Queenslanders Credit Union car loans

Queenslanders Credit Union
Queenslanders Credit Union's overall rating for car loans

(as rated by the Mozo community)

9.2 / 10

based on 48 reviews

Queenslanders Credit Union is completely owned by its members who’ve developed a competitive range of financial products including variable rate car loans for Aussies to enjoy. If you’re considering this alternative provider to the major banks, find out all you need to know on Queenslanders here or compare them against others in the market at our car loan comparison hub.

Queenslanders Credit Union offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

10.69% p.a.

10.91% p.a.based on $30,000
over 5 years

$150

11.29% p.a.

12.34% p.a.based on $10,000
over 3 years

$150

8.69% p.a.

8.90% p.a.based on $30,000
over 5 years

$150

9.29% p.a.

10.33% p.a.based on $10,000
over 3 years

$150

6.49% p.a.

6.70% p.a.based on $30,000
over 5 years

$150

Unsecured Personal Loan (Variable)
Queenslanders Credit Union

13.99% p.a.

15.06% p.a.based on $10,000
over 3 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.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

Queenslanders Credit Union car loan FAQs

What is a variable interest rate?

Good question, because all Queenslanders car loans have them. Variable rates are simply rates which can be increased or decreased while you’re repaying your debt. Other car loan lenders in the market will often offer rates that are dubbed as “fixed”, meaning they’re guaranteed to stay as they are for the life of the loan. The good thing about Queenslanders Credit Union, is that rates are competitively low and its car loans come with plenty of flexibility, like zero fees for early loan repayment.

Should I secure my vehicle to the loan?

It’s entirely up to you, but tying your vehicle to the loan as collateral will give you a lower interest rate than the standard unsecured version. In fact, Queenslanders Credit Union offers 5 secured loans with varying interest rates that consider the age of your car and how much you borrow. If you’d rather skip the extra paperwork and give yourself the scope to purchase any car you like, pick the unsecured car loan instead.

So I can buy a preloved car?

Of course, Queenslanders Credit Union car loans are not just for those looking to buy a shiny new set of wheels! If you want to secure your ride, it will need to fit criteria, so check with Queenslanders whether the make and model you’re after is suitable.

Note: While the cheapest secured car loan is only available for borrowers buying a brand new car, you’ll still receive a competitive interest rate if you secure a vehicle aged over 3 years old.

How much can I borrow?

Again, this is a good question but one we cannot answer, as everyone’s financial situation is different. For starters, you’ll need to have an income and clean credit history to demonstrate you can afford to pay your dues.

If you go for an unsecured loan, Queenslanders Credit Union may lend you between $2k to $30k, where $20k minimums can apply for some of its secured loans that offer the lowest interest rates. There isn’t a loan limit with Queenslanders’ secured car loans.

Can I choose my billing cycle?

Yes, you’ll be given the option to choose between weekly, fortnightly or even a monthly repayment frequency. Select one that will tie into your budget well so it’s easy to pay on time. You may also like to set up direct payments so you never miss a due date.

How long can my loan contract go for?

Unsecured loan terms can range from 1 to 5 years, while terms on secured loans are usually capped at 7.

Can I pay off my loan faster?

The beauty of most variable rate loans is their flexibility. Queenslanders variable rate car loans are no different, which allow you to make extra repayments and dip into them via a redraw facility.

What will happen if I clear my debt early?

You won’t be charged an early loan repayment penalty fee.

What’s the car loan application process like?

It’s never been easier to finance a car, as loan applications can be completed online, over the phone, or at a local branch (do keep in mind, Queenslanders Credit Union is based in QLD and its branches are located in the one state only).

Ensure you have the following things ready to include in your application:

After you’ve submitted the forms, Queenslanders will contact you within a few days to discuss the outcome. Then you can get on with buying that car of your dreams!

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