Product | Interest rate from | Comparison rate from | Upfront fee |
---|---|---|---|
Discounted Personal Loan (Car Loan, Fixed, Secured) |
6.49% p.a. |
6.84% p.a.based on $30,000 |
$250.00 |
Green Car Loan (Cars over $20K, Fixed, Secured) |
5.69% p.a. |
6.04% p.a.based on $30,000 |
$250.00 |
All People’s Choice car loans are fixed rate only, which could suit you if you’re no fan of rate changes. Fixed rates simply mean the rate at which you are charged in interest is guaranteed to stay the same for the duration of your loan. There is a slight twist to the interest rate structure if you have a People’s Choice secured car loan of $20k or over),. With this loan the rate is fixed for the first 5 years into the term before it switches to a variable rate.
When you take out a People’s Choice car loan, you’ll have the option to secure it to the car you buy as collateral (secured), or not at all (unsecured). The main difference between these two types of loans is the interest rate you are charged. . For instance, secured People’s Choice car loans have significantly lower rates than unsecured car loans. If you want to pay less dollars interest over the course of your car loan, consider securing it to your vehicle. Be mindful secured loans are generally only available for new cars, so if you want an older car you’ll likely need to take out an unsecured loan.
Well it all depends on your financial situation, but People’s Choice secured car loans begin at $10k up to the $100k mark, and unsecured loans start from $2k. Keep in mind your interest rate will depend on the loan amount. For example, the lowest rate only applies to car loans over $20k and over, whereas a $2k unsecured People’s Choice car loan interest rate will be higher.
Say you bought a $30,000 new set of wheels with a People’s Choice Discounted Car Loan and repaid it over 5 years. Based on a comparison rate of 5.99% at the time of writing, your fortnightly loan repayments would be $267. Want to make a calculation of your own? Use our nifty personal loan repayment calculator.
Certainly. If you want to pay off your People’s Choice car loan in smaller amounts and often, pick weekly or fortnightly due dates. You also have the option to opt for monthly repayments, which can work if payday hits the calendar that frequently instead.
Up to ten years. The length of your loan (called a “loan term”) will depend on how soon you can comfortably afford to repay it, the amount borrowed and personal preference.
Yes, with a People’s Choice car loan you can make as many extra repayments as you like without getting stung by fees.
Absolutely! With a People’s Choice car loan you can get out of debt before the final repayment is due and not be penalised for it in fees. If you decide to do this, count on paying less in interest too!
You can indeed, but the catch is a minimum redraw amount. Avoid fees by using the facility online instead of at a branch.
You’re more than welcome to buy a vintage beauty with your People’s Choice car loan, but the interest rate will be heftier! Only new cars can be used as collateral against your loan in return for a lower rate.
As with almost every car loan provider in the market, late loan repayments can cost you in fees, so it’s best to avoid them where possible. The best way to do this is by picking a repayment date frequency and loan term to suit your lifestyle. Even though brief car loan terms can be enticing as you pay less in interest, repayment amounts are steeper. Remember, if you can’t meet repayments you risk defaulting on the loan and potentially forfeiting your vehicle. Try setting up a direct debit system to keep on top of them.
Click the “go to site” blue icon next to the car loan of your choice near the top of the page and fill out the online form. You must be an Australian resident, over 21 and supply People’s Choice with your employment details. If you’d rather do it in person, visit a branch or call People’s Choice directly. For more information on getting prepared for a car application, check out this handy Car Loan guide.
Mozo users have rated People's Choice car loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
72 Reviews
This credit union has taken nearlly 4 weeks to approve our car loan, after constant questioning about individual items on our bank statement etc my wife and i are are fed up. We have done buisness before with them and in december had just finished paying a loan back of 900$ p/m over 5 years so we though it would be easy to get another for 700$ p/m, how we where wrong. Their customer service is non exsistent and my wife who is a high income bracket earner working in the financial disputes and the legal profession couldnt believe the questions that have been asked of us. My advice dont do any buissness with peoples choice, eventually you will regret it. We are in the process of cancelling our loan application and closing accounts, weve instructed family members to do the same.
Read full reviewThis credit union has taken nearlly 4 weeks to approve our car loan, after constant questioning about individual items on our bank statement etc my wife and i are are fed up. We have done buisness before with them and in december had just finished paying a loan back of 900$ p/m over 5 years so we though it would be easy to get another for 700$ p/m, how we where wrong. Their customer service is non exsistent and my wife who is a high income bracket earner working in the financial disputes and the legal profession couldnt believe the questions that have been asked of us. My advice dont do any buissness with peoples choice, eventually you will regret it. We are in the process of cancelling our loan application and closing accounts, weve instructed family members to do the same.
Applied for a car loan. only need 40k for a 65k loan. 10 days later they tell me they will now start the loan process. which they say will take at least another 2 days. no contact. no information or assistance. I will never use them again and will be calling to cancel the loan. such a waste of my time
Read full reviewApplied for a car loan. only need 40k for a 65k loan. 10 days later they tell me they will now start the loan process. which they say will take at least another 2 days. no contact. no information or assistance. I will never use them again and will be calling to cancel the loan. such a waste of my time
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