SCU car loans

SCU's overall rating for car loans

(as rated by the Mozo community)

8.3 / 10

based on 3 reviews

SCU offers plenty of car loans, it’s just a matter of finding the one that suits your needs best. That’s where this page comes in, detailing each loan in an easy-to-read comparison table. Scroll down even further and you’ll find a nifty FAQ section answering all the q’s you may have on what this credit union has to offer.

SCU offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

7.95% p.a.

8.09% p.a.based on $30,000
over 5 years


5.95% p.a.

6.09% p.a.based on $30,000
over 5 years


11.14% p.a.

11.29% p.a.based on $30,000
over 5 years


7.99% p.a.

8.13% p.a.based on $30,000
over 5 years


12.14% p.a.

12.29% 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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SCU car loan FAQs

Should I opt for a fixed or variable rate?

Look at SCU’s interest rates listed in the table above. Would you commit to an unchanging fixed rate loan, or rather pay interest at a rate subject to change during your loan term? Some like being charged at a set interest rate, as they know what repayments will be like for the life of the loan. Then again, potential rate drops can bring the bills down. It’s your choice!

What’s the difference between secured and unsecured loans?

Secured loans are cheaper, because you score a lower rate in return for tying your vehicle to the loan as collateral. If you don’t like the sound of that, SCU can offer you an unsecured loan, which involves paying more in interest but no extra paperwork.

How much can I borrow?

Loan approvals vary between applicants, as they rely on a lot of personal information like credit history and salary. While we can’t tell you how much credit SCU can lend you, note that secured loans start at $10k, and unsecured loans from $2k.

When will I be billed for repayments?

Either weekly, fortnightly or monthly. You get to pick the repayment frequency you find most suitable.  

How long will my contract last for?

Between 1 - 7 years.

So I can bring my balance down with extra repayments? 

Sure can, and free of charge too! This helps to reduce the amount of interest you pay.

Do SCU car loans have redraw facilities?

Yes, whichever SCU loan you choose, you’ll have a redraw facility to access any additional loan repayments made.

Can I use an SCU New Car Loan to buy preloved car?

If it’s under 3 years old, you can. Otherwise, consider an unsecured loan, or taking out a secured personal loan using an asset you already have.

Will I be charged extra for repaying my loan off early?

Not at all. In fact, all SCU car loans charge zero fees when you wipe that debt off before the contract is up.

What’s the application process like?

Very easy, as you can do it online, at a branch or over the phone. There are some personal details that must be included in your application though, which include:

Once that’s done, sit back and you’ll hear from SCU on the outcome of your application shortly. You should be on the road in that dream car in no time. Good luck!

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