BCU Bank Car Loan

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?

• Competitive interest rates. Driva's minimum interest rate of 6.57% p.a. is on the more competitive side of the market.
• No ongoing monthly fees. Unlike many other lenders Driva does not charge ongoing monthly fees helping you save money over the life of the loan.
• Above-average borrowing amounts. Driva offers a maximum borrowing amount that is higher than the market average making it suitable for financing more expensive vehicles.
• Finance for electric vehicles. This loan can be used to purchase an electric vehicle which isn't an option offered by all lenders.
• High Finder Score. This loan received a high Finder Score of 8.7 putting it in the top tier of car loans we've reviewed.

• The lowest rate isn't available for everyone. Driva's advertised interest rate of 6.57% is competitive but your actual rate will depend on your credit score and financial situation.
• Strict credit requirements apply. You'll need a good credit history to be eligible for a loan which may exclude some borrowers with a less-than-perfect credit score.
• Early repayment fees may be charged. While you have the flexibility to make extra repayments, paying off your loan early could result in an early termination fee from the lender.

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.