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You can apply for the First Option Bank New Car Loan if you're considering buying a new car or a demo car that has travelled less than 1,500 kilometres. In your hunt for a new car, you can even make use of the free car buying service that's on offer. This car loan comes with a promotional fixed rate for the first six months, after which you start paying a competitive variable rate.
This car loan does not charge any ongoing account-keeping fees and you can make extra and early repayments without worrying about penalties. Accessing extra payments you make is easy using the redraw facility.
$175
Application Fee
From 9.99% (fixed)
Interest Rate (p.a.)
10.24%
Comparison Rate (p.a.)
$100,000
Max Loan Amount
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Product Name | First Option Bank New Car Loan |
---|---|
Interest Rate (p.a.) | From 9.99% (fixed) |
Comparison Rate (p.a.) | 10.24% |
Interest Rate Type | Fixed |
Min Loan Amount | $20,000 |
Max Loan Amount | $100,000 |
First Option Credit Union has now been rebranded to First Option Bank. All product information below is correct.
The low promotional fixed rate that stays in place for the first six months ensures that your repayments remain the same to start with. Not having to pay any ongoing account-keeping fees is a definite plus, and the fact that you can make extra repayments or an early payout without paying any penalties is an added advantage.
If you want to buy a used car, you can consider applying for a First Option Bank Used Car Loan, and if you're looking for a fixed rate car loan, take a look at the Special Fixed Rate Car Loan that this bank provides.
Knowledge about the features this car loan offers should hold you in good stead in case you're thinking about applying, and here's what you need to know:
If you take this New Car Loan you'll have to repay the amount you borrow, plus interest and other applicable fees and charges. While First Option lists all applicable fees and charges clearly through the loan offer document, it is your responsibility to go through this, and you should ideally do this before you accept the contract. Given below is a list of commonly applicable fees.
One way is by visiting a First Option Bank branch, another is to apply online, and you can also get started over the phone. Applying online takes around 10 to 15 minutes, but before you start, establish if you meet the following eligibility criteria.
To complete the application, prepare to part with the following information:
The repayment flexibility this car loan offers along with its introductory rate make it worthy of your attention, but since certain other loans offer similar features, compare few car loans before deciding.