As one of Australia’s leading regional banks, Bank of Queensland prides itself on remaining one of the few of its kind that is not owned by the big banks.
Having been in business since 1874, Bank of Queensland has worked to build its reputation on customer relationships, to know exactly what its customers want – and what they don’t.
How does it do this? In its 200 branches across Australia, each Bank of Queensland branch has an Owner Manager. This means local people not only run each branch, they own them.
This allows BOQ to better understand its customers’ needs, so it can offer simple, easy-to-understand banking products that provide exactly what its customers are looking for.
While it may not be owned by a big bank, Bank of Queensland can still offer that same level of security as a big bank, as it faces the same regulations set out by the Australian Prudential Regulation Authority as an Authorised Deposit-taking Institution.
Bank of Queensland offers a wide range of banking products, with everything from credit cards and term deposits, to car loans and mortgages. But, is BOQ the right lender for you?
As a smaller bank, Bank of Queensland may be able to offer you lower interest rates on your car loan than a bigger bank. And with its strong customer focus, you may find it offers more personalised service than you would see elsewhere.
Time to check it out? Let’s take a look at Bank of Queensland car loans and what they have to offer.
Types of Bank of Queensland Car Loans on offer
Bank of Queensland offers car buyers two types of car loan to choose from. There is the fixed rate car loan, and the variable rate car loan, each offering something slightly different in the way of car finance. Which one is right for you?
Bank of Queensland Fixed Rate Car Loan
With a fixed rate car loan, the rate of interest that is applied to the loan is fixed. That means no matter what the market is doing, your loan repayments stay the same.
You may choose the BOQ fixed rate car loan as it can make budgeting easier. You will know exactly how much to set aside for your repayments each month, for the life of the loan.
You may also choose the BOQ fixed rate loan because you want to play it safe. Even if interest rates rise, you know that your repayments won’t rise with them. But, it’s worth pointing out that you won’t benefit from any drop in interest rates either.
Bank of Queensland Variable Rate Car Loan
On the other hand, a variable rate car loan features an interest rate that may change according to the market. If interest rates rise, so may your repayment amount. But, if interest rates drop, you could enjoy a lower repayment.
With the BOQ variable rate car loan, you can also enjoy a little more flexibility. With unlimited additional repayments, you could pay off your loan sooner, while paying less in interest overall.
Choosing your Loan
When comparing loans, it can be a good idea to use a car loan calculator to work out an affordable repayment schedule. This means thinking about the length of the loan, and how it will affect repayment amounts and the overall cost of the loan.
Bank of Queensland offers car loans over one to seven years, allowing you to choose the loan term that best works for your budget. And with a low minimum loan amount of $5,000, you can borrow only what you need.
Your repayment schedule is also something you’ll have to consider. Luckily, BOQ offers flexibility in its repayment schedule, so you can choose to make your repayments weekly, fortnightly or monthly.
Lastly, be sure to take into account any fees you may have to pay on the loan. Bank of Queensland charges an application fee on its car loans, as well as a monthly maintenance fee. Read the small print to find out more about fees that may apply, to work out how affordable your loan really is.