Finance a new or used car with no ongoing fees and lots of payment options
If you're after flexibility in how and when you repay your loan, the Holiday Coast new car loan is worth considering.
You can choose to pre-finance your purchase as well as use a new or used vehicle or term deposit as security against the loan. There's also the option for additional repayments, a redraw facility and no penalty if you pay off the loan early.
Find out if it's right for you in the review below.
The Holiday Coast New Vehicle Variable Loan won the 'Best Car Loan' award at the 2018 finder Awards.
|Product Name||Holiday Coast CU New Vehicle Variable Loan|
|Interest Rate (p.a.)||5.49% (variable)|
|Comparison Rate (p.a.)||5.49%|
|Interest Rate Type||Variable|
|Min Loan Amount||$2,000|
|Max Loan Amount||$70,000|
Main points to consider with the Holiday Coast new car loan
You can borrow a minimum of $2,000 up to a maximum of $70,000, over a term of 1 to 5 years. There are no ongoing fees, but you will pay an application fee if you opt for an unsecured loan or if the vehicle you use as security is older than 11 months.
The variable rate will depend upon your situation, the terms of the loan and if you use the vehicle you are buying as security against the loan. Rates start at 5.49% p.a. if you use a new vehicle as security against the loan, or 6.49% p.a. if the vehicle is 1 to 5 years old. You can use a car, motorcycle, caravan, campervan or boat as security. Unsecured rates start at 14% p.a. for those not using a vehicle as collateral against the loan.
Features of the Holiday Coast new car loan
- Competitive variable rate. Your rate will vary depending upon your needs and whether you opt for a secured or unsecured loan.
- Pre-approved loans. You can secure finance before you decide on a vehicle.
- Flexible repayments. You can make extra payments and pay off your loan early without penalty. This allows you to better manage your loan and the interest you owe.
- Redraw facility. Access the funds from any additional payments you have made.
- No ongoing fees or charges. You will not pay any additional fees over the life of the loan.
- Covers a range of vehicles. The loan can be used for a new or used car, motorcycle, caravan, campervan or boat.
- Eligible for Skip-a-Loan-Payment. You can choose to not make a payment over the Christmas period. However, interest will still accrue in this time.
- Flexible loan terms. The loan can be paid over 1 to 5 years.
Fees and charges
- Application fee. $0.
There are no monthly or ongoing fees and you will not be charged for additional repayments or for paying off the loan early.
How to apply for the Holiday Coast new car loan
In order to apply for this loan, you need to click "Go To Site" above and follow the instructions to start your application. Please check the eligibility criteria before you apply. To be eligible for the Holiday Coast new car loan, you must be:
- At least 18 years old
- An Australian citizen or permanent resident
- Not currently bankrupt or insolvent
As part of your application, you will also need to provide your:
- Last three payslips
- Drivers licence or passport
- Financial statements from the last three months
- Credit card statements
- Tenancy/rental agreements
The online application will take approximately 10 minutes and you can also apply by phone or by visiting a branch.
The Holiday Coast new car loan gives you a lot of repayment flexibility without any additional or ongoing fees. You should always look at a range of loan products to find the one that best suits your needs.