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Find out whether Teachers Mutual Bank is the right place to take out your car loan. Compare a range of offers with Savvy and apply with us today.
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Teachers Mutual Bank, as the name suggests, is an Australian mutual bank and former credit union offering its members a range of financial products, as well as insurance and banking services.
One such product is a car loan, which serves as one of the many available car finance offers available on the market and therefore worth learning more about if you’re in the market for finance for your next car.
Fortunately, Savvy breaks down a range of car loan offers to help you make sure your decision is the right one. We’re partnered with a vast panel of lenders, so you can apply directly to us today and have your ideal car loan locked in within days.
*Please note that Savvy does not represent Teachers Mutual Bank for their car loan product. All information in this article is correct as of 29 July 2024.
Teachers Mutual Bank (TM Bank) offers low rates starting at 8.99% p.a. (9.13% p.a. comparison), ensuring you can capitalise on an affordable car loan from the outset.
Being able to take the time to repay your car loan is important, as you should always ensure that you’re as comfortable as possible in doing so, and you can choose a loan term up to six years to do this.
There’s no requirement for you to pay any ongoing fees on top of your monthly repayments and interest, saving you further money over the life of your car loan.
You can purchase a wide range of car types across different pricing tiers, with TM Bank car loans starting from $10,000 and reaching up to as much as $80,000.
By locking your rate in at the beginning of your car loan, you can ensure that your ability to budget around your repayments will be more accurate and reliable.
If you want to share the responsibility of your co-purchased vehicle with your partner, you can sign on as joint applicants for your car loan with TM Bank.
You don’t just have to buy a standard car with this loan: motorcycles, boats, caravans and even some classic cars are able to be purchased and used as security for the finance deal.
Not only do you not have to supply a deposit but can also include other costs in your loan, such as car insurance and added accessories like a car alarm system or navigation tools.
Crucially, you can purchase any vehicle, new or used, up to ten years of age at the point of purchase, widening your potential options in terms of cars you can choose from.
You won’t be able to take out a short-term car loan of one or two years as you can with many other lenders due to the fact that TM Bank car loans are restricted to three-year minimums.
Although not a hugely substantial charge at $100, you’ll be required to pay an application fee as part of the setup of your loan when you may not be required to with other lenders.
If you aren’t a current or retired employee from the education field or a close family member of one, you won’t be able to access car finance through this institution.
There are two different types of car loan offered by TM Bank, so it’s important to know how they differ from one another and which is better suited to your individual needs. These car loan offers are:
TM Bank's fixed rate car loans range from three to six years in length, with interest rates locked in at 8.99% for five years. These loans start from $10,000 and reach as high as $80,000. Vehicles can be purchased up to ten years old at the point of sale and used as collateral for the loan.
TM Bank's variable rate car loans also start at 8.99% p.a. (9.13% p.a. comparison) and offer a range of other features. Firstly, loans as small as $5,000 can be taken out, with the maximum $80,000 amount still applying, but you can take advantage of free extra payments and no early repayment fees. On top of this, you can access a fee-free redraw facility to withdraw additional payments made across your term.
Of course, you can benefit from applying directly with Savvy. We’re partnered with more than 25 lenders across the country to maximise your chances of finding and securing the ideal offer for your needs with the help of one of our dedicated and experienced consultants. We do the heavy lifting and compare car loans for you, so you don’t have to worry about the process after you submit your initial application to us, with funds able to be released and ownership of your car transferred to you in as little as 48 hours.
As with all car loans, you’ll need to provide a set of documents to verify that everything you’ve explained in your application is accurate. While these may differ slightly between different lenders, the broad strokes will remain the same across the board. The information required for a TM Bank car loan includes:
Yes – as part of the application process, you’ll pay a fee of $10 to purchase a share of the bank. Mutual banks and credit unions are member-owned, so you’ll own part of the institution when you sign up to become a member. You won’t be able to take out a car loan if you don’t become a member, so make sure you’re eligible to become a member of the bank.
Not really – credit union car loans and those offered by banks are essentially the same in terms of the products you’re taking out. The main difference is that, in most cases, credit unions and other mutuals can offer lower interest rates and fees due to the fact that their profits are reinvested in the company, rather than used to pay shareholders who own big banks.
No – as long as your vehicle meets your lender’s requirements in relation to their age and condition, you can choose any make or model of car you wish. This may be anything from Mitsubishi, Honda, Subaru, Suzuki or any other car brand available on the Australian market right now.
No – unfortunately, membership for TM Bank isn’t currently open to teaching students or those in the field of education. You can contact the institution to clarify whether you can be accepted if you’re unsure. However, you can also apply directly with Savvy to speak with one of our consultants about car loans available to students.
The most effective way of working out the cost of your loan instalments, such as Teachers Mutual Bank, is with our car loan repayment calculator. This will give you a rough idea of what your repayments are likely to be based on factors such as differing loan amounts and terms. However, on top of a car loan calculator for Teachers Mutual Bank, your dedicated consultant will run extensive affordability checks to determine how much you’ll be able to borrow.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
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