Please note that CUA has been rebranded to Great Southern Bank. The information on this page has been kept for the benefit of those who are interested and historical records only.
Credit Union Australia (CUA) traces its roots back to 1940s when it was formed through merger between several different credit unions across Queensland. Since then it has grown at a rapid pace, now with a membership of over 400,000 and growing. It has over $9 billion in assets under management, showing the trust it has cultivated in the market.
CUA provides a wide range of products like home loans, personal loans, health insurance and business loans. The ability to provide a great service whilst keeping interest rates competitive has helped CUA benefit the lives of its customers.
CUA Fixed Rate Car Loan. Benefit from a competitive fixed rate of 6.79% p.a. when you're purchasing a new car. The minimum loan amount is $5,000 and the maximum is $100,000. Even though the loan is fixed it's quite flexible; you have up to 7 years repay it, there are no penalties for early repayment and you can make unlimited extra repayments to your loan.
CUA Fixed Rate Personal Loan. If you have your eye on a used car but still want your repayments to remain fixed, you can consider the Fixed Rate Personal Loan. It comes with a rate of 9.39% p.a. and no monthly fees. You can borrow between $5,000 and $50,000, making it suitable for a secondhand car purchase, and there are no penalties for early repayment. Loan terms are available up to 7 years.
CUA Variable Rate Personal Loan. This loan lets you purchase any car you like, and if market rates drop you may be able to take advantage of the favourable conditions. The loan comes with a rate of 11.89% p.a. and you can borrow between $5,000 and $60,000. There are no monthly fees, no penalties for early repayment and you have the ability to make unlimited extra repayments. You can also make your repayments weekly, fortnightly or monthly to suit your budget.
Can your vehicle be used as security?
To be eligible for the secured loan, vehicles need to be:
A new car or;
A car that's no more than two years old and;
Worth $15,000 and above
How you can apply for a CUA Car Loan
CUA makes it easy to apply for a car loan and ensures that the entire process is completed with a short turnaround time. Interested borrowers can click on 'Go to Site' and a new application for their car loan will be opened. The overall process is smooth and you can expect a response from CUA within 30 seconds of completing the application.
Age. Be at least 18 years of age.
Income. Receive a regular income.
Bankruptcy and bad credit. Not have declared insolvency or bankruptcy. You should also not have any defaults on your credit cards, loans store cards or interest-free finance in the past five years.
You'll need the following information on hand to complete the online application:
Employment and income details
Asset information including house, vehicles, money, shares
Amount owed on loans, overdraft, credit cards
Australian driver's licence number or passport details
The loan options on offer from CUA fixed rate car loan are definitely ones to consider if you're in the market for financing. However, as there are other options available, it's important to compare all available car loan options before submitting your application.
Elizabeth Barry is the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review.
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