Get behind the wheel of a new car with fewer fees and a competitive fixed rate with SCU
If you're looking for a way to finance a new vehicle purchase, you might want to consider this fixed rate option from SCU. You'll keep your ongoing costs down with no account-keeping fees and a competitive fixed rate, plus you can finance a new car purchase up to $50,000. SCU is a credit union that directs all profits back into making their products and services better and more affordable, and this includes their New Car Loan (Fixed). Find out more of the benefits and submit your application below.
| Product Name | Sydney CU Fixed Rate Car Loan |
|---|---|
| Interest Rate (p.a.) | From 7.95% (fixed) |
| Comparison Rate (p.a.) | 8.09% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $10,000 |
| Max Loan Amount | $50,000 |
| Loan Security | Unsecured |
Pros
- No application fee
- Ability to borrow up to 100% of the value
- Extra repayments with no penalty
Cons
- $20 per redraw
- You are over the age of 18
- You have sufficient income to repay the loan
- You have good credit history
- You are an Australian resident
- You're looking to finance a new car up to two years old
- The car you're buying is between $10,000 and $50,000
Things to know about the New Car Loan (Fixed)
This loan is designed for the financing of new vehicles – as is implied by the name – but you can finance new vehicles up to two years old. You won't pay anything to apply for this loan and you're able to finance 100% of the purchase price of the vehicle, which can be a maximum of $50,000. You'll have up to 7 years to repay your loan and be repaying it at a competitive rate of 7.95% p.a. which remains fixed for the loan term. There's also a redraw facility available, giving you the flexibility you need with your additional repayments.
What features and benefits are on offer?
- How much you can borrow. You're able to finance 100% of the vehicle's cost, which can be between $10,000 and $50,000.
- What kind of car you can borrow. The vehicle needs to be new or near new, as cars over two years old are ineligible for this loan.
- Competitive fixed rate. A rate of 7.95% p.a. will apply to your loan – this rate is fixed and will keep your repayments the same throughout your loan term.
- Flexibility with your car search. You can secure the loan before you find your car, and this way you'll have the confidence to negotiate knowing how much you have to spend. You can also take advantage of SCU's complimentary car search service.
- Car insurance available. You have the option to take on insurance through their partner, Allianz. This way all your car payments are kept in one place. Comprehensive, third-party, and CTP insurance are available.
- Loan term and repayments. You'll have a loan period up to 7 years, giving you plenty of time to repay what you owe. Weekly, fortnightly and monthly repayments are available.
- Early repayment available. If you're able to, you can repay your loan early without worrying about penalty.
- Redraw facility. A convenient redraw facility is available with this loan. You have to redraw a minimum of $20 per redraw.
The costs that come with the New Car Loan
This is a low-cost loan, but it still helps to see a breakdown for the fees and charges that apply. Here's what you need to know:
- $0 application fee
- $0 monthly fees
- 7.95% p.a. fixed interest rate
How you can apply
If you're ready to apply for this loan, just click 'Go to Site' to get your application started. You can also apply by calling SCU directly. Make sure you meet the following eligibility criteria before doing so:
- You are over the age of 18
- You have sufficient income to repay the loan
- You have good credit history
- You are an Australian resident
- You're looking to finance a new car up to two years old
- The car you're buying is between $10,000 and $50,000
You'll also need some details on hand to fill out your application:
- Personal details like your name, address and residential status
- Employment details such as your employer's name, phone number and the status of your employment
- Details of your income, assets and liabilities.
