8.8 / 10

based on 433 reviews as rated by Mozo community

Community First Credit Union car loans

Community First Credit Union is the largest member owned financial provider operating in Sydney and the Central Coast region, with around 15 branches dotted around NSW. Are you ready to finance a new or preloved car using funds borrowed from Community First? This page will answer the big questions, so you can make an informed decision.

Community First Credit Union offers the following car loans

Rates and fees verified as correct at 04 December, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Car Loan (Up to 5 years old, Fixed, Secured)

7.49% p.a.

8.26% p.a.based on $30,000
over 5 years

$295

New Car Loan - Variable (Secured)

5.34% p.a.

6.11% p.a.based on $30,000
over 5 years

$295

Personal Loan (Fixed, Unsecured)

11.99% p.a.

12.28% p.a.based on $30,000
over 5 years

$195

Personal Loan (Variable, Unsecured)

11.99% p.a.

12.28% p.a.based on $30,000
over 5 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.

Should I opt for a fixed or variable rate?

When it comes to choosing between the two, if a potential interest rate change could impact on your finances, go for a fixed rate car loan. On the downside, you’ll need to pay an early loan repayment penalty fee if you decide to clear your debt before required.

Another option is to choose a Community First loan with a variable rate, where what you are charged in interest could increase or decrease. You can also repay your loan whenever you like, before the contract winds up.

Should I secure my car to the loan?

It’s up to you, but if you want to pay the least amount in interest, consider securing your vehicle. It may involve signing a few more papers, but for the effort, Community First will charge you one of its lowest rates.

Don’t like the sound of your car being repossessed if you default on your loan? Pick an unsecured personal loan to access all the same features, but with a higher rate instead.

How much can I borrow?

It depends on which loan you choose to fund your car with. If you’re buying a new car with a secured loan, the price tag can range from $10k to $60k. On the other hand, unsecured loans begin $5k, and have a $35k maximum. But before you settle on the right model and make of your vehicle, make sure the dollar figure you have in mind reflects what you can afford to pay back.

Can I buy a second-hand car?

Yes, but you cannot tie it to your loan as security in return for a lower rate.

How frequently will I need to make repayments?

Like plenty of car loans in the market, you can take your pick between a weekly, fortnightly or monthly billing cycle.

How long can I take to pay off my loan?

If your secured loan has a fixed rate, 1 - 5 years, and as for secured loans with a variable rate, 1 - 7 years. All unsecured loan contracts range from 1 to 5 years.

What if I want to dip into extra loan repayments?

You can do that easily with any one of the Community First Credit Union car loans detailed on this page via its redraw facility.

What’s the application process like?

Simple really. Start by visiting Community First’s official site and completing a form, call its hotline or walk into a branch with the following things ready to go…

  • Proof of ID in the form of a driver’s licence or passport
  • Your last 3 payslips

Keep in mind, loan eligibility may include you needing to be an Australian resident over 18 years old, and not having a history of bankruptcy.

Once the application is in, you’ll only need to wait a couple of business days for Community First to touch base with you on the outcome. Best of luck and safe driving! While you’re here, why not pay a visit to our car insurance hub and compare policies?

How are Community First Credit Union car loans rated?

Mozo users have rated Community First Credit Union 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
Community First Credit Union car loans
Overall
7.4/10
Price
Features
Customer service
Convenience
Trust

5 Reviews

Recent Community First Credit Union car loan reviews

Community First Credit Union Car Loan - Fixed review
Overall 9/10
Very happy!

My review for Community First Credit Union is that it is excellent in all aspects of banking.

Read full review

My review for Community First Credit Union is that it is excellent in all aspects of banking.

Price
10/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Sharon, New South Wales reviewed about 2 years ago
Community First Credit Union Car Loan review
Overall 5/10
No service and bad rates

not happy with service

Read full review

not happy with service

Price
5/10
Features
1/10
Customer service
6/10
Convenience
1/10
Trust
5/10
Less
Todd, New South Wales reviewed over 7 years ago
Community First Credit Union Car Loan review
Overall 8/10

Community First make you feel like a person, not just a number in their profit system!

Read full review

Community First make you feel like a person, not just a number in their profit system!

Price
7/10
Features
3/10
Customer service
10/10
Convenience
6/10
Trust
10/10
Less
Donna, New South Wales reviewed about 9 years ago
Community First Credit Union Car Loan review
Overall 10/10

Super fixed interest rate-very competitive. Dislike having a bill of sale over my vehicle but better than security over my home. Seemed unfair as my loan was only for about 50% of purchase price of my brand new car - asset rich, income poor did not give me a lot of options.

Read full review

Super fixed interest rate-very competitive. Dislike having a bill of sale over my vehicle but better than security over my home. Seemed unfair as my loan was only for about 50% of purchase price of my brand new car - asset rich, income poor did not give me a lot of options.

Price
10/10
Features
5/10
Convenience
7/10
Trust
10/10
Less
Barbara, New South Wales reviewed almost 10 years ago

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