CUA car loans – Borrow from Australia’s largest credit union
Get ready to learn everything you need to know about CUA car loans in the next sentences. For starters, CUA is Credit Union Australia, the country’s largest credit union. You may have heard that credit unions have some advantages over banks, and CUA is no different. It has the same members-over-profits approach that gives credit unions such a good rep.
Plus, when you become a CUA member, you also become a shareholder capable of voting at the Annual General Meeting and taking part in CUA’s general governance. If this sounds like the sort of friendly relationship you would like to have with your credit provider, then stick around for that info on CUA car loans.
CUA car loans quick review
- Loan amounts. From $5,000 to $100,000
- Loan terms. Up to 7 years
- Interest rate. From 6.79%
- Security. Secured and unsecured options available.
- Pros. Unlimited extra repayments, no early repayment fees, and a redraw facility.
- Cons. Establishment fee of $175
- Best for. Anyone looking to purchase a new or used car from a non-bank that offers competitive rates and terms.
CUA offers three types of personal loans for buying a car
- Secured fixed car loan. If you want the most competitive rate available from CUA, a secured loan is your best bet. The option comes with a fixed rate, so there’s the added benefit of fixed repayments that are easy to budget for. You can borrow at least $5,000 and up to $100,000 for any new or used vehicle up to seven years old.
- Unsecured fixed personal loan. This option offers between $5,000 and $50,000. Additionally, the fixed rate offers peace of mind from knowing you’ll always have to pay the same minimum repayment every time.
- Unsecured variable personal loan. With this option, you have access to between $5,000 and $60,000. The variable rate means your repayments may fluctuate over the term. This gives you the opportunity to save if rates fall, but you may end up with a tighter budget if rates increase.
If you need to finance something other than a car, check out CUA personal loans to see if they’ll do the job.
CUA offers flexible repayment options
- Unlimited extra repayments. If you’re like some people, you may want to pay extra on top of your minimum repayments when your finances are looking good. CUA allows you to do this without penalty. If you keep it up, you’ll end up wiping out your debt earlier.
- No early exit penalties. Paying off your debt sooner is a great way to trim interest and fees. The lack of early exit fees makes this option cost-effective, and the earlier you pay off the debt, the more you save.
- Flexible repayment options. You can opt for monthly, fortnightly, or weekly repayments – whichever is a better match for your income cycle. You can also use our CUA car loan calculator to find a repayment that’s just the right amount for your budget.
- Access your extra repayments via the redraw facility. You may need your extra repayments back when unexpected expenses come up. The good news is a CUA car loan comes with a redraw facility just for this purpose.
Rates, fees, and charges
Interest rates start from 6.79% p.a. if you choose the secured option. They then go up to 9.39% p.a. with the unsecured fixed option. Last, the unsecured variable offer is available at a rate of 11.89%.
When it comes to fees and charges, you only have to pay an establishment fee of $175 for the unsecured options. However, a secured car loan also has a $90 security administration fee, so that the total fees come up to $265. There are no ongoing monthly fees or penalties for extra repayments and early exit.
Eligibility and what you’ll need
- Be at least 18 years of age
- Have Australian citizenship or permanent residency
- Earn a regular income
- Must not have been bankrupt or insolvent in the past five years
- Provide your email address, contact number, and CUA Member number (if applicable)
- Provide details about your employment, income, assets, expenses, debts together with your driver’s licence, Medicare, or passport details.
Applying to Credit Union Australia
If you want to head over to CUA’s online car application straight from this page, click the “Go to Site” button in the table above. Once you reach CUA’s website, follow these steps:
- Complete the online application – This takes not more than 20 minutes.
- Accept the offer. Once approved, you’ll be able to receive and sign your loan contract online.
- Get your money. The funds are then transferred into your CUA account.
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