BCU Bank Car Loan
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- Application Fee
- $200
- Interest Rate (p.a.)
- From 6.74% (variable)
- Comparison Rate (p.a.)
- 7.05%
- Max Loan Amount
- $150,000
Summary
Drive away with a competitive rate and no monthly feesWith a high Finder Score of 8.8, the BCU Bank Car Loan is a strong contender. Its interest rate is in the top half of the market and its application fee is among the lowest we've compared.
This loan is made more affordable by having no ongoing monthly fees. It's a straightforward option for financing a new, used or electric vehicle.
Details
Product details
| Product Name | BCU Bank Car Loan |
| Interest Rate (p.a.) | 6.74% |
| Comp. Rate (p.a.) | 7.05% |
| Interest Rate Type | Variable |
| Min Loan Amount | $4,000 |
| Max Loan Amount | $150,000 |
Main points to consider about the bcu car loan
A BCU Bank car loan can be an unsecured loan or a secured loan with the car or some other asset as security. If you opt for a secured loan, your asset must have a value greater than $5,000.
The BCU Bank car loan is a flexible personal loan with various features. You can make additional payments as well as pay the loan out early without any extra fees or penalties.
How does compare?
- High Finder Score. The BCU Bank Car Loan scores 8.8 out of 10 in our proprietary ranking system which is a high score for a car loan.
- Competitive interest rates. With a minimum interest rate from 6.74% p.a. this loan sits on the more competitive side of the market.
- Low application fee. The $200 application fee is more affordable when compared to other car loans.
- No ongoing fees. Unlike many other car loans you won't be charged any ongoing monthly or account-keeping fees.
- Variable interest rate. The advertised rate starts from 6.74% but the final rate you receive will be based on your application and credit history.
- Application fee. While competitive you will be charged a $200 application fee which some other lenders waive entirely.
Features of the BCU Bank car loan
- Competitive interest rate. The variable rate is from 6.74% p.a. and the comparison rate is 7.05% p.a.(calculated on a loan amount of $30,000 over a term of 5 years with monthly repayments).
- Redraw facility. If you are ahead with your repayments, you have the option of drawing down the extra money you've paid to spend on whatever you like.
- Fast approval. Apply online, by phone or at your nearest BCU Bank branch, and you could have approval in as little as 30 minutes.
- Flexible payment terms. You can make additional repayments at any time without any financial penalty.
- Early payout option. You have the option to pay the loan off early, without incurring a fee.
How much will the loan cost?
Fees and charges that apply to the BCU Bank car loan include the following:
- Application fee: Unsecured loan $200, secured loan $200
- Monthly fee: $0 administration fee
- Redraw fee: $0 per redraw
How to apply for the BCU Bank car loan
You can apply for a BCU Bank car loan simply by clicking "Go to Site" on this page. To be eligible for this loan, you must meet the following criteria:
- Be over 18 years of age
- Have a regular income
- Have a good credit history
- Borrow a minimum of $4,000 or a maximum of $150,000
- Take the loan over a minimum term of 5 years
- Have an asset worth more than $5,000 if taking out a secured loan
- Have another BCU Bank product
You will need to provide proof of identity (ie, driver's license, passport etc), proof of income (ie, payslips, bank statements etc) and proof of assets (ie, vehicle ownership papers, mortgage statement etc) to support your loan application.
It's always important to shop around and compare features before opting for a particular car loan, but if it's flexibility you're after and you're already a BCU Bank customer, the BCU Bank car loan may be just the type of finance you're looking for.
Sources
Your reviews
Alex Finder
Publisher
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