Rates and fees verified as correct at 12 April, 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)|| |
4.99% p.a.based on $30,000
|Discounted Personal Loan (over 10k, Fixed, Secured)|| |
8.35% p.a.based on $30,000
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.
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.
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.
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 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.
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 Credit Union 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 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.
Low interest rate, great customer service!Read full review
Low interest rate, great customer service!
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!
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.
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.
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