UniBank Variable Rate Car Loan Review
- Application Fee
- $150
- Interest Rate (p.a.)
- From 9.99% (variable)
- Comparison Rate (p.a.)
- 10.21%
- Max Loan Amount
- $80,000
Summary
A variable rate car loan with one of the market's lowest application fees.Scoring 7.8 in Finder's database, the UniBank Variable Rate Car Loan stands out with its application fee in the top 5% of the most affordable on the market. It also scores highly for having no ongoing monthly fees.
However, its interest rate is not among the most competitive and its maximum loan amount is below the market average. This may limit your options if you're financing a more expensive vehicle.
Details
Product details
| Product Name | UniBank Variable Rate Car Loan |
| Interest Rate (p.a.) | 9.99% |
| Comp. Rate (p.a.) | 10.21% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max Loan Amount | $80,000 |
How does UniBank Variable Rate Car Loan compare?
- Low application fee. The $150 application fee is in the top 5% of the most affordable on the market.
- No ongoing fees. This loan scores highly in our database for not charging any ongoing monthly account keeping fees.
- Flexible repayments. It scores well for flexibility by allowing extra repayments and early loan payout without penalty.
- Uncompetitive interest rate. Its interest rate receives a low score in Finder's database when compared to other car loans.
- Below-average loan amount. The maximum borrowing amount of $80,000 is below the market average which could limit your options.
Main points to consider with the UniBank Variable Rate Car Loan
This car loan allows you to purchase a new or used car, towable caravan, boat, motorcycle or classic car. You can apply for between $5,000 and $80,000 which you're able to spend on the cost of the vehicle as well as on-road costs such as navigation systems or car insurance.
The loan comes with a variable rate of 9.99% p.a. You will pay no ongoing account-keeping fees with this loan and you can make extra repayments or repay the loan early without penalty.
Features of the UniBank Variable Rate Car Loan
There are many features included in this personal loan, such as:
- No ongoing fees. There are no ongoing monthly or annual fees charged with this loan.
- Suitable to buy a range of vehicles. You are able to use the loan funds to buy a new or used car, a classic car, a motorbike or a towable caravan.
- Flexible repayments. You can make extra repayments at any time and redraw those should you need them. You are also able to pay off the loan early without penalty.
- Borrow extra for on-road costs. Many loans only let you borrow the cost of the vehicle, but UniBank will let you apply for additional funds for car purchases such as navigation systems, car insurance or car alarms.
- Loan amount. You can apply for between $5,000 and $80,000.
- Loan term. Select loan terms up to 6 years.
- Variable rate. This loan comes with a competitive variable rate starting from 9.99% p.a. up to 10.21% p.a.
Fees and charges
Some of the fees you can expect with this loan include:
- Application fee. This is a one-off fee of $150.
- A late payment fee of $10.
Apart from the fees above, there are no ongoing or monthly fees associated with this loan.
How to apply for the UniBank Variable Rate Car Loan
Applying for the UniBank Variable Rate Car Loan is easy. Simply click on “Go to Site” and ensure you meet the following requirements:
- Be an Australian citizen or permanent resident
- Be over the age of 18
- Have adequate identification. Two forms of ID are needed and can include your driver’s licence, Medicare card, passport or birth certificate.
- You must be a UniBank member to apply. Membership is open to current and former Australian university staff, students and graduates, and their immediate family. Joining makes you a part-owner of the member-owned bank and can be done online.
- You must show your assets and liabilities situation to show you have the ability to pay off this loan
- You must also agree to a credit check, as your credit score has an impact on your eligibility for the loan.
While you benefit from no penalties for early repayments, it’s important to consider whether this personal car loan meets your individual needs. Compare other loans before making a decision.
Compare other products from Unibank
- Unibank credit cards
- Unibank home loans
- Unibank savings accounts
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- Unibank personal loans
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