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Compare and review My Credit Union car loans
Looking to finance a new or used car, van, truck or motorcycle? When comparing My Credit Union car loans, there are other key facts to consider and understand, other than just My Credit Union’s interest rates.
What car loan options are available?
My Credit Union has 2 car loan products:
- My Credit Union My Car loan
- My Credit Union My New Car loan
View the above table for detailed product information and a comparison of the interest rates, fees and features.
You can also review and compare My Credit Union personal loans and My Credit Union home loans.
Do you have a My Credit Union car loans calculator?
Yes. Use the filter to adjust your loan amount and term to calculate your approximate monthly repayments. When you apply the filter, you will see a breakdown of your approximate monthly repayments as well as the total amount of interest and fees paid.
For a more accurate quote, contact My Credit Union directly.
How to apply for a My Credit Union car loan?
If you’d like to apply online for a My Credit Union car loan, just scroll up and click on “Learn more” to be taken to My Credit Union’s secure online application form. Before you apply, be sure to learn about My Credit Union’s loan products, fees and eligibility criteria. Give yourself around 30 minutes to complete the car loan application.
My Credit Union’s car loan eligibility criteria
Before you apply for a car loan, be sure to understand and meet the My Credit Union’s lending criteria. Below is high-level overview of My Credit Union’s criteria:
My Credit Union’s minimum requirements for a car loan
- Minimum age of 18
- Earn a minimum of $15,000 per annum
- You’re buying a car or motorcycle for personal use
- Minimum loan amount of $10,000 or more
- You’re a permanent Australian resident or valid work visa holder (457 or other diplomatic visas)
Information you’ll need to provide
Whether at the My Credit Union branch or online, make sure to have the following details and documents nearby:
- A current Australian driver’s license (if you have one)
- Your current employer’s name, contact name and phone number
- Previous employer, if you’ve changed jobs in the last three years
- Income, expenses, assets and liabilities (such as other loans or credit cards)
Are you self-employed?
If you’re self-employed, you will also need to provide:
- Financial statements for the last year (no older than 18 months)
- Your most recent personal/business tax return (no older than 18 months)
Other things to keeping mind when applying
- Approval time takes between 1 to 3 business days
- It’s advantageous to have a good credit history. For example, you have no recent defaults and no frequent requests for credit
- Credit cards with large credit limits are seen as liabilities, even if there’s nothing owing. If you have existing liabilities, be certain you can pay them off in addition to your My Credit Union car loan
There are many additional factors My Credit Union consider when accessing your application, but the above are the most important. If you feel like you may not meet their eligibility criteria, it may be best to save!
What can you use a My Credit Union car loan for?
Examples of common loan purposes My Credit Union will lend for:
Additional My Credit Union car loan information
My Credit Union’s minimum and maximum car loan amounts and terms
How much can you borrow? Between $10,000 and $100,000, over terms between 1 year and 7 years. Use our filter as a repayment calculator to see your monthly repayments and rates.
Repayment schedule
My Credit Union allow weekly, fortnightly or monthly repayment.
Extra repayment or early penalties
My Credit Union allows you to make additional or early repayments. There are no fees associated with completely repaying your loan off early. View their terms and conditions to learn more about early termination.
Security
My Credit Union’s Car Loans require an asset (typically, the vehicle) as security.
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