SCU is a credit union where profits are used to benefit members rather than shareholders in the form of low rates, minimum fees and competitive products. With no less than four personal loans available for financing new cars to other dreams, read on and discover what this mutual lender could do for you...
Rates and fees verified as correct at 25 March, 2019. Other information correct at the time of writing.
|Product||Interest rate from||Comparison rate from*||Upfront fee|
12.29% p.a.based on $30,000
6.45% p.a.based on $30,000
8.13% p.a.based on $30,000
† 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.
SCU’s new car loan is suitable for vehicles up to three years old with a price tag from $10,000 to $50,000. This loan is secured, meaning you tie your car to the loan as collateral in return for a competitive rate. If you want a consistent rate through the loan term, go for the fixed rate version. Choosing the variable rate instead could spell an interest rate change to work in or against your favour during the loan term. Whichever one you decide on, SCU will still give you the flexibility to clear that debt before the final loan repayment is due fee-free. Loan terms range from one to seven years and you can access extra repayments through a redraw facility. Apart from being charged a signup cost, you won’t need to consider paying monthly fees with an SCU new car loan.
If you have an asset to offer up in return for a slightly lower interest rate, consider the SCU secured personal loan suitable for loan amounts from $10,000. This pick has a variable interest rate, meaning SCU could change it at any point along the loan term. While the loan term can range from one to seven years, you do have the option to make extra repayments and be debt free sooner without financial penalty. You can also access any extra repayments you’ve made via SCU’s redraw facility. Just like the SCU new car loan mentioned earlier, the secured personal loan has zero monthly fees. All you need to consider is the relatively low signup cost when you first take out the loan.
Don’t have an asset like a car or piece of real estate to tie against a personal loan as collateral? Not to worry, SCU’s unsecured version doesn’t require one. Instead, you’re given a slightly higher interest rate than if you secured it. All the same personal loan features as the secured type mentioned above apply such as a redraw facility to dip into extra repayments, no break fees or monthly fees (except for one when you first take out the loan).
It’s easy to set up repayments to suit your pay pay day because you can choose between weekly, fortnightly or monthly due dates.
SCU allow you to make additional repayments at no extra cost, which is encouraging if you’re on a mission to repay that loan sooner rather than later!
You can draw on any extra loan repayments you’ve made via SCU’s redraw facility at a small cost per transaction.
That’s right, there are zero monthly fees to consider with SCU’s personal and car loans.
If you’re looking for reassurance that if for some unforeseen circumstance you can’t meet your loan repayment obligations (such as due to illness that puts you out of work), you can opt in to loan insurance.
Head to this reviews section if you want to find out what SCU personal loan customers have been saying about their experiences with the credit union.
To apply for an SCU personal loan, complete the online form on its site, call the hotline or do it the old fashioned way by printing and filling out a hard copy (if you live near a local branch). Doing it online can take fewer than 15 minutes and you’ll hear back from SCU on the outcome soon after.
To apply for a personal loan with SCU you will need: