People’s Choice Credit Union Car Loans

Thinking about a People’s Choice car loan? Read about what they have to offer right here with Savvy.

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, updated on June 30th, 2023       

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As one of Australia’s leading credit unions, People’s Choice offers a wide range of products across property, personal and investment finance, credit cards, insurance and banking. Crucially, though, they also offer loans for Australians looking to purchase cars.

With so many options on the market when it comes to car loans, it can sometimes seem difficult to find the one best suited to your needs. Fortunately, that’s where Savvy comes in handy.

We’ve broken down the key areas of PCCU’s car loan to give you all the information you need to make a clear and educated decision, as well as compare a variety of other loans from lenders around Australia when you apply with Savvy.

*Please note that People’s Choice’s car loan product is a discounted personal loan. Savvy does not represent People’s Choice Credit Union for this product.

The features and benefits of People’s Choice car loans

Rates from just 4.65% p.a.

With a minimum comparison rate of just 4.99% p.a., People’s Choice car loan interest rates are amongst the lowest in terms of Australian lenders right now.

No monthly account fees

You won’t have to worry about paying more for your loan each month than you need to, as PCCU doesn’t charge any ongoing fees on their car loans on top of principal and interest.

Flexible repayment schedule

Depending on whether you receive your income on a weekly, fortnightly or monthly basis, you can adjust the schedule on which you submit your car loan repayments to ensure that you’re comfortable.

Take up to ten years to repay your loan

Unlike most car and personal loans, you can choose to take up to ten years to repay your finance deal, although the term you’re approved for will depend on your profile as a borrower.

Purchase a new or used vehicle

Regardless of whether you’re wanting to pick out a brand-new car or purchase a used one from a dealership or private seller, you’ll be able to finance its purchase with this car loan.

Access to a redraw facility

If you need access to extra repayments already made towards your car loan, you can utilise a redraw facility instead of applying for a separate loan and paying more in fees and interest.

The pros and cons of People’s Choice car loans


Highly competitive interest and fees

Compared to other lenders in the market, particularly the big banks, you could potentially save hundreds of dollars thanks to your People’s Choice car loan interest rate.

Free early repayments

If you’re in a position to pay above the minimum required amount for each instalment, you can further cut down on the potential interest and fees paid without being penalised.

Pre-approval valid for 90 days

As soon as you’re granted conditional approval for your car loan, you can take up to 90 days to choose the car which is right for you while still being able to use the pre-approval for negotiations.


Minimum of $20,000 loan amount

People’s Choice’s car loans are only offered from a minimum of $20,000, ruling out the potential for using them to purchase a less expensive vehicle or paying a portion with your savings.

High application fee applies

Although it comes without ongoing maintenance fees or early repayment charges, you’ll still have to pay a relatively expensive application fee of $250, which is built into your repayments.

Cars must be five years or younger

Another aspect limiting your choice of vehicle is that it must be no older than five years at the point of purchase, so you’ll have to make sure it falls within the loan criteria.

People’s Choice car loans explained

How do I apply for my People’s Choice car loan?

With People’s Choice, you can either apply online (via their secure web portal), over the phone (on 13 11 82) or at your nearest branch. The process of applying includes:

Complete your application for pre-approval

In most cases, your application will be completed online, as this is generally the most accessible and easiest way to do so. This form is found on their website and will only take you a matter of minutes to complete. Once submitted, it won’t take you long to receive an outcome.

Use the pre-approval to choose your ideal car

With pre-approval in hand, you can take as long as 90 days to find the right vehicle for your needs. The major benefit of pre-approval is that it gives you a strong hand when negotiating on the price of the vehicle with your seller, whether that be a private one or a new or used car dealership.

Return to PCCU for full loan approval

With information on the car you want to buy, you can complete your formal loan application process with PCCU. You’ll have to supply all the required documentation at this step, including information on the vehicle you’re looking to purchase.

Have the funds sent to your seller on approval

If PCCU is satisfied with your application, they’ll approve it and send through a contract for you to sign confirming the details of the agreement. After signing and sending it back to them, they’ll release the approved funds and send them directly to the seller of your car, who can, in turn, release the ownership of the vehicle and transfer it to you.

It’s important to note, though, that applying with Savvy not only gives you access to a hands-off approach handled by expert consultants, but also a wide range of more than 25 lenders on our panel. Our consultants will hand-pick the best loan based on your profile, giving you peace of mind that you’ll drive away with a great deal.

What information will I need to apply for my car loan?

When applying for your car loan, there are a number of key areas you’ll need to have covered in terms of information and documentation to ensure that you’re approved. Make sure you have each of the following ready to include in your application:

  • Personal identification in the form of your driver’s licence
  • Information on your income, such as your last 3 months of payslips, rental income, pensions and child support
  • Details around your expenses, including record of rent, bills, fees and regular grocery expenses 
  • Your assets, such as cars, savings, property, shares and furnishings 
  • Your liabilities, such as debts, credit cards and any active buy now, pay later accounts 

Common queries about People’s Choice car loans

Can I purchase a caravan with a People’s Choice car loan?

Yes – People’s Choice’s discounted personal loan product also extends to caravans, provided they meet the eligibility criteria that any car would be required to. You can qualify for the same low interest rate that you’d receive on a car loan by purchasing a caravan, which you can also do when you apply for caravan finance with Savvy.

Is there a minimum redraw amount?

Yes – you’ll only be able to redraw a minimum of $250 each time you access the additional funds paid towards your car loan. As such, you should always ensure that you have a specific and important need for the funds, as withdrawing too often can undo the good work you’ve done in paying down your loan debt.

Will I have the same fixed rate throughout my car loan term?

Maybe – this depends on the length of your loan term. Short-term car loans will come with the same fixed interest rate across the term, but longer loan terms of ten years will only come with a fixed interest rate for the first five years before reverting to a variable rate.

Do I have to be a member when I apply for my PCCU car loan?

No – when applying for pre-approval, you won’t have to have been a PCCU member. However, you’ll need to become a member of the credit union before your loan deal is finalised, which is a fast and easy process.

Do I have to use the car I buy to secure my People’s Choice personal loan?

Not necessarily – while in most cases you would use the car you’re purchasing to act as security for the loan, you may not, in fact, have to supply security at all if you don’t wish to. You can instead look to an unsecured personal loan, which sidesteps the requirement for you to affix an asset as collateral for the loan in return for higher rates and fees. If you do want to supply security, you may be able to use another car you own (provided it can cover your loan amount) or savings, which may be in a term deposit.

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