| Product | Interest rate from | Comparison rate from | Upfront fee |
|---|---|---|---|
| Car Loan (Up to 7 years old, Fixed, Secured) |
7.44% p.a. |
7.79% p.a.based on $30,000 |
$250.00 |
| Consolidator Loan (Variable, Unsecured) |
18.24% p.a. |
18.78% p.a.based on $30,000 |
$150.00 |
| Personal Loan (Variable, Unsecured) |
14.24% p.a. |
14.79% p.a.based on $30,000 |
$150.00 |
It really comes down to personal preference. If your budget doesn’t have room for a negative rate change, a fixed rate loan could work for you. That way, you’ll have the peace of mind that loan repayments will stay the same while you repay your debt. Choose a variable rate loan instead if you’re fine with MMPCU increasing or cutting the rate during your contract.
Let’s start with the sunny side. Secured loans are cheaper than unsecured loans, as you receive a lower rate for signing your vehicle off as security to MMPCU in case you default. The negative? Well, if for some reason you cannot afford to repay your loan, you could lose your set of wheels.
Yes, but to qualify as security, your vehicle must be under 3 years old. If your dream car has been on the road longer, you could select an unsecured loan instead. That way, you’re free to choose any ride you like, provided the higher interest rate is fine by you.
MMPCU secured loans begin at $10k, and unsecured loans $500. There is no maximum amount, but you’ll need to have a clean credit history and regular income to prove you’ll pay your dues.
Loan repayment billing cycles can be either weekly, fortnightly or monthly. You choose which one when you first take out the loan.
The life of your loan can range from 1 - 10 years (secured), or 1 - 7 (unsecured).
Yes. Through the redraw facility, which MMPCU won’t charge you for using.
Start by visiting Maritime, Mining & Power Credit Union in person, online or give them a ring. Applications are quick and easy to do, provided you have the right info to include, such as:
You may also need to pay a small fee to become a member of the credit union too. If you decide to depart as a member, it will be refunded. The turnaround for car loans can take a few days, so sit tight and you should have your new set of wheels soon enough!
Mozo users have rated Unity Bank car loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
5 Reviews
Very easy process with helpful and friendly staff who walk you through step by step
Read full reviewVery easy process with helpful and friendly staff who walk you through step by step
I would say it’s the most genuine bank in Australia even if it's a smaller organisation. The staff is so helpful that you never have to worry about anything. I am sure I'll keep my dealing continue and grow further with Unity Bank.
Read full reviewI would say it’s the most genuine bank in Australia even if it's a smaller organisation. The staff is so helpful that you never have to worry about anything. I am sure I'll keep my dealing continue and grow further with Unity Bank.
My credit union knew exactly what I wanted and helped me every step of the way. They made the process so easy. I think with having to deal with car yards and salesman that the last thing I wanted was for them to tip me over the edge.
Read full reviewMy credit union knew exactly what I wanted and helped me every step of the way. They made the process so easy. I think with having to deal with car yards and salesman that the last thing I wanted was for them to tip me over the edge.
We love this bank. Our branch is a no cash branch, which is the only reason we have another bank. We will soon be taking a home loan with them as we are so happy with our current and past two car loan accounts we have had.
Read full reviewWe love this bank. Our branch is a no cash branch, which is the only reason we have another bank. We will soon be taking a home loan with them as we are so happy with our current and past two car loan accounts we have had.