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First Option Bank provides a special fixed rate car loan where the interest rate stays the same for the course of the loan. While the standard loan term is 7 years you can make extra repayments whenever you want without paying penalties and there is also no penalty for paying the loan off before the term expires. You can access your extra repayments using a redraw facility and you don’t have to pay any monthly or annual fees. If you need help narrowing down on a suitable car, you can make use of a free car buying service.
Existing customers will receive a rate of 9.99% p.a. and a comparison rate of 10.24% p.a. Existing customers can also borrow from as little as $20,000.
paid only if loan is approved
Application Fee
From 5.69% (fixed)
Interest Rate (p.a.)
5.93%
Comparison Rate (p.a.)
$100,000
Max Loan Amount
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Product Name | First Option Bank Special Car Loan Offer |
---|---|
Interest Rate (p.a.) | From 5.69% (fixed) |
Comparison Rate (p.a.) | 5.93% |
Interest Rate Type | Fixed |
Min Loan Amount | $20,000 |
Max Loan Amount | $100,000 |
This product is no longer available.
First Option Credit Union has been rebranded to First Option Bank.
If you're looking for a fixed rate car loan so you don't have to worry about fluctuating interest rates or repayments, this special Car Loan offer by First Option Bank is worth considering. You can use proceeds from this loan to buy a new car, and to help you look for cars within your buying capacity First Union provides free pre-approval. To help you find a suitable car, they also put you in touch with a free car buying service.
Once you get the loan you can make extra repayments at any time and you can also pay the loan off completely ahead of time. The fact that this loan does not attract any ongoing account-keeping fees is a plus as well.
This special offer Car Loan provided by First Option Bank comes with various features, and here are the details to know about:
Repaying the loan entails repaying the amount you borrow along with the interest it attracts, and there are also other fees and charges associated with this loan. First Option gives you a loan offer document that lists all associated fees and charges and going through these before you accept the contract is always a good idea. While there are certain fees like the loan administration fee that you have to pay, you can avoid ones like direct debit dishonour fees. This is what the basic fee structure looks like:
You can apply in-person by visiting any First Option Bank branch, you can apply by speaking to a First Option representative over the phone, or you can submit an online application. Applying online does not take much time, but before applying, establish if you meet the following criteria to qualify:
Successfully completing the application involves providing a variety of information, which includes the following.
This fixed rate car loan brings with it a certainty about repayments along with several features, but since this is not the only car loan of its kind, comparing few car loans before deciding makes sense.