Victoria Teachers Mutual Bank car loans

Victoria Teachers Mutual Bank
Victoria Teachers Mutual Bank's overall rating for car loans

(as rated by the Mozo community)

8.8 / 10

based on 5 reviews

You don’t need to be a teacher to join Victoria Teachers Mutual Bank, where profits are passed back to members rather than shareholders.

When it comes to choosing a car loan from this member owned provider, as you’ll see from the table below there is plenty of choice. Read on for a full rundown, or compare loans offered by this mutual against an extensive range at our car loan hub.

Victoria Teachers Mutual Bank offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

5.29% p.a.

5.41% p.a.based on $30,000
over 5 years

$90

5.29% p.a.

5.41% p.a.based on $30,000
over 5 years

$90

5.79% p.a.

5.91% p.a.based on $30,000
over 5 years

$90

5.79% p.a.

5.91% p.a.based on $30,000
over 5 years

$90

6.79% p.a.

7.40% p.a.based on $10,000
over 3 years

$90

6.79% p.a.

7.40% p.a.based on $10,000
over 3 years

$90

Green Car Loan (Variable)
Victoria Teachers Mutual Bank

8.29% p.a.

8.42% p.a.based on $30,000
over 5 years

$90

Green Car Loan (Fixed)
Victoria Teachers Mutual Bank

8.29% p.a.

8.42% p.a.based on $30,000
over 5 years

$90

Green Personal Loan (Variable, Unsecured)
Victoria Teachers Mutual Bank

9.35% p.a.

9.97% p.a.based on $10,000
over 3 years

$90

Green Personal Loan (Fixed, Unsecured)
Victoria Teachers Mutual Bank

9.35% p.a.

9.97% p.a.based on $10,000
over 3 years

$90

New Car Loan (Variable)
Victoria Teachers Mutual Bank

8.79% p.a.

8.92% p.a.based on $30,000
over 5 years

$90

New Car Loan (Fixed)
Victoria Teachers Mutual Bank

8.79% p.a.

8.92% p.a.based on $30,000
over 5 years

$90

Overdraft (Variable, Unsecured)
Victoria Teachers Mutual Bank

13.19% p.a.

n/a

$0

Personal Loan (Fixed, Unsecured)
Victoria Teachers Mutual Bank

11.74% p.a.

12.37% p.a.based on $10,000
over 3 years

$90

Personal Loan (Variable, Unsecured)
Victoria Teachers Mutual Bank

11.74% p.a.

12.37% p.a.based on $10,000
over 3 years

$90

Used Car Loan (Fixed)
Victoria Teachers Mutual Bank

9.79% p.a.

10.41% p.a.based on $10,000
over 3 years

$90

Used Car Loan (Variable)
Victoria Teachers Mutual Bank

9.79% p.a.

10.41% p.a.based on $10,000
over 3 years

$90

* 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.

Victoria Teachers Mutual Bank car loan FAQs

Will I get a better deal if I buy an environmentally friendly car?

Yes, cars deemed environmentally friendly by having a C02 value of 180 grams per kilometre or less can be purchased using the Discounted Green Loan. Even if you don’t want to secure your ride, you’ll still receive a lower rate for going green.

What is the Full Salary Discounted Loan all about?

If you deposit your salary into a seperate Victoria Teachers Mutual Bank account, your loyalty will pay off in the form of a discounted interest rate, whether it’s on a secured or unsecured loan.

Which rate should I choose? Fixed, variable, or both?

The good thing about Victoria Teachers Mutual, is that when it comes to interest rates, there are plenty of options. First you have variable interest rate loans, where your repayments are subject to change in line with potential rate fluctuations in the future. On the plus side, clearing your debt when there’s still time left on your loan term won’t trigger break cost fees. Then there are fixed car loans, where your rate is guaranteed for the length of your contract.

Can’t decide? Consider a split rate car loan, where the interest rate will stay fixed for a set period before switching to variable, protecting you from a potential rate hike early on, but giving you the freedom to repay your loan before the end of your contract fee free in the variable rate period.

Is it worth securing my car?

Absolutely, if you want to access an interest rate on the lower end of the scale. Just remember that it involves tying your vehicle into the contract as collateral. If you don’t want to wind up carless if you somehow default on your loan, pick the unsecured version with a higher interest rate instead.

Can I buy a used car?

Sure can. If the car of your dreams is over 2 calendar years old, Victoria Teachers may allow you to secure it in return for a more competitive interest rate.

Note: Keep in mind, to be considered as security your car can't exceed 12 years of age by the time you pay out your loan. Want to buy an older ride? Go for the unsecured loan where you can pick any model you like.

How much can I borrow?

Secured loans for used cars start from $5k, while new car loans kick off at $10k. There isn’t a minimum or maximum loan amount when it comes to unsecured car loans.

What can my billing cycle look like?

You’ll elect a weekly, fortnightly or monthly loan repayment schedule when you borrow the funds. Pick one that suits your budget best, like the day your pay comes in.

Can I make additional loan repayments and use a redraw facility?

Yes, but there’s a $500 minimum redraw amount to consider. Also keep in mind that break cost fees apply when you pay out your debt earlier than required during a fixed rate term.

How long will I have to repay my loan?

Loan terms can last for up to 9 years.

What’s the car loan application process like?

Taking out a Victoria Teachers Mutual Bank loan to buy a new or preloved car couldn’t be easier. All you need to do is complete an online form, apply verbally over the phone or visit a branch in Victoria. Expect to be asked for the following details when you apply:

When all has been submitted, Victoria Teachers will let you know how you went in a few business days. Then you can say hello to your dream car.

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