Teachers Mutual Bank Secured Car Loan

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Looking for a new car? Get in the driver’s seat with full control over your repayments and no annual or ongoing fees.

With attractive features and competitive rates and fees, the Teachers Mutual Bank Secured New Car Loan is a good option for anyone looking to take full control of their repayments. There are no annual fees, no ongoing fees and just a one-off application fee charged upfront.

On top of this, not only are you able to structure your repayments in a way that suits your particular needs, but you’re also able to make extra repayments to pay off your loan faster with no early repayment penalties.

Product NameTeachers Mutual Secured New Car Loan
Interest Rate (p.a.)From 8.39% (variable)
Comparison Rate (p.a.)8.71%
Interest Rate TypeVariable
Min Loan Amount$10,000
Max. Loan Amount$80,000
Loan SecuritySecured

Factors to consider about the Teachers Mutual Bank Secured New Car Loan

The Teachers Mutual Bank Secured New Car Loan offers a competitive 8.39% p.a. variable interest rate. Your new car is offered as collateral to secure your loan. Loan fees are very low, with just a $100 loan application fee charged upfront and a $10 share purchase to become a Teachers Mutual Bank member.

You can request a loan amount ranging from $10,000 to $80,000. The loan term can extend to 8 years and, coupled with the ability to structure repayments according to what works best for you, this product ensures you have full control over your repayments. In addition, you can add accessories such as your car’s navigation system, alarm and insurance into the loan.

Features of the Teachers Mutual Bank Secured New Car Loan

  • Interest rate. The interest rate starts at 8.39% p.a. The rate is variable, so it may fluctuate depending on the market. Make sure you’re able to make repayments if the rate happens to spike upwards during the life of your loan.
  • Loan term. You’re able to take advantage of a flexible loan term ranging from 3 to 8 years.
  • Loan amount. The loan amount ranges from $10,000 to $80,000, making it ideal for choosing a wide range of new vehicles.
  • Competitive fees. There are no annual fees or ongoing fees whatsoever, just a $100 loan application fee.
  • Flexible repayment schedule. You’re able to choose your own repayment schedule and make either weekly, fortnightly or monthly repayments. Whatever you select will be fixed for the entire term of the loan.
  • Additional repayments. With no early repayment penalty, you have the option of making extra repayments at no additional charge, making it easier to pay off your loan faster.

How much does the loan cost?

  • Loan application fee. This is a one-off $100 fee charged upfront when you’ve accepted and signed the loan contract.
  • Interest. You’ll be charged an interest rate starting at 8.39% p.a. on your remaining principal balance. Be aware that this is a variable interest rate that may increase or decrease, potentially affecting your monthly repayment amount.
  • PPSR registration. Since your vehicle will be used as security for your loan, your vehicle must be registered with the Personal Property Securities Register (PPSR). PPSR registration is at cost, meaning you must pay whatever PPSR charges at the time of registration. This is a one-off fee that must be paid to satisfy the terms of any secured car loan in Australia.
  • PPSR amendment. If you sell your car or transfer ownership to another person during the loan term, you will need to file an amendment with the PPSR office, which will incur a one-off fee.

How to apply for the Teachers Mutual Bank Secured New Car Loan

You can begin the application process online. Make sure you satisfy the following criteria to ensure eligibility. You must:

  • Be at least 18 years old
  • Be an Australian citizen or permanent resident
  • Have a steady income
  • Be able to meet your loan repayments
  • Have a good credit history
  • Pay $10 to buy a share in Teachers Mutual Bank to become an official member

Make sure you have the following items on hand to complete your application:

  • Identification. This is required to show proof of residency and age.
  • Official details of income and employment. This may include pay stubs, income verification forms, rental income, proof of employment, etc.
  • Bank account details. This is required for Teachers Mutual Bank to process your $10 share payment and approve you as a member.
  • Assets and liabilities. Make sure you have on hand any documentation showing proof of your assets as well as any liabilities such as outstanding personal loan balances.
  • Tax information. You will need your most recent tax return and, if self-employed, your latest notice of assessment.

The online application process is straightforward and simple and it should take you about 30 minutes to complete. If your application is successful, you should receive approval within two business days (sometimes sooner). Once approved, your funds will be either deposited into the seller’s account or provided to you as a cheque.

The attractive features and low cost of the Teachers Mutual Bank Secured New Car Loan offers an added advantage over many other products. Make sure you compare all your available options before deciding on the loan product that’s right for you.

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