I needed a new car ASAP as my good old faithful car was finally giving in part by part. I searched high & low to get myself the best possible new car loan I could, I was very fussy in what I wanted! I wanted a loan with no monthly fees whatsoever, low application fee, no fees for re-drawing, paying out early or making extra repayments, fixed interest rate & of course a low interest rate. I found Victoria teachers mutal bank met every single one of my needs & to top it off they had a promotion going with an extra low interest rate that was fixed for the first five years and then reverts back to their higher variable rate after the promotional period is over. I'm a very happy cusotmer & also have an everyday account with them.
My car loan had low interest rates, especially compared to the bigger banks. I was able to pay it off in no time at all. The only downfall of Victorian Teacher's Credit Union is there are only two branches, Camberwell and Moonee Ponds. Neither are really close to me and makes it difficult if you need to go in there, especially round full time work. However, their customer service of over the phone is excellent and I have rarely needed to go in.
The rates were quite competitive, and the service was prompt and friendly.They also provided discount insurance as well. The competitive rates while good, were not the best rates around, however with the afore mentioned service and assistance, gave me no choice but to go with this product.
As a teacher starting out my career in January next year, I was in need of a car to get to work. Whilst one of the major banks rejected my car loan application based on my current (student and non-existent) income, Victoria Teachers Credit Union applied common sense and took my 2012 teaching contract as evidence that I could repay the loan comfortably. What's more, they allowed me to begin repayments in March! Common sense and great customer service has meant I'll be sure to go with Vic Teach when it's time to borrow money for a home. The big banks could learn something from the little guys!
They Victoria Teachers credit union has very competitive rates. I have now had 4 car loans and have been able to pay these off earlier without penalty. Direct debit is fantastic option and you can get access to money from your car loan that you have paid off early. Convenient and reliable phone banking and internet. Friendly and helpful staff and other options for accounts and loans.
They organised everything quickly with a minimum fuss.. I misunderstood the repayment schedule for a while and they sent me reminder letters (FREE!!!) WITHOUT penalty. I then set up auto payment and never missed again. They even "fixed" the last payment so that it EXACTLY paid out the loan and it just DISAPPEARED!! Fantastic service. There was NO penalty for "overpayment" or early payout of the loan.
Strongly recommend if you are comfortable with internet banking. Very easy to pay off loan and no extra fees and charges. Staff are very helpful. Only negative point is that they only have one branch and it's difficult to make time to visit the branch if you work full time.
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Car loan comparisons on Mozo - rates updated daily
New Car Loan
Including Demo, Fixed, Secured
5.22% p.a.based on $30,000 over 5 years
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.67% would cost $34,096.76 including fees.
*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.
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