| Product | Interest rate from | Comparison rate from | Upfront fee |
|---|---|---|---|
| All Purpose Loan (Fixed, Unsecured) |
8.75% p.a. |
9.44% p.a.based on $10,000 |
$100.00 |
| All Purpose Loan (Variable, Unsecured) |
11.99% p.a. |
12.69% p.a.based on $10,000 |
$100.00 |
| Car Loan (Fixed, Secured) |
6.14% p.a. |
6.82% p.a.based on $10,000 |
$100.00 |
| Car Loan (Variable, Secured) |
8.99% p.a. |
9.68% p.a.based on $10,000 |
$100.00 |
It’s simply a rate Teachers Mutual Bank can increase or decrease while you repay your loan, which will influence the amount you’re billed in interest against your debt. But don’t worry too much, as Teachers’ car loan interest rates are competitively low compared to major market providers. You also have the opportunity to payout your loan earlier than required, without forking out the extra cash in fees.
Would you like to pay less in interest? Then tie the car you’re looking to purchase against your loan as security, essentially giving Teachers the power to repossess the vehicle in a loan default situation. If you’d rather ditch the extra paperwork and go for an unsecured car loan instead (dubbed the “All Purpose Loan”), keep in mind your interest rate will be higher.
It really depends on your personal financial situation, but Teachers Mutual Bank secured car loans can range from $2k to $50k, and the unsecured version up to $80k. Choose a loan amount you can comfortably afford to repay for the length of your contract.
For sure. In fact, you can even use a Teachers Mutual Bank secured loan to purchase a classic car over 30 years old (a rarity among car loan providers)! Your interest rate will be a little higher than if you used the loan to buy a new set of wheels, but still far less in comparison to the unsecured version. Of course, the preloved car still needs to meet eligibility requirements such as being roadworthy and resaleable. Alternatively, you can also choose not to secure the ride.
Either each week, fortnight or month. It’s your choice!
Absolutely, you can do both of these things at no extra cost.
Secured loans can range from 1 to 8 years, while terms on unsecured loans are capped at 6.
You won’t be charged a break fee.
Super easy, only taking a few minutes of your time online, over the phone or at a branch near you. If you’re not a member already, you’ll need to become one first. The application process will include you providing info such as your:
You should hear back from Teachers Mutual Bank on your car loan outcome within a few days. Best of luck and enjoy the ride!
Mozo users have rated Teachers Mutual Bank car loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
26 Reviews
I've been with this bank for about 8 years now and I have had no problems with them. They are always friendly to talk to. Always want to go the extra mile to help me out. Nothing seems to be a problem for them. I've tried other banks but this one I've always come back to. They have better pricing and value. They call me if there's any problems. I recommend this bank to everyone.
Read full reviewI've been with this bank for about 8 years now and I have had no problems with them. They are always friendly to talk to. Always want to go the extra mile to help me out. Nothing seems to be a problem for them. I've tried other banks but this one I've always come back to. They have better pricing and value. They call me if there's any problems. I recommend this bank to everyone.
I love Teachers Mutual, they have great interest rates for loans and because I everyday bank with them applications are simple. Customer service is good, it never takes long to get through to someone (online chat, phone) or get a response (email). The only difficulty is not having a branch down the road when you need a bank cheque ASAP. But if you're more organised than me it's not an issue!
Read full reviewI love Teachers Mutual, they have great interest rates for loans and because I everyday bank with them applications are simple. Customer service is good, it never takes long to get through to someone (online chat, phone) or get a response (email). The only difficulty is not having a branch down the road when you need a bank cheque ASAP. But if you're more organised than me it's not an issue!
Excellent rates, with good customer service. Easy to use with great care and advice from the team.
Read full reviewExcellent rates, with good customer service. Easy to use with great care and advice from the team.
Customer service was terrible, took forever to return calls and messed me around many times. Complete waste of time and wouldn't recommend them.
Read full reviewCustomer service was terrible, took forever to return calls and messed me around many times. Complete waste of time and wouldn't recommend them.