Credit Union Car Loans
Compare credit unions and other top low rate car loan lenders with Savvy.
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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
Lock in a competitive interest rate
With our lenders offering low rates based on your profile, you can save big on your car loan.
Choose your loan amount
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.
Repay over up to seven years
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).
Customise your loan repayments
Many lenders will also afford you the opportunity to choose whether to pay your loan in monthly, fortnightly or weekly instalments.
Free additional repayments
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.
Fees to look out for
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.
Car requirements
Made in Australia or imported by its manufacturer, covered by a fully comprehensive insurance policy and must never have been written off.
Eligibility
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
Apply at any time of day
Our online portal is open 24/7, so you can submit your quick quote at any time and get your application started today.
Fast processing and approval
Savvy’s smart technology and expert consultants enable us to secure finance for our customers in as little as 48 hours.
Greater choice
With more than 25 lenders across the country in our panel of financiers, we give borrowers more choice and competitive offers.
The pros and cons of credit unions for car loans
PROS
Member-owned
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)
CONS
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.
Loan term
While you can access finance for any period between one and seven years, some credit unions will enforce caps on their products. It’s common to see loans that max out at five years in length, while others will only offer car loans for a minimum three-year term.
If you sit at either end of this spectrum, your consultant will ensure that the offers presented to you are within your preferences.
Additional features
As part of the comparison process, your consultant will ensure that free additional repayments are available on your loan, as all of our lending partners offer these.
Also, we’ll ensure that your repayment needs are met by only presenting you with options that enable flexible repayment schedules of either weekly, fortnightly or monthly.
Repayments
An important factor to consider when comparing between different loan options is how much your repayments are going to cost.
Fortunately, your Savvy consultant will conduct an affordability check as part of your initial quote with us, so we can tell you the maximum amount you’re likely to be approved for. You can then weigh up your options and see which has the most manageable repayments alongside the rest of the features you’re after.
Minimum loan amount
You should always watch for car loans that come at a higher minimum amount; as previously mentioned, these are commonly implemented by credit unions above the usual threshold of $5,000, but not always.
Your consultant will help you prioritise those that fit within your car loan needs.
Common car loan queries answered
What our customers say about their finance experience
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