Maritime, Mining & Power Credit Union car loans

Maritime, Mining & Power Credit Union

The member owned Maritime, Mining & Power Credit Union, also known as MMPCU, first opened its doors to customers in 1970. Because it has no shareholders, this provider funnels profits back into the community and its financial products, including car loans where interest rates and fees are minimal. If a loan could really help you get on the road sooner, this page details everything you need to know about your options with MMPCU.

Maritime, Mining & Power Credit Union offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee
Car Loan (Up to 3 years old, Fixed)
Maritime, Mining & Power Credit Union

7.99% p.a.

9.04% p.a.based on $30,000
over 5 years

$200

Car Loan (Up to 3 years old, Variable)
Maritime, Mining & Power Credit Union

8.66% p.a.

9.70% p.a.based on $30,000
over 5 years

$200

Consolidator Loan (Variable, Unsecured)
Maritime, Mining & Power Credit Union

17.57% p.a.

18.48% p.a.based on $30,000
over 5 years

$150

Personal Loan (Variable, Unsecured)
Maritime, Mining & Power Credit Union

14.82% p.a.

15.75% p.a.based on $30,000
over 5 years

$150

Personal Loan (Fixed, Unsecured)
Maritime, Mining & Power Credit Union

14.82% p.a.

15.75% p.a.based on $30,000
over 5 years

$150

* 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 for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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MMPCU car loan FAQs

Should I opt for a fixed or variable interest rate?

It really comes down to personal preference. If your budget doesn’t have room for a negative rate change, a fixed rate loan could work for you. That way, you’ll have the peace of mind that loan repayments will stay the same while you repay your debt. Choose a variable rate loan instead if you’re fine with MMPCU increasing or cutting the rate during your contract.

What’s there to consider with a secured loan?

Let’s start with the sunny side. Secured loans are cheaper than unsecured loans, as you receive a lower rate for signing your vehicle off as security to MMPCU in case you default. The negative? Well, if for some reason you cannot afford to repay your loan, you could lose your set of wheels.

Can I buy a used car?

Yes, but to qualify as security, your vehicle must be under 3 years old. If your dream car has been on the road longer, you could select an unsecured loan instead. That way, you’re free to choose any ride you like, provided the higher interest rate is fine by you.

How much can I borrow?

MMPCU secured loans begin at $10k, and unsecured loans $500. There is no maximum amount, but you’ll need to have a clean credit history and regular income to prove you’ll pay your dues.

How frequently will I need to make repayments?

Loan repayment billing cycles can be either weekly, fortnightly or monthly. You choose which one when you first take out the loan.

How long can I take to pay off my loan?

The life of your loan can range from 1 - 10 years (secured), or 1 - 7 (unsecured).

Can I access extra repayments?

Yes. Through the redraw facility, which MMPCU won’t charge you for using.

Sounds great. How can I take out a MMPCU car loan?

Start by visiting Maritime, Mining & Power Credit Union in person, online or give them a ring. Applications are quick and easy to do, provided you have the right info to include, such as:

You may also need to pay a small fee to become a member of the credit union too. If you decide to depart as a member, it will be refunded. The turnaround for car loans can take a few days, so sit tight and you should have your new set of wheels soon enough!

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