People's Choice Credit Union car loans

People's Choice Credit Union
People's Choice Credit Union's overall rating for car loans

(as rated by the Mozo community)

8.2 / 10

based on 67 reviews

Unlike a bank with shareholders, People’s Choice Credit Union 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 Credit Union one
is right for you.

People's Choice Credit Union offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

4.65% p.a.

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


7.99% p.a.

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


*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. WARNING: 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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People's Choice Credit Union FAQs

What type of interest rate can i get?

All People’s Choice Credit Union 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 Credit Union 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 Credit Union 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 Credit Union 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 Credit Union 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 Credit Union car loan you can make as many extra repayments as you like without getting stung by fees.

Can I pay my People’s Choice Credit Union 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.

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