First Option Credit Union Car Loans

First Option CU LogoMake First Option Credit Union your first choice for a car loan – whether you're looking to buy a new or used car.

First Option Credit Union, like other credit unions, 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 amongst the leading credit unions servicing leisure, gaming, hospitality, energy, and telecommunications industries in Australia.

This credit union 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.

Compare First Option Credit Union Car Loans

Rates last updated November 23rd, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Monthly Repayment Product Description
First Option CU New Car Loan
From 6.99% (fixed)
6.99%
$2,000
5 years
$0
$0
A great interest rate and real flexibility, perfect for new cars or demo models (with less than 1,500 kms).
First Option CU Used Car Loan
From 6.99% (fixed)
6.99%
$2,000
5 years
$0
$0

Compare up to 4 providers

Rates last updated November 23rd, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Monthly Repayment Product Description
IMB New Car Loan
From 5.99% (fixed)
6.34%
$2,000
1 to 7 years
$0
$250
Borrow up to $75,000 for a new car up to two years old. Competitive 5.99% p.a. rate available to all approved applicants.
RACV New Car Loans
From 6.49% (fixed)
7.03%
$15,000
1 to 7 years
$0
$380
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
Beyond Bank Low Rate Car Loan
From 5.69% (fixed)
5.97%
$25,000
1 to 7 years
$0
$175
A great rate for cars under 2 years old.
Stratton Finance New Car Loan
From 5.49% (fixed)
6.62%
$18,000
1 to 7 years
$7
$499
Benefit from a car broker with over 25 years experience
Bank Australia Car Loan
From 6.45% (fixed)
6.66%
$1,000
7 years
$0
$150
A competitive rate and the ability to offset your car’s carbon emissions for the loan term.
bcu Car Loan
From 5.9% (variable)
6.82%
$5,000
1 to 5 years
$8
$250
Borrow up to $65,000 for a car up to 5 years old. The New Car Loan from bcu allows you to make extra repayments and access a redraw feature
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
Freedom Finance Car Loan
From 5.1% (fixed)
5.94%
$35,000
1 to 5 years
$0
$380
If you meet all the requirements you could get access to a range of lenders to finance a new or used car up to 4 years.
AutoCarLoans
From 5.16% (fixed)
6.64%
$15,000
1 to 7 years
$5
$381.80
AutoCarLoans can match you with a lender from its panel with rates starting from 5.16% p.a. Suitable for vehicles up to 2 years old.
IMB Secured Personal Loan
From 7.39% (fixed)
7.74%
$2,000
1 to 5 years
$0
$250
All approved applicants can access this competitive rate and use the loan to finance a range of purposes. Loan amounts up to $60,000 available.
RACV Personal Loan
From 7.49% (fixed)
8.04%
$5,000
1 to 7 years
$0
$380
You could use this personal loan offer from RACV to help finance a renovation, holiday or project.
bcu Secured Freedom Loan
From 9.08% (variable)
9.99%
$4,000
1 to 5 years
$8
$250
A competitive, secured personal loan that you can use for a variety of purposes.
NRMA New Car Loan
From 5.99% (fixed)
6.53%
$15,000
1 to 7 years
$0
$380
Purchase a new car with an NRMA Car Loan with a fixed rate term and no monthly fees. NRMA Members could save 1% on loan rates.
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
Get behind the wheel of your perfect car with a competitive interest rate from St.George. Get an application response within 60 seconds.
Bank of Melbourne Secured Personal Loan
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
A low rate personal loan from Bank of Melbourne with variable or fixed option.
Westpac Car Loan
From 8.49% (fixed)
9.67%
$10,000
1 to 7 years
$12
$0 (On new loan applications before 31st January 2018.)
Apply for a Westpac car loan and enjoy a great interest rate when you purchase a new or used vehicle.

Compare up to 4 providers

Awards

  • Money Magazine Best of the Best Awards, 2014 and 2015. First Option’s Kids Bonus Saver Account awarded Best Kids Savings Account.

