First Option Bank Special Car Loan Offer

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

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 five 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.

Product no longer available

The First Option Bank Special Car Loan Offer is no longer available for new applications. However, we’ve kept the information online for the benefit of existing customers and for those who are interested. You can compare the current range of First Option Bank Car Loans here.
Product NameFirst Option Bank Special Car Loan Offer
Interest Rate (p.a.)From 6.99% (fixed)
Comparison Rate (p.a.)6.99%
Interest Rate TypeFixed

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. This car loan attracts a fixed interest rate of 6.99% 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.
  • 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: $0
  • 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

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 a few before deciding makes sense.

Was this content helpful to you? No  Yes

Car Loan Offers

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

You'll receive a fixed rate of 5.49% 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 Latitude New and Used Car Loan
Latitude New and Used Car Loan

You'll receive a fixed rate of 6.99% p.a.
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 5.69% 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. Note: Product only available to residents of Victoria.

Logo for Stratton Finance New Car Loan
Stratton Finance New Car Loan

You'll receive a fixed or variable rate depending on the lender you are approved with
Apply for up to $150,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • 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.
Ask a question
Go to site