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Transport Mutual Credit Union FastRoad Used Car Loan

Interest rate from
7.49% p.a.
Comparison rate from*
7.84% p.a.based on $30,000
over 5 years
Upfront fee
$245

Mozo editorial review Transport Mutual Credit Union FastRoad Used Car Loan

Last updated: 8 January 2020.

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What's hot
  • 7.49% variable rate (7.81% comparison rate*)
  • Unlimited extra repayments and redraw facility
  • No ongoing service fees
What's not
  • $225 upfront establishment fee
Mozo snapshot

If you’re in the market for a loan to help you get your hands on a set of pre-loved wheels, the FastRoad Used Car Loan is well worth considering. With a solid 7.49% (7.81% comparison rate*) and features like unlimited extra repayments and a redraw facility and a range of borrowing options from 1 to 7 years, this loan could get you driving in no time.

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Key features

Used cars have character, and so should your car loan! The Transport Mutual Credit Union FastRoad Used Car Loan has a range of options and handy features so you can personalise loan and do what suits you best. 

The loan comes with a 7.49% variable interest rate (7.81% comparison rate*) and has a minimum borrowing amount of $5,000. Customers can choose from loans terms ranging from 1 year to 7 years, and won’t face any ongoing monthly or annual service fees over the life of their loan.

Interested in bonus features? Well, with the FastRoad Used Car Loan borrowers can make unlimited extra repayments without penalty, plus there is also a free redraw facility - meaning you can redraw some of your extra funds you’ve contributed towards your loan if you ever find yourself short. Plus you can choose to make regular repayments on a weekly, fortnightly or monthly basis - it’s all up to you. 

Also note that if the car you have your eyes on is under 3 years old, you qualify for a Transport Mutual Credit Union FastRoad New Car Loan which could be a better option for you as it has a lower variable interest rate of 4.99% (comparison 5.26%) .

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Who is it good for

This loan is not exclusively for Aussies in the transport industry, anyone can apply! So if you are in search of a killer car loan to help fund the purchase of a used car, the FastRoad Used Car Loan could be good for you.

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Any catches

While there are no ongoing fees on this car loan, there is an upfront establishment fee of $225 when you first take out the loan and a $10 late payment fee if you miss any of your regular repayments.

Details

Rates and fees information correct as at 27 September 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

  • 7.49% p.a.variable

  • 7.84% p.a.based on $30,000
    over 5 years

Fees
  • $245.00

  • $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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