The kinds of car loans that are available

First Option Credit Union provides different car loans to suit different needs and you can look forward to getting one no matter whether you’re buying a new or used car. Details of your options are as follows:

  • New Car Loan.
    You can use the proceeds from this loan to buy a new or demo car that has run no more than 1,500 kilometres. A competitive fixed rate of 10 % p.a. stays in place for the first six months, after which you start paying a variable rate, and maximum loan term can extend up to seven years. You don’t have to pay any account-keeping fees, and extra and early repayments don’t attract penalties. This loan comes with a redraw facility.
  • Used Car Loan.
    If you’re considering buying a car that has done more than 1,500 kilometres, this is the loan to consider. This loan also comes with a introductory six months fixed rate of 11.25% p.a. and the maximum loan term is seven years. You can make extra repayments and also repay the loan early without paying penalties, and the loan does not attract any account-keeping fees. You can access your extra repayments via a redraw facility.
  • Special Car Loan Offer.
    This loan is available for new car buyers, and it charges a competitive fixed interest rate of 6.99% p.a. that stays in place for five years. This loan does not attract any account-keeping fees, extra or early repayment penalties.

Features and benefits of a First Option Credit Union car loan

  • Introductory rate. Both, the new and used car loans provided by First Option come with introductory fixed rates for the first six months. The Special Car Loan Offer has the rate stay in place for five years.
  • Extra and early repayments. You can make additional repayments towards your car loan at any time, and by paying the loan off sooner than scheduled you can save in the form of interest. What helps is that First Option does not charge any penalties for extra and early repayments.
  • Redraw facility. While making extra repayments can help lower interest, if you end up needing this money you get access to with via a redraw facility. There is a minimum limit to how much you can redraw and a redraw fee of $10 applies.
  • Flexible repayment options. The easiest way to make repayments is via salary deduction or direct debit, given that you don’t have to remember to make the payments each time. You can also make repayments using First Option’s Internet, mobile, and phone banking platforms.
  • Free car buying service. First Option connects with you a free car buying service so you don’t have to run around too much in your hunt for a new or used car. Car Search Brokers is a totally independent organisation that relies on long-term dealers with reputable histories and guarantees after-sales support.
  • Simple application process. If you choose to submit an online application you can do so in a matter of minutes, and you can expect a quick answer informing you of the application’s status.

What other products are on offer?

  • Transaction accounts. While the Access Saver Account gives you easy access to your money in various ways, the Deeming/Over 65 Account is for individuals who receive government pensions or allowances. These accounts come with debit cards.
  • Savings accounts. When it comes to savings accounts, you get numerous options from which to choose. Some of your options include Budget Saver Account, Cash Management Account, Kids Bonus Saver Account, GST/Tax Saver Account, and Christmas Saver Account. If you’re considering long-term savings, you can open a Term Deposit.
  • Home loans. You can get a variable rate home loan from First Option to buy or build a home, and you have the option of getting a fixed rate for the initial period. You can get a Bridging Loan if you’re considering buying or building a new home while waiting for your existing one to sell.
  • Credit cards. First Options provides two different Visa credit cards. While one is a low rate card, the other card rewards spending.
  • Other products. First Option can assist you with your requirement for foreign currency when you’re travelling overseas and it can also take care of your travel insurance needs. It provides insurance solutions, tax and accounting services, financial planning advice, and more.

How to apply for a car loan from First Option Credit Union

Applying online is easy and takes little time, and you can also apply over the phone, or by visiting any First Option Credit Union branch. The application process requires that you provide a range of information, so keep the following close at hand:

  • Proof of identity
  • Proof of residential address
  • Last two payslips or a letter from your employer with details of your income, or any other documentation that can serve as proof of income
  • Self-employed individuals should provide copies of tax returns for the last two years
  • Details of all existing debts like loans, credit cards, and overdrafts

Turning to First Option Credit Union to get a car loan can serve you well, given that these loans don’t charge penalties for extra and early repayments, but since you can find other car loans with similar features, it’s best that you compare a few before deciding.

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Related Posts

IMB New Car Loan

Borrow up to $75,000 for a new car up to two years old. Competitive 5.99% p.a. rate available to all approved applicants.

Beyond Bank Low Rate Car Loan "Special Offer"

A great rate for cars under 2 years old.

RACV New Car Loans

Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

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