First Option Credit Union Car Loans

Information verified correct on December 3rd, 2016

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 December 3rd, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
First Option CU New Car Loan
A great interest rate and real flexibility, perfect for new cars or demo models (with less than 1,500 kms).
From 6.99% (variable) 7.4% $1,000 5 years $295 More
From 11.25% (variable) 10.46% $1,000 7 years $175 More
Rates last updated December 3rd, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
HSBC Personal Loan
A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000
From 11.99% (fixed) 12.54% $5,000 1 to 5 years $150 Go to site More
Latitude Personal Loans (Unsecured)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your count in as little as 24 hours.
From 13.99% (fixed) 15.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
CUA Fixed Rate Personal Loan
A competitive fixed-rate loan with flexible repayments that can help you consolidate debt or make a large purchase.
From 11.99% (fixed) 11.99% $1,000 1 to 7 years $0 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $150 Go to site More
MoneyPlace P2P Loan
Interest rates from 8.90% p.a to 17.25% p.a. Comp rates from 8.90% p.a to 19.01% p.a depending on your credit score.
From 8.9% (fixed) 8.9% $5,000 3 to 5 years 0% - 3.75% of loan amount Go to site More
RateSetter Personal Loan
Ratesetter allow you to get a personalised rate based on your credit score.
From 9.42% (fixed) 9.42% $2,001 0.5 to 5 years $0 (fees may be charged) Go to site More
NOW FINANCE Personal Loans
Get rewarded with a low interest rate for your good credit history.
From 9.95% (fixed) 11.41% $4,000 1.5 to 7 years $395 (Based on $10,000) Go to site More
RACQ Unsecured Loan
An unsecured personal loan that lets you borrow funds for what you need. Repay the loan on terms up to seven years.
From 13.95% (fixed) 14.52% $5,000 1 to 7 years $378 Go to site More
CUA Variable Rate Personal Loan
Enjoy a competitive interest rate, flexible repayment options and no monthly fees.
From 12.99% (variable) 12.99% $1,000 1 to 7 years $0 Go to site More
St.George Get Set Loan Personal Loan
A revolving line of credit that lets you access your funds as and when you need to.
From 17% (variable) $5,000 $150 Go to site More
ANZ Variable Rate Personal Loan
A variable rate loan that lets you make and redraw additional repayments.
From 14.69% (variable) 15.55% $5,000 1 to 7 years $150 Go to site More

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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