FCCS Affinity Car Loan

Things to consider about the FCCS Affinity Car Loan

The Affinity Car Loan is a vehicle financing product from FCCS Credit Union. To be able to access this loan product you will need to be a member of the credit union. As a member, you are an FCCS stakeholder and can enjoy the benefits of other financial products, with all the profits of the credit union being passed on to you through savings.

Features of the FCCS Affinity Car Loan

• Variable interest rate. This loan is offered as a variable rate option and can help you take advantage of favourable market rate conditions.
• Loan amount and terms. The minimum available loan amount is $5,000 and you are able to borrow for a term of up to 7 years.
• Repayment options. You are able to select a repayment frequency to suit your budgeting needs, whether that be monthly, fortnightly or weekly. You also have the option of making additional repayments to repay your loan sooner.
• Redraw facility. If you choose to make additional repayments then you also have the option of redrawing that money should you need to. This can encourage you to make additional contributions to pay off your loan sooner, with the knowledge that you will be able to access those funds later on.
• Account access. FCCS allows you to apply for the loan online and also offers free access to the redraw facility when you redraw online. Free ATM and EFTPOS transactions are available as well.
• Car buying service. You have the option of using the FCCS private fleet buying service free of charge so you can find the right car for you, plus you can take advantage of free roadside assistance and fleet discounting.

Pros and cons of the FCCS Affinity Car Loan

Pros

• The fleet car buying service can help you save money on your purchase
• The absence of monthly account service fees can help you save money over the life of your loan

Cons

• The loan is only available with a variable rate, making it difficult to plan your repayments
• The minimum loan amount of $5,000 is relatively high and may restrict some borrowers who are looking to finance less-expensive vehicles

Things to consider

As with any loan, you should determine how much you can afford to borrow before applying. If you are looking to purchase a new car then you may benefit from lower rates and fees with a secured loan, such as this loan from FCCS, as using your car as a guarantee means less of a risk to the lender.

As you are able to make free additional repayments online with the Affinity Car Loan, doing this from time to time will reduce the amount of interest you will end up paying.

How to apply

To apply for the Affinity Car Loan you will first need to sign up to be a member of FCCS Credit Union. To become a member you will need to purchase a share for $10. You will also need to provide proof of your identity.

After you become a member you can apply for the Affinity Car Loan online. You will need to provide the following documents:

• Current payslip or letter from your employer stating commencement date and salary details
• If you have another income you will need proof to verify the source
• If you are self-employed you will need full financial statements and tax assessments for the last two years, as well as current figures that are no less than three months old
• Statements of your home loan and any other loans you may have
• Statements of your active credit cards and store cards
• If you are renting you will need a copy of your recent rental lease, or if you are boarding you will need a letter from the owner
• Details of the car you intend to purchase including make, model and price

Compare car loan providers

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
loans.com.au - New - Variable Rate Special Variable3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 6.24% to 7.74%	Comp. Rate (p.a.) 7.36% to 8.85%	Application Fee $400	Monthly Fee $8	Monthly Repayment $630.83	Go to siteMore Info Compare
OurMoneyMarket New Car Loan Fixed1 - 7 Years $2,001 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $250 min.	Monthly Fee $0	Monthly Repayment $622.82	Go to siteMore Info Compare
Simplify New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.19% to 18%	Comp. Rate (p.a.) 6.6% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $622.21	Go to siteMore Info Compare
Credit Concierge New Car Loan Fixed1 - 7 Years $10,000 - $100,000	Interest Rate (p.a.) 6.29% to 16.45%	Comp. Rate (p.a.) 7.41% to 17.91%	Application Fee $553	Monthly Fee $10	Monthly Repayment $637.97	Go to siteMore Info Compare
NRMA New Car Loan Fixed1 - 7 Years $5,000 - $130,000	Interest Rate (p.a.) 7.29% to 16.99%	Comp. Rate (p.a.) 8% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $635.67	Go to siteMore Info Compare	Note: Take out a loan for an eligible electric vehicle and receive a 1.5% discount on your personalised interest rate (interest rates start from 5.79% p.a. and comparison rates from 6.49% p.a.)
Credit Concierge Used Car Loan Fixed1 - 7 Years $10,000 - $1,000,000	Interest Rate (p.a.) 6.8% to 17.45%	Comp. Rate (p.a.) 7.56% to 18.91%	Application Fee $553	Monthly Fee $10	Monthly Repayment $642.74	Go to siteMore Info Compare
Stratton Finance New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.27	Go to siteMore Info Compare	You'll receive a fixed rate from 6.52% p.a. depending on the lender you are approved with. Apply for up to $300,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
OurMoneyMarket Used Car Loan - No Vehicle Age Limit Fixed1 - 7 Years $2,001 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $250 min.	Monthly Fee $0	Monthly Repayment $622.82	Go to siteMore Info Compare
Simplify Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.19% to 18%	Comp. Rate (p.a.) 6.6% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $622.21	Go to siteMore Info Compare
NRMA Used Car Loan Fixed1 - 7 Years $5,000 - $130,000	Interest Rate (p.a.) 8.49% to 16.99%	Comp. Rate (p.a.) 9.21% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $647.01	Go to siteMore Info Compare	You'll receive a fixed rate from 8.49% p.a. Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
Stratton Finance Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.27	Go to siteMore Info Compare	You'll receive a fixed rate loan from 6.52% p.a. with a comparison rate of 6.95% p.a. A used car loan of up to $300,000 with quick approval times and balloon payment options.

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