People First Bank Discounted Personal Loan (Car Loan)
- Application Fee
- $250
- Interest Rate (p.a.)
- From 6.49% (fixed)
- Comparison Rate (p.a.)
- 6.84%
- Max Loan Amount
- $120,000
Summary
Secure a competitive interest rate in the top 25% of car loans we analyse.This loan scores well for costs with an interest rate in the top 25% of our database and an application fee that's more affordable than half the market. This is reflected in its high Finder Score of 8.6.
Its main drawback is a lack of flexible repayment options. However its competitive rates and no ongoing monthly fees make it a compelling choice for borrowers comfortable with monthly payments.
Pros
-
No monthly fees
-
Pre-approvals are available
-
No fees for extra repayment and early repayment
Cons
-
Not available for loans of less than $20,000
-
You can only fix the loan for a maximum of 5 years
Details
Product details
| Product Name | People First Bank Discounted Personal Loan (Car Loan) |
| Interest Rate (p.a.) | 6.49% |
| Comp. Rate (p.a.) | 6.84% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $20,000 |
| Max Loan Amount | $120,000 |
How does People First Bank Discounted Personal Loan (Car Loan) compare?
- Competitive interest rate. This loan's 6.49% interest rate is in the top 25% of car loans in our database.
- Affordable application fee. Its $250 application fee is more affordable than half the car loans we compare.
- No ongoing monthly fees. This loan has no ongoing monthly account fees which helps keep costs down compared to other loans.
- Limited repayment options. This loan only allows for monthly repayments offering less flexibility than other products on the market.
Main points to consider with the People First Bank Car Loan
If you're purchasing a vehicle over $20,000 you can enjoy a lower interest rate of 6.49% p.a. There are no monthly fees with this loan and for a limited time a $250 application fee applies. Loan terms can extend up to a generous 10 years.
Features on offer with the People First Bank Car Loan
If you're considering this loan, it's important to have a good understanding of all the features that come with it. Here are some of the notable features of this loan:
- Fixed rate for up to five years. Your interest rate is fixed for the first five years, so your repayments stay the same during that time. If you choose a loan term longer than five years, the rate switches to variable for the rest of the loan and your repayments could go up or down.
- Interest rate discounts. If you are purchasing or refinancing a vehicle less than 10 years old and worth over $20,000 you can look forward to a lower rate of 6.49% p.a.
- Pre-approval. You can apply for pre-approval which remains valid for 90 days.
- No monthly fees. This loan comes with no monthly fees.
- Generous loan terms. The terms of this loan can extend up to 10 years, giving you plenty of time to repay what you borrow.
- New or used car. The loan can be used to purchase or refinance a new or used car, caravan or motorcycle that is up to 10 years old.
How to apply
You can apply for a People First Bank Car Loan online through its website. The application process is quick and shouldn't take long to complete. You'll need the following information on hand to complete your application:
- Details of your income. This includes payslips, child support, pensions, income from overtime, allowances, commissions and rental income.
- Information about your expenses. You need to provide your utility bills, how much you pay in rent or board, details of any loan payments and the current limits and payments on credit and store cards.
- Asset details. List your cash savings, the value of any motor vehicles you own as well as shares, bonds, property and furnishings.
- Employment and residency. Provide your residential and employment history for the last three years.
- Identification. You will need your driver's licence number and expiry date.
You don't currently need to be a member of People First Bank to apply for a loan, but you will need to become a member before the loan is finalised.
People First Bank offers a convenient way for you to finance your new or used vehicle purchase, but as there are other similar offerings, make sure you compare everything that's available to you before submitting your application.
Your reviews
Elizabeth Finder
Journalist
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