Bcu car loans in Australia – Find finance that takes you far
Bcu or Bananacoast Community Credit Union Ltd has its origins in the early 1970s. A small group of business owners, mainly banana farmers, banded together on the NSW North Coast to provide a viable alternative to the big banks in the form of local and realistic banking services.
Following a merger, bcu is now a division of Police & Nurses Limited. It’s still engaged in offering localised financial services in Port Macquarie all the way to the Sunshine Coast. bcu’s list of products also extends far, including home loans, investment loans, credit cards, and personal loans.
Zooming in on their personal loans, you can use this bcu product to buy a car or motorbike that’s up to 5 years old. Here’s more you need to know about bcu car loans.
Summary of bcu car loans
Disclaimer: Please note that since bcu has consolidated their car loans with their personal loans a bcu car loan is, simply a type of personal loan.
- Min and max loan amount – $4K – $75K
- Max loan term – 5 years
- Interest rate – 5.65% p.a
- Interest rate type – Variable rate
- Pros – You get a competitive rate and fewer fees.
- Cons – Bcu only offers secured loans, and the car’s age is restricted to 5 years or less.
- Uses – Buying a new or used car or motorbike.
- In a nutshell – The bcu new car loan might suit you if you want to finance a car that’s not older than 5 years and are willing to use your purchase as collateral. You’ll get a very competitive rate and a few beneficial features such as a redraw facility and the ability to make additional repayments.
A closer look at bcu car loan features
The bcu car loan comes with the following key features and benefits:
- Fast application. To speed up your loan application, you can apply online or over the phone.
- Additional repayments and early payoff. You get the flexibility to make additional loan repayments and to also pay the loan out early with no extra charges
- Redraw facility. You are free to access any additional repayments made whenever you need to without incurring a redraw fee.
- Variable rate. The product comes with a variable rate only – there are no fixed rate options.
Fees and charges
The good news is, besides the $200 establishment fee, bcu doesn’t charge much. There are no monthly or redraw fees, so your borrowing costs will be lower. However, this may be subject to change, and other fees may apply, so when the time comes, check the fine print.
To get a better picture of what you can afford, you can use BestFind’s bcu car loan calculator to estimate your repayments. Also browse our car loan comparison table to see how bcu measures up to other lenders on the market.
Applying for a bcu car loan
For those who are already members, bcu promises a fast online application. Start by clicking the bcu “Go to Site” button in the table above. However, if you’re not a bcu member but are interested in applying for a product, simply use the same link to access information that will put you in contact with a bcu lending specialist.
If you decide to apply, check if you meet the following qualifications, first:
- Be at least 18 years of age
- Have a regular income
- Be a permanent Australian resident or citizen
- Must not be an un-discharged bankrupt
- Must not have any outstanding defaults or judgements
During the application, you’ll need to complete the form with your loan details, for instance, how much you wish to borrow and the loan purpose. You’ll also need to provide personal information and financial details about your income(s), liabilities, assets, and expenses.
Interested in an unsecured loan, instead? Check out our bcu personal loan guide.
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