First Option Bank Car Loan

What to know before financing your car with First Option

The low promotional fixed rate that stays in place for the first six months ensures that your repayments remain the same to start with. Not having to pay any ongoing account-keeping fees is a definite plus, and the fact that you can make extra repayments or an early payout without paying any penalties is an added advantage.

If you want to buy a used car, you can consider applying for a First Option Bank Used Car Loan, and if you're looking for a fixed rate car loan, take a look at the Special Fixed Rate Car Loan that this bank provides.

Features and benefits of the loan

Knowledge about the features this car loan offers should hold you in good stead in case you're thinking about applying, and here's what you need to know:

• Free pre-approval. First Option provides free, no-obligation pre-approval for car loans. Once you get pre-approved you know how much to budget for in your car search.
• Free car buying service. First Option connects possible car buyers with Car Brokers Australia, a car buying service that you can use for free. This service simplifies looking for a car, given that you have professionals doing the groundwork for you.
• Various loan amounts and loan terms. The minimum you can borrow through this loan is $15,000 and the maximum depends on your ability to repay and the car you wish to buy. Loan terms can extend up to 7 years.
• Interest rate. This loan comes with a fixed interest rate of 10.99% p.a.
• Extra repayments and early payouts. You can make extra repayments towards your car loan as and when you like, and by doing this you can pay the loan off sooner while saving in the form of interest. First Option does not charge any penalties for extra repayments or early payouts.
• Redraw. You can access your extra repayments using a redraw facility. This service attracts a $10 fee and you have to redraw a minimum amount.

Fees and charges

If you take this New Car Loan you'll have to repay the amount you borrow, plus interest and other applicable fees and charges. While First Option lists all applicable fees and charges clearly through the loan offer document, it is your responsibility to go through this, and you should ideally do this before you accept the contract. Given below is a list of commonly applicable fees.

• Loan administration fee: $175
• Account-keeping fees: $0
• Redraw fee: $10 (charged each time you redraw)

How you can apply for the New Car Loan

One way is by visiting a First Option Bank branch, another is to apply online, and you can also get started over the phone. Applying online takes around 10 to 15 minutes, but before you start, establish if you meet the following eligibility criteria.

• You're over 18 years old
• You have source of income
• You're a member of First Option Bank or willing to become one

To complete the application, prepare to part with the following information:

• Personal and contact details including your complete name, home address, phone number, email address, date of birth, marital status, and number of dependants
• Employment-related information like your occupation, employment status, and employer's contact details
• Details about your existing financial situation (income and expenses) and proof of these as well

The repayment flexibility this car loan offers along with its introductory rate make it worthy of your attention, but since certain other loans offer similar features, compare few car loans before deciding.

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
OurMoneyMarket New Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $250 min.	Monthly Fee $0	Monthly Repayment $622.82	Go to siteMore Info Compare
Stratton Finance New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.27	Go to siteMore Info Compare	You'll receive a fixed rate from 6.52% p.a. depending on the lender you are approved with. Apply for up to $300,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
RACV New Car Loans Fixed1 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.29% to 16.99%	Comp. Rate (p.a.) 8% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $635.67	Go to siteMore Info Compare	You'll receive a fixed rate from 7.29% p.a. A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
OurMoneyMarket Used Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $250 min.	Monthly Fee $0	Monthly Repayment $622.82	Go to siteMore Info Compare
Stratton Finance Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.27	Go to siteMore Info Compare	You'll receive a fixed rate loan from 6.52% p.a. with a comparison rate of 6.95% p.a. A used car loan of up to $300,000 with quick approval times and balloon payment options.
RACV Used Car Loans Fixed1 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 8.49% to 16.99%	Comp. Rate (p.a.) 9.21% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $647.01	Go to siteMore Info Compare	You'll receive a fixed rate from 8.49% p.a. Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.

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