Credit Union Car Loans
Compare credit unions and other top low rate car loan lenders with Savvy
Compare credit union car loans
Looking to get a car loan through a credit union? Savvy has partnered with a selection of the top lenders across the country, both credit unions and other major and smaller lenders, to help you secure your ideal car loan. Our expert car finance consultants take your priorities and personal situation into consideration and find a car loan that will benefit you the most.
Securing the ideal car finance deal isn’t as difficult as you’d think: get a quick quote with Savvy and find out what your best options are today.
Savvy's car loan features and benefits
With our lenders offering low rates (starting from a comparison rate of just 4.36% p.a.), you can save big on your car loan.
You can apply for amounts ranging anywhere from $5,000 all the way up to your car’s value, affording you access to all types of cars.
As part of this agreement, you can also elect to repay your loan over a period of between one and seven years (most opt for five).
Many lenders will also afford you the opportunity to choose whether to pay your loan in monthly, fortnightly or weekly instalments.
Our lenders offer extra loan payments free of charge, which can help you save a substantial amount on your finance and shorten your term length.
Application fees up to $600 and ongoing fees up to $20 can apply to your loan, as well as early termination fees up to $600 to $900, although some lenders will waive some or all of these, while late payments will cost you up to $50.
Made in Australia or imported by its manufacturer, covered by a fully comprehensive insurance policy and must never have been written off.
Be 18 years or older, hold citizenship or permanent residency, as well as an active driver’s licence, and earn at least $26,000 p.a. (valid streams include PAYG, self-employed and Centrelink)
Why so many customers find their ideal car loan with Savvy
The pros and cons of credit unions for car loans
Credit unions are owned by their members, unlike banks which are owned by shareholders, and can facilitate benefits such as fee reductions.
Diverse acceptable income streams
Many credit unions accept Centrelink payments as part of your income, provided that the benefits are consistent in conjunction with other income.
Various repayment methods
In addition to direct debits, you can make payments via your phone and online banking or indeed pay in-branch if one is accessible for you (depending on the credit union)
Stricter eligibility criteria
They’re also less flexible when it comes to applicant eligibility, as they typically only work with customers who have good to excellent credit and past borrowing.
Higher minimum loan amount
Some credit unions implement higher minimum loan amounts of up to $20,000 for some of their products.
Thinner product selection
Of all lender types, credit unions tend to have the least varied range of products for you to choose from.
How to compare credit union car loans with Savvy
Interest rate and fees
These are the most significant factors which shape the amount that you’ll end up paying on top of your principal contributions.
Your consultant will always prioritise lower-cost loans where possible, as the rate discount can make all the difference in the long run.
For instance, opting for a five-year, $30,000 credit union car loan at 6% will save you around $20 per month and over $1,200 in total compared to the same loan at 7.5%. Your loan’s comparison rate gives an indication of this by combining your rate and total cost of regular fees.