based on 1668 People's Choice banking product reviews as rated by Mozo community

People's Choice car loans

Unlike a bank with shareholders, 2022 Mozo Experts Choice Award Personal Loan Provider of the Year People’s Choice is member-owned where profits benefit car loan customers in the form of competitive rates and features. Whether you need a loan to help finance a new ute or second-hand ride, use these FAQ’s detailed below and discover if a People’s Choice one
is right for you.

People's Choice offers the following car loans

Rates and fees verified as correct at 05 December, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Discounted Personal Car Loan (Cars over $20k, Fixed, Secured)

4.65% p.a.

4.99% p.a.based on $30,000
over 5 years

$250

Discounted Personal Loan (over 10k, Fixed, Secured)

7.99% p.a.

8.35% p.a.based on $30,000
over 5 years

$250

People's Choice Car Loan FAQs

What type of interest rate can i get?

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.

What’s the difference between a secured and unsecured car loan?

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.

How much can I borrow?

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.

What would my repayments look like?

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.

Can I choose how frequently I make my car loan repayments?

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.

How long will I have to repay my People’s Choice car loan?

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.   

And what about extra repayments. Can I make them too?

Yes, with a People’s Choice car loan you can make as many extra repayments as you like without getting stung by fees.

Can I pay my People’s Choice car loan out early?

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!

Can I redraw from any extra repayments I’ve made?

You can indeed, but the catch is a minimum redraw amount. Avoid fees by using the facility online instead of at a branch.  

Are there restrictions on the age of my car purchase?

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.

What happens if I make a late car loan repayment?

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.

How do I apply?

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.

How are People's Choice car loans rated?

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.

Icon of car-loans
People's Choice car loans
Overall
Price
Features
Customer service
Convenience
Trust

69 Reviews

Recent People's Choice car loan reviews

People's Choice Discounted Personal Loan
Overall 8/10
Low interest rate.

Low interest rate, great customer service!

Read full review

Low interest rate, great customer service!

Price
10/10
Features
8/10
Customer service
7/10
Convenience
9/10
Trust
8/10
Less
Skye, South Australia, reviewed 11 months ago
People's Choice Discounted Personal Car Loan
Overall 8/10
People's Choice = Great!

People's Choice had great customer service and gave me a good insurance deal on my car too which ended up being less than my previous insurer even after an accident!

Read full review

People's Choice had great customer service and gave me a good insurance deal on my car too which ended up being less than my previous insurer even after an accident!

Price
9/10
Features
8/10
Customer service
10/10
Convenience
9/10
Trust
10/10
Less
Caitlin, South Australia, reviewed about 1 year ago
People's Choice Car Loan
Overall 1/10
Terrible. Pushy and demanding.

I have been with PC for many years. I was after a small car loan. Agent was determined to include my husband in the loan when it didn't relate to him. She was also determined to include expenses that my husband dealt with. Obviously they were not planning to give me the loan as they never rang back to see why I never completed the application. Would not recommend this institution.

Read full review

I have been with PC for many years. I was after a small car loan. Agent was determined to include my husband in the loan when it didn't relate to him. She was also determined to include expenses that my husband dealt with. Obviously they were not planning to give me the loan as they never rang back to see why I never completed the application. Would not recommend this institution.

Price
7/10
Features
7/10
Customer service
1/10
Convenience
10/10
Trust
1/10
Less
Natalie, South Australia, reviewed over 1 year ago
People's Choice Discounted Personal Car Loan
Overall 3/10
Happy until the loan term was completed.

Great for during the term of the loan, but terrible interest rate after the 5 years, and no other suitable product to take over a smaller loan amount.

Read full review

Great for during the term of the loan, but terrible interest rate after the 5 years, and no other suitable product to take over a smaller loan amount.

Price
3/10
Features
1/10
Customer service
1/10
Convenience
4/10
Trust
8/10
Less
Kristy, South Australia, reviewed almost 2 years ago

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