First Option Bank Special Car Loan Offer

Get a special rate for 7 years with a competitive loan that allows extra and early repayments and charges no ongoing account-keeping fees

This product is no longer available.

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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Details

Product NameFirst Option Bank Special Car Loan Offer
Interest Rate (p.a.)From 5.69% (fixed)
Comparison Rate (p.a.)5.93%
Interest Rate TypeFixed
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.

Things to consider about the First Option Bank Special Car Loan Offer

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.

The standard and 'Special' features of this loan

This special offer Car Loan provided by First Option Bank comes with various features, and here are the details to know about:

  • Fixed interest rate. Expect a fixed interest rate of 9.99% p.a. through the entire loan term, and this ensures that there is no change in the interest rate or repayment size anywhere down the line. If you want to stick to a budget and don't want the uncertainty that comes with a variable rate loan, this one can help.
  • Loan amount. New customers can apply for a car loan from $20,000 - $100,000. Existing customers however can apply for $20,000 - $100,000.
  • Free pre-approval. First Option provides free pre-approvals and getting one before you begin your search for a car helps base your search on the amount you're qualified to borrow.
  • Extra repayments. This loan does not charge any penalties for additional payments and you can make them as and when you want. Making extra repayments reduces your balance, and therefore the interest you're required to pay.
  • Early payouts. You can pay the loan off earlier than scheduled, and doing so does not attract any penalties.
  • Redraw. If you, at any time, end up needing the money you've paid towards the loan as additional repayments, you can access these easily using a redraw facility. This service comes with a fee of $10 and you have to redraw a minimum amount.

What costs will apply?

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:

  • Loan administration fee: $175
  • Monthly/ annual account-keeping fees: $0
  • Redraw fee: $10

How you can take up this offer

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:

  • You are over 18 years of age
  • You have good credit history
  • Have been in solid employment for preferably over 12 months

Successfully completing the application involves providing a variety of information, which includes the following.

  • Personal details like name, date of birth, marital status, and number of dependants
  • Your residential address, residential status, phone number, and email address
  • Your employer's name and contact details along with your employment status
  • Details about your income and expenses

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.

Compare car loan providers

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
loans.com.au - New and Dealer Used Car Loan
3.99% (fixed)
4.53%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate of 3.99% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Special offer: Settle the loan before 30 June 2022 and enter the draw to win a $1,000 fuel gift voucher. Terms and conditions apply.
Plenti Car Loan
From 4.89% (fixed)
5.44%
$10,001
3 to 7 years
from $249 to $799
$0
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
Credit Concierge Car Loan
From 3.69% (fixed)
4.23%
$10,000
1 to 7 years
$350
$8.50
You'll receive a fixed rate of 3.69% p.a. with a comparison rate of 4.23% p.a.
Get access to over 20 providers to fund a new or used car.
Wisr Secured Car Loan
From 4.74% (fixed)
5.01%
$5,000
3 to 7 years
$195 for refinance and dealer sale ($245 for private sale)
$0
You'll receive a personalised interest rate from 4.74% p.a. to 16.01% p.a. based on your risk profile
A flexible car loan from $5,000 - $63,000 with personalised rates and rewards for strong credit customers.

⭐Special Offer: Wisr's standard establishment fee $605 will be reduced to $195 for applications submitted through Finder. T&Cs apply.
OurMoneyMarket Car Loan
From 5.35% (fixed)
5.65%
$2,001
1 to 7 years
$250
$0
You'll receive a fixed interest rate from 5.35% p.a. to 14.99% p.a. based on your risk profile.
Borrow between $2,001 and $75,000 to finance a new or used car up to 7 years.
Stratton Finance New Car Loan
From 3.69% (fixed)
5.27%
$10,000
3 to 7 years
$700
$8.25
You'll receive a fixed rate from 3.69% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
IMB New Car Loan
4.88% (fixed)
5.23%
$2,000
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPSR fee)
$0
You'll receive a fixed rate of 4.88% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
NRMA New Car Loan
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
Purchase a new or used car up to 3 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
NAB Personal Loan Unsecured Fixed
From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
Symple Loans Personal Loan
From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
SocietyOne Car Loan
From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% p.a. and 17.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
NRMA Used Car Loan
From 6.24% (fixed)
6.94%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 6.24% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
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Compare up to 4 providers

Car Loan Offers

Important Information*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 4.88% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Logo for Beyond Bank Low Rate Car Loan "Special Offer"
Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 4.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

Logo for NRMA New Car Loan
NRMA New Car Loan

You'll receive a fixed rate of 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

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