Firefighters Mutual Bank Car Loan

Key features

There are two options with the Firefighters Mutual Bank Car Loan: a fixed or variable rate. Depending on what interest rate you choose, some fees and features vary.  

Let’s break it down: 

For the fixed rate option, customers receive a low 4.99% (5.13% comparison rate*). Loan amounts range from $10,000 to $80,000 and loan terms are between 3 and 6 years. 

With the variable rate option, Firefighters Mutual Bank offers a higher interest rate at 9.95% (10.09% comparison rate*). While the rate is less competitive, this loan allows customers to borrow between $2,000 and $80,000 and offers a wider range of loan terms from 1 to 8 years.  

When it comes to repayments, both the fixed and variable loan options practically work in the same way. Each offers a weekly, fortnightly or monthly repayment schedule as well as the option of extra repayments and redraws. One thing to be mindful of though is that on the fixed rate loan there is an early repayment penalty if you pay down your debt ahead of time. 

There are also no ongoing service or exit fees attached to either loan, but there is a $100 upfront application fee and $10 late payment charge if you miss a regular repayment.

Who is it good for

This loan is a good option for someone looking for repayment flexibility and plenty of options on their loan. No matter whether you choose a fixed or variable rate - there are ways to personalise the Firefighters Mutual Bank Car Loan to suit you and your budget.

Any catches

While the fixed rate option has a lower rate, there are less options when it comes to borrowing amounts and loan terms. 

Also remember, this loan is designed for the purchase of a vehicle only - if you need a personal loan for another large purchase a Firefighters Mutual Bank All Purpose Loan may suit you better.