A fixed rate car loan from CUA lets you have the financial stability you need to fund the car you want.
CUA offers a Fixed Rate Car Loan with a host of competitive features for borrowers. The loan offers no monthly fees and comes with flexible repayment options to make it easy to plan your budget around this loan. In addition, CUA allows unlimited extra repayments and does not charge a penalty for an early payout.
| Product Name | CUA Secured Fixed Car Loan |
|---|---|
| Interest Rate (p.a.) | 6.79% (fixed) |
| Comparison Rate (p.a.) | 6.92% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $100,000 |
| Loan Security | Secured |
Pros
- Competitive interest rate
- Large maximum loan amount
- Fee-free additional repayments
- Redraw facility available
Cons
- $200 minimum for in-branch redraws
- $90 administration fee for secured loans
Main points to consider about the CUA Fixed Rate Car Loan
The personal car loan from CUA is a fixed rate secured loan to be used specifically for the purchase of a new or used vehicle up to 7 years old. This is a competitive option that provides an alternative to dealership finance.
At a 6.79% p.a. interest rate and with the ability to make as many repayments as you want, you can pay the CUA car loan off as quick as your budget allows and not be subjected to any penalties. The establishment fee is also minimal, but for new loans approved, this fee does not apply for the limited time. There are also no monthly charges, making this a cost-effective choice for a car loan.
Features of the CUA Fixed Rate Car Loan
- Interest rate. This is a fixed rate interest car loan with a rate of 6.79% p.a. The comparison rate for this car loan is 6.92% p.a.
- Loan term. This lender allows loan terms from 1 to 7 years.
- Loan amount. With the vehicle as security, you may borrow up to $100,000 on your CUA Fixed Rate Car Loan. The minimum amount you can borrow is $5,000.
- No application fee. CUA has waived the $120 application fee for its personal and car loans. It may withdraw this offer at any time. However, a $90 administration fee applies to secured loans.
- Repayments. The repayment options for this loan are flexible, allowing you to choose what works best for your budget. Repay weekly, fortnightly or monthly. You also have the option of making as many additional repayments as you want at no extra charge.
- Redraw. Take advantage of CUA's redraw facility for any additional repayments you make. Keep in mind there is a $200 minimum withdrawal amount if you redraw in-branch.
- Monthly fees. $0 ongoing monthly maintenance fees are charged on your CUA car loan.
How to apply for the CUA Fixed Rate Car Loan
If the CUA car loan sounds right for you, click "Go to Site" to get your application started. Check first that you will meet the following eligibility requirements:
- You must be at least 18 years of age
- You must be an Australian citizen or permanent resident
- You must have no defaults on your credit file over the last five years
Have the following documentation and information handy when applying:
- Personal information. Your name and date of birth and current address will be required, as will your driver's licence number.
- Employment. Contact information for your current employer and details of your employment will be required.
- Income. Include your current salary plus any additional income you receive on a regular basis.
- Assets. You will be asked to provide details of your assets. Include any property, vehicles and savings you may have.
- Liabilities. Have a complete list of all of your current financial obligations. This will include any other loans and credit card debts you may have.
When shopping for a new car you should always be aware that there are alternate options to the financing offered by your dealer. Comparing the rates and features of other lenders first allows you to negotiate the best price for the car and get the best rates and lowest fees available. Compare the CUA Fixed Rate Car Loan with other loan products before making your final decision.
Is the interest being calculated daily or over the term of the loan and then including in the monthly repayment? My reason for asking is if I pay it off early, I would not want to pay the interest in my repayments as if I had it on a full term.
Hi Veronica!
Thanks for the comment.
Please be informed that interest is being calculated based over the term based on monthly repayments. Rates, promotions, other discounts may vary from time to time, so it’s best to contact the lender directly to see if there’s any concession that may be given by paying it off early.
Click “Go to Site” green button to be redirected to their page for further assistance.
Hope this helps.
Cheers,
Jonathan
Hello,
I have a personal loan with another bank, can I apply for a secure car loan through CGU to buy a new car and pay off my other small loan?
Thanks
Hi Vanessa,
Thanks for your question.
Please note that with a secured car loan, you are restricted as to how you can use your funds. This is because the loan amount is tied to the cost of the vehicle and not for repaying another loan.
If you are interested to get a loan to buy a car and use the extra funds to pay off your existing loan, you may consider getting a personal loan consolidation. You can compare your options here.
Cheers,
Anndy
just wondering if these loans have an early exit fee?
Hi Rose,
Thank you for your inquiry.
No, CUA does not charge a penalty for an early payout. Other car loan providers that don’t have an early exit fee can be found here.
Cheers,
May
Does CUA offer balloon payments ?
Hi Mercia,
Thanks for your question.
Balloon payment option is not listed among the features of CUA Fixed Rate Car Loan. You can confirm this by directly calling CUA.
CUA Fixed Rate Car Loan does have a flexible repayment option allowing you to repay weekly, fortnightly or monthly. You can also have the option to make as many additional repayments as you want at no extra charge.
Cheers,
Anndy
Do you finance used cars purchased from a private seller (ie. not a dealer)?
Hi P,
Thanks for your question.
Just to clarify that you’ve come through to finder.com.au, a financial comparison service and not CUA. I can confirm, however, that if your car meets the requirements specified, you can buy it from a private seller and not a dealer.
I hope this has helped.
Thanks,
Elizabeth
Hi, I am a pensioner, aged 66, with a solid saving habit and proof therof….am about to head overseas for three months using only my savings of twelve months and my full pension. When I get home I am hoping to buy a small caravan to keep in my daughter’s backyard as a private little bolthole for when I visit my large family in Brisbane. The caravans I am looking at are called AVans. I have my eye on one for $15K but most of them are up to $25k. I have a credit card with a limit of 5K but I pay it off completely each month. I currently have $6,479 in my Ubank account. Of this, 5k is for my trip and the rest is for bills from home whilst overseas. I own my own home outright which is worth about $150k. Could you let my know my chances please? O yes, I also, on top of the pension O $864 pfn, I receive $100 per fortnight as spousal maintenance. Which makes my income $964pfn. Hoping to hear from you. Liz
Hi Liz,
Thanks for your question.
Unfortunately, to be eligible for a personal loan with CUA you’ll need to be currently employed. You can compare your other caravan loan options on this page, and specifically find options for pensioners available on this page. Take a look at the review pages for the individual eligibility criteria before applying.
I hope this has helped.
Thanks,
Elizabeth