permanent Australian resident with a regular income.

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