Thumbnail icon for Transport Mutual Credit Union

Transport Mutual Credit Union FastRoad New Car Loan

Interest rate from
4.99% p.a.
Comparison rate from*
5.26% p.a.based on $30,000
over 5 years
Upfront fee
$199

Mozo editorial review Transport Mutual Credit Union FastRoad New Car Loan

Last updated: 8 January 2020.

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What's hot
  • 4.99% variable interest rate (5.26% comparison rate*)
  • Free redraw facility
  • Early repayment without penalty
What's not
  • $199 loan establishment fee
Mozo snapshot

Has a new car caught your eye but you need a hand to fund it? The FastRoad New Car Loan from Transport Mutual Credit Union might be the car loan for you. Available for vehicles up to 3 years, it comes with a competitive 4.99% variable interest rate (5.26% comparison rate*) and has no pesky annual or monthly fees. Borrowers can also make extra repayments to pay down their loan early without any fees. 

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Key features

The Transport Mutual Credit Union has same day approval on this loan, so you may be given the green light within hours of applying! 

To get the competitive 4.99% interest rate (5.26% comparison rate*) with this loan, you’ll need to be purchasing a vehicle that’s less than three years old. There is a minimum loan amount of $5,000 and loan terms range from 1 to 7 years.

Repayment schedule choices are up to you with the FastRoad New Car Loan, you can choose between weekly, fortnightly or monthly repayments. If you find yourself with funds and are able to pay down your car loan faster, the good news is that you can make repayments at any time and even pay off the loan entirely without penalty. The good news is that this loan also has a redraw facility so if you do make extra repayments but find you need the money down the track you can redraw it without any penalty for doing so. 

You can bid farewell to ongoing monthly or annual fees with this loan because there aren’t any! Just keep in mind though, you will have to pay a one-off upfront $199 establishment fee when you first take out the FastRoad New Car Loan.

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Who is it good for

You don’t need to work in the transport industry to take out the FastRoad New Car Loan with Transport Mutual Credit Union, which means this is a good car loan option for anyone looking to get a new car under 3 years. If you are after a car loan for an older car the Transport Mutual Credit Union FastRoad Used Car Loan may suit you better. 

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Any catches

Make sure that you stay on top of your regular repayments on this car loan, because if you miss a payment you’ll be up for a $10 late payment fee every time you do. 

Also be aware that this loan is a secured loan, so you will need to put your car up as security against the loan.

Details

Rates and fees information correct as at 15 August 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Variable

  • 4.99% p.a.variable

  • 5.26% p.a.based on $30,000
    over 5 years

Fees
  • $199.00

  • $0.00

  • $10.00

  • $0.00

  • 0

Other financial bits
  • $5,000.00

  • none

  • 1 Year

  • 7 Years

  • Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • The late fee is to cover administrative costs which may be charged after a grace period.

  • none

*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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Customer Reviews

This product is not currently reviewed.

Transport Mutual Credit Union

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