The Capricornian car loans – Apply for flexible auto finance
The Capricornian is a customer-owned financial institution and the only one of its kind in Central Queensland. It began its life as a small parish credit union in Rockhampton in 1959. At one point, the financial institution went by the name Capricornia Credit Union Ltd before switching to The Capricornian Ltd.
At the time of writing, this lender offers products such as credit cards, home loans, personal loans, and auto loans. In this guide, BestFind brings The Capricornian car loans into the spotlight for your benefit should you decide to apply.
The Capricornian car loans in a nutshell
A car loan from The Capricornian comes with benefits such as a competitive rate. You also get flexible loan amounts of between $5,000 and $75,000. You get a loan term of up to 7 years if you opt for a new car loan, while other auto loans only go up to 5 years.
The Capricornian auto loans are suitable for new or used vehicles, boats, or caravans. But keep in mind you’ll be taking out a secured car loan, so your purchase is used to guarantee the borrowed funds.
A closer look at The Capricornian car loans: Benefits and features
Here are more important details that further define how a The Capricornian auto loan might work out for you:
- You can make repayments monthly, fortnightly, or weekly.
- There are no penalties or fees for extra repayments or early payout. That means you can make additional loan repayments on top of your minimum repayments to avoid more interest costs. If you wish to estimate your monthly repayments, use our The Capricornian car loan calculator to find what works for your budget.
- When you’ve made extra repayments, it’s possible to withdraw them again. You can access any funds available in the redraw facility online and via mobile banking for free.
- There are no fixed rates – only variable rates are available. Your interest rate depends on the information you provide and the lender’s assessment.
Fees and charges
The Capricornian is a “mutual.” Its setup differs from banks since it doesn’t boost profits for the benefit of external shareholders. Instead, The Capricornian fee structure is fairer since it’s based only on cost recovery.
This can be seen by the fact that the Capricornian does not charge monthly fees. However, you have to pay a $250 establishment fee which is included in the initial loan amount.
What you need to apply
Generally, the eligibility criteria for The Capricornian car loans is what you would expect from other Aussie lenders:
- Be at least 18 years of age
- Be a permanent Australian resident
- Have a regular income
- Have a sufficient credit score
However, you must also become a member before approval. Other qualification requirements include the following:
- Your driver’s licence and passport details.
- Details about your income, employment, living expenses, assets, debts, and commitments.
- Quote or invoice from your selected car yard.
- Casual employees need to provide tax assessments and payslips.
- Self-employed people need to provide tax returns, financial statements, and BAS statements.
- If you want to refinance, you need to provide account statements or transaction history.
How to apply for a loan from The Capricornian
You can apply for a The Capricornian car loan using BestFind’s comparison table above. Click “Go to Site” to access this lender’s website so you can fill in their online application form. Here are a few important details about the application process:
- You can opt for a joint application – adding a co-borrower improves your chances of approval.
- The Capricornian says if you provide all required information, their basic products can take as little as an hour to get approved. Generally, you’ll get an answer within 24 hours.
- Given that your details and circumstances remain the same, you have two months to accept your offer from the day of approval.
If you need to borrow for any other purpose, check out our The Capricornian personal loan guide.
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