First Option Bank Car Loans

First Option Bank offers the stability of a fixed rate loan for a new or used car.

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Elizabeth Barry

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First Option Credit Union has now been rebranded to First Option Bank. All product information here is correct.

First Option Bank is a member-owned financial institution and it began operations in 1965. The name First Option Credit Union came into existence only in 2005 after the merger of TAB Credit Union (NSW) and Flying Horse Credit Union (Victoria). Now it is among the leading banks servicing leisure, gaming, hospitality, energy and telecommunications industries in Australia.

First Option gives its members the ability to get car loans for new and used cars and it also has a Special Fixed Rate Car Loan on offer. It provides a number of other financial services and products, which include access and savings accounts, home loans, personal loans, business banking solutions and financial planning advice.

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Finder Score Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
First Option Bank logo
Finder Score
8.1 Great
First Option Bank Car Loan
Fixed1 - 7 Years $15,000 - $100,000
Finder Score
8.1 Great
Interest Rate (p.a.)
10.99%
Comp. Rate (p.a.)
11.25%
Application Fee
$175
Monthly Fee
$0
Monthly Repayment
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How to apply for a First Option Bank car loan

When applying online for a car loan, you'll need to supply some key details:

  • Details of the car you're borrowing for, include make, model, year and purchase price
  • How much you're looking to borrow
  • Your name, address and contact information
  • Details of your employment and income

Sources

Elizabeth Barry's headshot
Journalist

Elizabeth Barry is an experienced journalist with over 10 years of expertise in personal finance, contributing to outlets like the ABC, Sydney Morning Herald, and 7News. She holds a Master of Arts in Creative Writing and a Bachelor of Arts in Communication from the University of Technology Sydney, and has earned multiple award nominations, including a Highly Commended recognition at the 2017 Lizzies. Elizabeth began her career at Finder in 2013, progressing through roles to become Lead Editor, where she oversaw a wide range of personal finance coverage until 2024. See full bio

Elizabeth's expertise
Elizabeth has written 202 Finder guides across topics including:
  • Banking
  • Personal finance
  • Investing
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