Rates and fees verified as correct at 26 November, 2020. Other information correct at the time of writing. Advertiser disclosure.
|Product||Interest rate from||Comparison rate from||Upfront fee|
|Freedom Loan (Variable, Unsecured)|| |
10.69% p.a.based on $10,000
|New Car Loan (Less than 5 years old, Variable, Secured)|| |
6.00% p.a.based on $30,000
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.
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It’s simply a type of interest rate that bcu can increase or decrease at any time, meaning there’s a chance your repayments could change during your loan term. Benefits of variable interest rates with bcu include zero penalties for repaying your loan early, and a redraw facility. Not to mention, the interest rate you get at first is competitively low!
If you want the cheapest bcu loan, opt for its secured option and pay interest at a lower rate. Keep in mind, tying your vehicle to the loan as collateral means bcu can possess your car if you default on it. But if your sights are set on a set of wheels over 7 years old, you’ll need to opt for an unsecured loan instead.
bcu will only lend an amount you can afford to repay, based on things like your income and credit history. Secure loan amounts can range from $5k to $75k, while unsecured car loans can start a little lower at $4k.
Select from either a weekly, fortnightly or monthly billing cycle.
Unsecured loans start from 1 year to 5 years, and secured loans 2 - 7 years. Repayments are spread evenly over the loan term you select, but you can always make extra repayments and clear your debt early without being charged extra.
You do it easily via bcu’s redraw facility, just keep in mind you’ll get charged a small fee for the convenience.
Applying for a car loan these days is easy to do, especially with the internet at your fingertips. Once you’ve found the right match, head to bcu’s official site, give them a call or visit one of the many branches scattered around Australia. bcu will probably need the following bits of info about you too, like...
Once bcu has received your application, they will review it and get back to you shortly. You could have your new or preloved car parked in the driveway in no time!