Key features:
When you get a car loan, one of the main things you’ll want to look at is the interest rate. The CUA Secured Car Loan’s fixed 6.79% interest rate (6.92% comparison rate) starts you off on the right foot.
Finally managed to sell that all junk packed up in your garage and have found yourself with some extra cash to pay your car loan off early? Well go crazy, because unlike many other fixed rate loans, the CUA Secured Car Loan allows you to make as many early repayments as you want for free. And better yet, if you find yourself in need of the money you repaid early, you’ll be able to redraw that money at no cost.
Flexibility and choice are great characteristics for a car loan and the CUA Secured Car Loan has these in spades. You are able to choose between weekly, fortnightly and monthly repayments, as well as a term anywhere between 1 and 7 years, giving you control over your repayment schedule.
With CUA Secured Car Loan, you’re able to get a loan anywhere between $5,000 and $100,000. So unless you’re looking for a new Ferrari, there’s a good chance you can get access to the exact loan amount you need.
Who it's good for:
Most people looking for a car could look into the CUA Secured Car Loan as it offers a lot variability in its repayment terms and loan amounts, all on top of a low interest rate.
If the certainty of a fixed interest rate appeals to you but you’d still like the option to make extra repayments to save on interest, this one’s definitely worth a look.
Any catches?
The $90 application fee may not be a massive hurdle, if your budget doesn’t have much wiggle room, it’s something to keep an eye on.
Plus, if you’re using the redraw facility in a branch, remember that a $200 minimum applies.
