Are you looking for a flexible way to finance a new or used vehicle purchase? Consider a secured loan from People's Choice Credit Union.
Purchasing any kind of vehicle, whether it be a car, a motorbike, or even a boat, can be a complicated process. Opting for a secured personal loan from People's Choice can offer you a competitive and flexible way to finance your purchase. You can take advantage of a fast pre-approval option so you know how much you have to spend, discounts on your interest rate when you purchase a new vehicle, and no ongoing fees to help keep your repayments low. Find out what loans are on offer and if any of People's Choice financing options suit your needs.
Type of loans available from People's Choice Credit Union
People's Choice Credit Union has a Car Loan and secured personal loans available that can be used to finance a range of vehicle purchases.
- Car Loan. You can purchase a new or used car with this loan, but a special rate of 5.64% p.a. applies for new cars over $20,000. For other vehicles, a standard fixed rate of 7.99% p.a. applies. This loan also comes with pre-approval, no monthly fees, no penalties for early repayments and a redraw facility for any additional repayments you make.
- Secured Personal Loan. Borrow between $2,000 and $100,000 with this loan and lock in a competitive rate of 11.99% p.a.. You secure the loan with one of your assets, such as a vehicle or even a term deposit, and then use the loan funds for any personal purpose. This includes to purchase a vehicle. Loan terms can extend up to seven years and no monthly fees apply. Pre-approval is also available.
- Discounted Personal Loan. This loan offers a low, competitive rate of 7.99% p.a. for loans starting from $10,000. You can secure your loan using a range of assets and lock in a fixed rate for the first five years, but the loan terms can extend up to . You can repay the loan early without penalty and also make additional repayments. A redraw facility and pre-approval are available.
The features and benefits to make note of
The range of loans on offer come with some features that are work considering.
- Flexibility with vehicles as security.
Some lenders are very restrictive as to what you can use as a guarantee, but People's Choice lets you use a new or used car as security its Car Loan, or any other vehicle for its Secured Personal Loan or Discounted Personal Loan.
You can apply for pre-approval that is valid for 60 days. This lets you know how much you have to spend when shopping for a vehicle online or giving you the upper hand when it comes to negotiating a price in a private sale. A rate lock fee of 0.15% of the loan amount applies.
- Discounted rates.
Opt for the Discounted Personal Loan to take advantage of a competitive rate of 7.99% p.a., or if you're purchasing a new car over $20,000, you may be eligible for a special rate of 5.64% p.a. with the Car Loan.
- Flexible repayments.
You can schedule your repayments as per your budget – weekly, fortnightly or monthly. The Discounted Personal Loan has terms that can extend up to , giving you plenty of time to repay your loan. If you can repay earlier with any of the People's Choice loans above, you can do so without penalty. You can also make additional payments at any time.
- Redraw facility.
Any additional repayments you make can be accessed using the redraw facility. Keep in mind that the minimum redraw amount is $250 and a fee applies if you redraw in-branch. Also, you can only redraw if you've made sufficient additional repayments.
What other products do People's Choice offer?
You can find a number of personal and business banking products on offer from People's Choice Credit Union.
- Transaction and savings accounts.
You have the choice of an Everyday Account, an Activate Account if you're under 25, a Zip Account for quick access to money or a Club 55 Account for seniors. People's Choice also offers savings and investments accounts that include a Bonus Saver and a Young Saver Account.
- Personal Loans.
As well as the Car Loan and secured loans outlined above, you can also opt for the Unsecured Personal Loan from People's Choice. It offers a competitive rate and no ongoing fees to help you finance a range of personal purchases.
- Home Loans.
There are a few home loan options to select from, including a Variable Home & Investment Loan Package, a Fixed Rate Home & Investment Loan, Basic Variable Home & Investment Loan or a Standard Variable Home & Investment Loan.
- Credit Card.
With up to 62 days interest-free and a competitive rate of 2.99% for balance transfer, cash advances and purchases, the People's Choice Visa Credit Card is one to consider.
People's Choice offer Home and Contents Insurance, Car Insurance, Travel Insurance, Landlords Residential Property Insurance, Mortgage Repayments Insurance, Motorcycle Insurance, Caravan Insurance, Boat Insurance and a range of Personal Insurances that you can consider.
- Financial planning.
If you're looking for advice on your financial future, you can enlist the financial planning services of People's Choice Credit Union.
- Foreign Currency.
Products such as a Cash Passport, foreign cash, international currency drafts or transfers can help get ready for your next overseas trip.
How can I apply for a loan from People's Choice Credit Union?
If you'd like to apply for a secured personal loan or the Car Loan listed above, simply click "Go to Site" to get the process started. You can review all the information there and also submit your application. Make sure you confirm the loan details, including the loan amount and interest rate, to ensure you will be able to afford the repayments.
You'll need the following information on hand to complete your application:
- Identification. Your name, driver's licence number and expiry.
- Income. You'll need to provide your payslips as well as any extra income you receive from child support, pensions, overtime, allowances, rental income, commissions, etc.
- Expenses. List information such as your rent, board, loan repayments, credit and store cards and provide your utility bills.
- Assets. This includes things like cash savings, the value of motor vehicles, shares, bonds, property and furnishings.
- Residential and employment details. These details will need to be from the last three years.
You don't need to be a People's Choice member to apply for a loan, but you will need to become a member before the loan can be finalised.