First Option Bank Used Car Loan

Who else wants a used car loan that does not charge extra or early repayment penalties, and comes with a special introductory rate?

First Option Bank provides a Used Car Loan that come with features similar to their competitive New Car Loan. These loans charge a low fixed rate for the first six months and after this period you start paying a competitive variable rate.

No reviews yet. Write a review

$175

Application Fee

From 9.99% (fixed)

Interest Rate (p.a.)

10.24%

Comparison Rate (p.a.)

$100,000

Max Loan Amount

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product NameFirst Option Bank Used Car Loan
Interest Rate (p.a.)From 9.99% (fixed)
Comparison Rate (p.a.)10.24%
Interest Rate TypeFixed
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.

How does this Used Car Loan work?

If you’re looking for a loan to buy a pre-loved car, First Option Bank’s Used Car Loan might be worth consider. While you benefit by paying a low fixed rate for the first six months, the competitive variable rate that applies following this period can lead to long-term savings. You can save even more if you make early payments or choose to pay the loan off early, and you don’t have to pay penalties in either of these scenarios. Not having to pay any ongoing monthly or annual account-keeping fees is another way you can reduce your costs with this loan, and the loan’s redraw facility can encourage you to pay more to your loan.

What features does First Option offer?

The First Option Used Car Loan, as mentioned, comes with a number of features, and here’s what you can expect if you decide to apply:

  • Pre-approval. By getting pre-approval before you start looking for a car you get a good idea of your borrowing capacity, and this allows you to narrow down your search to a suitable budget. You can save time as well as effort with First Option Bank, and you get a no-obligation pre-approval for free.
  • Loan amount and term. You can borrow as little as $20,000 through this Used Car Loan and the car you choose along with your ability to repay has a bearing on the maximum amount. The loan term can go up to 7 years.
  • Extra and early repayments. Making extra repayments towards your loan gives you the ability to save on what you pay in interest, and doing so does not attract any penalties. You don’t have to pay any penalty if you pay the loan before its term comes to a close.
  • Redraw facility. If you require access to money you’ve paid in the form of extra repayments you can use the redraw facility. Bear in mind this service attracts a fee of $10 and you cannot redraw less than a minimum amount.
  • Free car buying service. First Option provides a free car buying service through Car Brokers Australia, and taking this route comes with multiple benefits.

The costs to be considered

Going through the fees and charges you might have to pay through the course of the loan is a good idea, and you can do this by reviewing the loan’s offer document. Take into account that while you have to pay certain fees, you can avoid paying certain others. When it comes to fees that apply, here’s what you can expect:

  • Administration fee: $175
  • Monthly fee: $0
  • Annual fee: $0
  • Redraw fee: $10 (for each redraw)

How to apply for the First Option Bank Used Car Loan

You can apply for this Used Car Loan by visiting any First Option Bank branch, over the phone, or online. The process should not take more than 10 to 15 minutes. To apply, you have to meet the following eligibility criteria:

  • You’re over 18 years of age
  • You are a member of First Option Bank or willing to become one

Completing the application requires that you provide different types of information, which comprises the following:

  • Personal details like your name, marital status, number of dependents, and date of birth
  • Contact details to include your residential status, home address, email address, and phone number
  • You employment status and your employer’s name and contact details
  • Income details including payslips or tax returns depending on your employment situation
  • Details of expenses and liabilities

Getting this Used Car Loan comes with a number of benefits, but since you can find similar features in other used car loans, it is best that you compare as many as possible before making up your mind.

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
From 4.67% (fixed)
5.22%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate from 4.67% 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. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
Plenti Car Loan
From 4.89% (fixed)
5.44%
$2,000
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.
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.
Stratton Finance New Car Loan
From 3.85% (fixed)
4.05%
$10,000
3 to 7 years
$700
$8.25
You'll receive a fixed rate from 3.85% 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.
Credit Concierge Car Loan
From 3.35% (fixed)
4.41%
$10,000
1 to 7 years
$350
$8.50
You'll receive a fixed rate of 3.35% p.a. with a comparison rate of 4.41% p.a.
Get access to over 20 providers to fund a new or used car.
IMB New Car Loan
4.99% (fixed)
5.34%
$2,000
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPS registration fee)
$0
You'll receive a fixed rate of 4.99% 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.
RACV New Car Loans
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.
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.
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.
CarClarity Car Loan
From 3.35% (fixed)
4.95%
$10,000
1 to 7 years
$356
$8.25
You'll receive a fixed rate from 3.35% p.a.
Get access to more than 30 lenders to finance a new or used car for personal or corporate use. Borrow up to $250,000 with terms from 1 to 7 years.
Heritage Bank Car Loan
4.89% (fixed)
5.53%
$5,000
1 to 7 years
$200
$5
You'll receive a fixed rate from 4.89% p.a.
Finance a new or used car up to 5 years old. Large maximum borrowing amount up to $100,000 and terms up to 7 years.
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 10 years.
RACQ Bank Car Loan Special
5.49% (fixed)
6.16%
$3,000
Up to 7 years
$395
$0
You'll receive a fixed rate of 5.49% p.a.
Borrow up to $60,000 for a new or used car and get a range of membership benefits.
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.
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.
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.
loading

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 4.99% 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.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site