Enjoy a competitive rate alongside no ongoing fees with the My Credit Union Fixed Rate New Car Loan.
My Credit Union is offering a competitive car loan product that allows you to lock in a low interest rate for the entire term of your loan. In addition, the loan does not have any ongoing fees, making the product lighter on your wallet. If you’re looking to purchase a car but you don’t have the cash for it, consider My Credit Union’s Fixed Rate New Car Loan.
|Product Name||My CU Fixed Rate New Car Loan|
|Interest Rate (p.a.)||From 5.49% (fixed)|
|Comparison Rate (p.a.)||5.76%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$10,000|
|Max. Loan Amount||$100,000|
Factors to consider about the My Credit Union Fixed Rate New Car Loan
The My Credit Union Fixed Rate New Car Loan comes with plenty of competitive features and benefits. The loan amount can range anywhere between $10,000 and $100,000 and comes with a competitive fixed rate of 5.49% p.a. There are also no ongoing fees, a free redraw facility and you can pay off your loan early without being charged any early payout fees.
Additionally, if you're having trouble finding a car, My Credit Union offers a free online car-buying service, which can help you find the right car for your needs. Keep in mind that the car you purchase cannot be more than three years old.
Features of the My Credit Union Fixed Rate New Car Loan
- Fixed interest rate. Interest is charged at a fixed rate of 5.49% p.a., while the comparison rate is 5.76% p.a.
- Flexible loan term. This product allows you to choose a loan term of between 1 to 7 years.
- Wide-ranging loan amount. The minimum required loan amount is $10,000 and the maximum loan amount is $100,000.
- Competitive fees. The My Credit Union Fixed Rate New Car Loan does not charge any ongoing fees whatsoever and only charges a small one-off establishment fee. Other fees such as late repayment fees may apply, although you can avoid these by making your repayments on time.
- Structured repayments. This product allows you to choose your repayment schedule. You can make repayments on a weekly, fortnightly or monthly basis. Repayments are structured accordingly and will be fixed for the entire duration of your loan.
- Additional repayments. You can make additional repayments towards your balance without being charged any early repayment fees. This allows you to pay off your entire balance at any time you'd like with no additional fees.
- Free redraw facility. This loan also comes with a free redraw facility so that you can withdraw any additional repayments at no extra charge.
How much will the loan cost?
The following interest rates, fees and charges apply to the My Credit Union Fixed Rate New Car Loan:
- Interest rate. The competitively-priced fixed interest rate of 5.49% p.a. will be charged on the outstanding balance that you owe. This means that your repayments will be the same every time (as long as you're making your repayments on time).
- Establishment fee. Although there are no ongoing fees, you will be charged a $195 establishment fee upon the approval and disbursal of your loan.
- Late repayment fees. As with most financial products, you will be charged a late repayment fee if you do not make your repayments on time.
How to apply for the My Credit Union Fixed Rate New Car Loan
To begin the application process, click on the "Go to site" link on this page. Make sure that you meet the following eligibility criteria before you apply:
- You must be at least 18 years old and a permanent resident of Australia
- You must have a regular income
- You must work more than 20 hours per week
- You cannot have previously filed for bankruptcy
Make sure to have the following items on hand when completing your application:
- The personal details of each person applying for the loan
- Documents showing your proof of income
- Details of any expenses, loans or outstanding credit cards
- Details of any assets you may have
The online application process is simply and easy. It should take you no more than 15-20 minutes and you can receive conditional approval within 24 hours of submitting your application.
If you don't have enough time to complete the entire application process in one sitting, you can always save your progress and finish it at a later date.