8.9 / 10

based on 408 reviews as rated by Mozo community

Bank First car loans

You don’t need to be a teacher to join Bank First, where profits are passed back to members rather than shareholders.

When it comes to choosing a car loan from this member owned provider, as you’ll see from the table below there is plenty of choice. Read on for a full rundown, or compare loans offered by this mutual against an extensive range at our car loan hub.

Bank First offers the following car loans

Rates and fees verified as correct at 03 December, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Discounted Green Car Loan (Fixed, Secured)

5.29% p.a.

5.56% p.a.based on $30,000
over 5 years

$195

Discounted Green Car Loan (Variable, Secured)

5.29% p.a.

5.56% p.a.based on $30,000
over 5 years

$195

Discounted New Car Loan (Fixed, Secured)

5.79% p.a.

6.06% p.a.based on $30,000
over 5 years

$195

Discounted New Car Loan (Variable, Secured)

5.79% p.a.

6.06% p.a.based on $30,000
over 5 years

$195

Discounted Used Car Loan (Fixed, Secured)

6.79% p.a.

8.12% p.a.based on $10,000
over 3 years

$195

Discounted Used Car Loan (Variable, Secured)

6.79% p.a.

8.12% p.a.based on $10,000
over 3 years

$195

Green Car Loan (Fixed, Secured)

8.29% p.a.

8.57% p.a.based on $30,000
over 5 years

$195

Green Car Loan (Variable, Secured)

8.29% p.a.

8.57% p.a.based on $30,000
over 5 years

$195

New Car Loan (Fixed, Secured)

8.79% p.a.

9.07% p.a.based on $30,000
over 5 years

$195

New Car Loan (Variable, Secured)

8.79% p.a.

9.07% p.a.based on $30,000
over 5 years

$195

Used Car Loan (Fixed, Secured)

9.79% p.a.

11.15% p.a.based on $10,000
over 3 years

$195

Used Car Loan (Variable, Secured)

9.79% p.a.

11.15% p.a.based on $10,000
over 3 years

$195

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

Bank First car loan FAQs

Will I get a better deal if I buy an environmentally friendly car?

Yes, cars deemed environmentally friendly by having a C02 value of 180 grams per kilometre or less can be purchased using the Discounted Green Loan. Even if you don’t want to secure your ride, you’ll still receive a lower rate for going green.

What is the Full Salary Discounted Loan all about?

If you deposit your salary into a seperate Bank First Bank account, your loyalty will pay off in the form of a discounted interest rate, whether it’s on a secured or unsecured loan.

Which rate should I choose? Fixed, variable, or both?

The good thing about Bank First, is that when it comes to interest rates, there are plenty of options. First you have variable interest rate loans, where your repayments are subject to change in line with potential rate fluctuations in the future. On the plus side, clearing your debt when there’s still time left on your loan term won’t trigger break cost fees. Then there are fixed car loans, where your rate is guaranteed for the length of your contract.

Can’t decide? Consider a split rate car loan, where the interest rate will stay fixed for a set period before switching to variable, protecting you from a potential rate hike early on, but giving you the freedom to repay your loan before the end of your contract fee free in the variable rate period.

Is it worth securing my car?

Absolutely, if you want to access an interest rate on the lower end of the scale. Just remember that it involves tying your vehicle into the contract as collateral. If you don’t want to wind up carless if you somehow default on your loan, pick the unsecured version with a higher interest rate instead.

Can I buy a used car?

Sure can. If the car of your dreams is over 2 calendar years old, Bank First may allow you to secure it in return for a more competitive interest rate.

Note: Keep in mind, to be considered as security your car can't exceed 12 years of age by the time you pay out your loan. Want to buy an older ride? Go for the unsecured loan where you can pick any model you like.

How much can I borrow?

Secured loans for used cars start from $5k, while new car loans kick off at $10k. There isn’t a minimum or maximum loan amount when it comes to unsecured car loans.

What can my billing cycle look like?

You’ll elect a weekly, fortnightly or monthly loan repayment schedule when you borrow the funds. Pick one that suits your budget best, like the day your pay comes in.

Can I make additional loan repayments and use a redraw facility?

Yes, but there’s a $500 minimum redraw amount to consider. Also keep in mind that break cost fees apply when you pay out your debt earlier than required during a fixed rate term.

How long will I have to repay my loan?

Loan terms can last for up to 9 years.

What’s the car loan application process like?

Taking out a Bank First loan to buy a new or preloved car couldn’t be easier. All you need to do is complete an online form, apply verbally over the phone or visit a branch in Victoria. Expect to be asked for the following details when you apply:

  • Your membership details (or you’ll need to sign up prior)
  • Proof of ID such as a driver’s licence or passport
  • Employment details
  • Residential address

When all has been submitted, Bank First will let you know how you went in a few business days. Then you can say hello to your dream car.

How are Bank First car loans rated?

Mozo users have rated Bank First car loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of car-loans
Bank First car loans
Overall
8.9/10
Price
Features
Customer service
Convenience
Trust

16 Reviews

Recent Bank First car loan reviews

Bank First Car Loan review
Overall 8/10
Would recommend them for a car loan

They were extremely helpful during the application process of my car loan.

Read full review

They were extremely helpful during the application process of my car loan.

Price
7/10
Features
8/10
Customer service
8/10
Convenience
5/10
Trust
8/10
Less
Sherrie, Victoria reviewed over 5 years ago
Bank First Used Car Loan review
Overall 9/10
VTMB gives banks a good name

You can bank on teachers to give you a wealth of knowledge, just like you can bank on VTMB to provide great personal service, great products and great rates. What more do you want from a bank.

Read full review

You can bank on teachers to give you a wealth of knowledge, just like you can bank on VTMB to provide great personal service, great products and great rates. What more do you want from a bank.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
6/10
Trust
8/10
Less
Mark, Victoria reviewed about 6 years ago
Bank First Car Loan review
Overall 7/10
Good accessibility

A little difficult initially, but very reliable.

Read full review

A little difficult initially, but very reliable.

Price
4/10
Features
5/10
Customer service
5/10
Convenience
8/10
Trust
7/10
Less
Karyn, Victoria reviewed over 6 years ago
Bank First Green Car Loan review
Overall 10/10
Personalised loan with amazing interest rates

Amazing loan interest rate with my new green car, much less than anywhere else I researched.

Read full review

Amazing loan interest rate with my new green car, much less than anywhere else I researched.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
0/10
Trust
10/10
Less
Jessie, Victoria reviewed over 6 years ago

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