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First Option Bank Special Car Loan Offer

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First Option Bank Special Car Loan Offer

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

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Application Fee
paid only if loan is approved
Interest Rate (p.a.)
From 5.69% (fixed)
Comparison Rate (p.a.)
5.93%
Max Loan Amount
$100,000

Summary

Get a special rate for 7 years with a competitive loan that allows extra and early repayments and charges no ongoing account-keeping fees

This product is no longer available.

First Option Bank provides a special fixed rate car loan where the interest rate stays the same for the course of the loan. While the standard loan term is 7 years you can make extra repayments whenever you want without paying penalties and there is also no penalty for paying the loan off before the term expires. You can access your extra repayments using a redraw facility and you don’t have to pay any monthly or annual fees. If you need help narrowing down on a suitable car, you can make use of a free car buying service.

Existing customers will receive a rate of 10.99% p.a. and a comparison rate of 11.24% p.a. Existing customers can also borrow from as little as $15,000.

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Details

Product details

Product Name First Option Bank Special Car Loan Offer
Interest Rate (p.a.) 5.69%
Comp. Rate (p.a.) 5.93%
Interest Rate Type Fixed
Min Loan Amount $20,000
Max Loan Amount $100,000

This product is no longer available.

First Option Credit Union has been rebranded to First Option Bank.

Things to consider about the First Option Bank Special Car Loan Offer

If you're looking for a fixed rate car loan so you don't have to worry about fluctuating interest rates or repayments, this special Car Loan offer by First Option Bank is worth considering. You can use proceeds from this loan to buy a new car, and to help you look for cars within your buying capacity First Union provides free pre-approval. To help you find a suitable car, they also put you in touch with a free car buying service.

Once you get the loan you can make extra repayments at any time and you can also pay the loan off completely ahead of time. The fact that this loan does not attract any ongoing account-keeping fees is a plus as well.

The standard and 'Special' features of this loan

This special offer Car Loan provided by First Option Bank comes with various features, and here are the details to know about:

  • Fixed interest rate. Expect a fixed interest rate of 10.99% p.a. through the entire loan term, and this ensures that there is no change in the interest rate or repayment size anywhere down the line. If you want to stick to a budget and don't want the uncertainty that comes with a variable rate loan, this one can help.
  • Loan amount. New customers can apply for a car loan from $20,000 - $100,000. Existing customers however can apply for $15,000 - $100,000.
  • Free pre-approval. First Option provides free pre-approvals and getting one before you begin your search for a car helps base your search on the amount you're qualified to borrow.
  • Extra repayments. This loan does not charge any penalties for additional payments and you can make them as and when you want. Making extra repayments reduces your balance, and therefore the interest you're required to pay.
  • Early payouts. You can pay the loan off earlier than scheduled, and doing so does not attract any penalties.
  • Redraw. If you, at any time, end up needing the money you've paid towards the loan as additional repayments, you can access these easily using a redraw facility. This service comes with a fee of $10 and you have to redraw a minimum amount.

What costs will apply?

Repaying the loan entails repaying the amount you borrow along with the interest it attracts, and there are also other fees and charges associated with this loan. First Option gives you a loan offer document that lists all associated fees and charges and going through these before you accept the contract is always a good idea. While there are certain fees like the loan administration fee that you have to pay, you can avoid ones like direct debit dishonour fees. This is what the basic fee structure looks like:

  • Loan administration fee: $175
  • Monthly/ annual account-keeping fees: $0
  • Redraw fee: $10

How you can take up this offer

You can apply in-person by visiting any First Option Bank branch, you can apply by speaking to a First Option representative over the phone, or you can submit an online application. Applying online does not take much time, but before applying, establish if you meet the following criteria to qualify:

  • You are over 18 years of age
  • You have good credit history
  • Have been in solid employment for preferably over 12 months

Successfully completing the application involves providing a variety of information, which includes the following.

  • Personal details like name, date of birth, marital status, and number of dependants
  • Your residential address, residential status, phone number, and email address
  • Your employer's name and contact details along with your employment status
  • Details about your income and expenses

This fixed rate car loan brings with it a certainty about repayments along with several features, but since this is not the only car loan of its kind, comparing few car loans before deciding makes sense.

Compare car loan providers

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1 - 13 of 108
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket New Car Loan
OurMoneyMarket logo
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
loans.com.au - New - Variable Rate Special
loans.com.au logo
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
Stratton Finance New Car Loan
Stratton Finance logo
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
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.
NRMA New Car Loan
NRMA logo
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
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 New Car Loan
Credit Concierge logo
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
RACV New Car Loans
RACV logo
Fixed1 - 7 Years $5,000 - $150,000
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
You'll receive a fixed rate from 7.29% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
Simplify New Car Loan
Simplify Finance logo
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
Credit Concierge Used Car Loan
Credit Concierge logo
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
OurMoneyMarket Used Car Loan - No Vehicle Age Limit
OurMoneyMarket logo
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
Stratton Finance Used Car Loan
Stratton Finance logo
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
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.
Simplify Used Car Loan
Simplify Finance logo
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
NRMA Used Car Loan
NRMA logo
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
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.
RACV Used Car Loans
RACV logo
Fixed1 - 7 Years $5,000 - $150,000
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
You'll receive a fixed rate from 8.49% p.a.
Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.
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