Teachers Mutual Bank Secured Car Loan

Factors to consider about the Teachers Mutual Bank Secured New Car Loan

The Teachers Mutual Bank Secured New Car Loan offers a competitive 8.99% p.a. variable interest rate. Your new car is offered as collateral to secure your loan. Loan fees are very low, with just a $150 loan application fee charged upfront and a $10 share purchase to become a Teachers Mutual Bank member.

You can request a loan amount ranging from $5,000 to $80,000. The loan term can extend to 6 years and, coupled with the ability to structure repayments according to what works best for you, this product ensures you have full control over your repayments. In addition, you can add accessories such as your car's navigation system, alarm and insurance into the loan.

Features of the Teachers Mutual Bank Secured New Car Loan

• Interest rate. The interest rate starts at 8.99% p.a. The rate is variable, so it may fluctuate depending on the market. Make sure you're able to make repayments if the rate happens to spike upwards during the life of your loan.
• Loan term. You're able to take advantage of a flexible loan term ranging from 1 to 6 years.
• Loan amount. The loan amount ranges from $5,000 to $80,000, making it ideal for choosing a wide range of new vehicles.
• Competitive fees. There are no annual fees or ongoing fees whatsoever, just a $150 loan application fee.
• Flexible repayment schedule. You're able to choose your own repayment schedule and make either weekly, fortnightly or monthly repayments. Whatever you select will be fixed for the entire term of the loan.
• Additional repayments. With no early repayment penalty, you have the option of making extra repayments at no additional charge, making it easier to pay off your loan faster.

How much does the loan cost?

• Loan application fee. This is a one-off $150 fee charged upfront when you've accepted and signed the loan contract.
• Interest. You'll be charged an interest rate starting at 8.99% p.a. on your remaining principal balance. Be aware that this is a variable interest rate that may increase or decrease, potentially affecting your monthly repayment amount.
• PPSR registration. Since your vehicle will be used as security for your loan, your vehicle must be registered with the Personal Property Securities Register (PPSR). PPSR registration is at cost, meaning you must pay whatever PPSR charges at the time of registration. This is a one-off fee that must be paid to satisfy the terms of any secured car loan in Australia.
• PPSR amendment. If you sell your car or transfer ownership to another person during the loan term, you will need to file an amendment with the PPSR office, which will incur a one-off fee.

How to apply for the Teachers Mutual Bank Secured New Car Loan

You can begin the application process online. Make sure you satisfy the following criteria to ensure eligibility. You must:

• Be at least 18 years old
• Be an Australian citizen or permanent resident
• Have a steady income
• Be able to meet your loan repayments
• Have a good credit history
• Pay $10 to buy a share in Teachers Mutual Bank to become an official member

Make sure you have the following items on hand to complete your application:

• Identification. This is required to show proof of residency and age.
• Official details of income and employment. This may include pay stubs, income verification forms, rental income, proof of employment, etc.
• Bank account details. This is required for Teachers Mutual Bank to process your $10 share payment and approve you as a member.
• Assets and liabilities. Make sure you have on hand any documentation showing proof of your assets as well as any liabilities such as outstanding personal loan balances.
• Tax information. You will need your most recent tax return and, if self-employed, your latest notice of assessment.

The online application process is straightforward and simple and it should take you about 30 minutes to complete. If your application is successful, you should receive approval within two business days (sometimes sooner). Once approved, your funds will be either deposited into the seller's account or provided to you as a cheque.

The attractive features and low cost of the Teachers Mutual Bank Secured New Car Loan offers an added advantage over many other products. Make sure you compare all your available car loan options before deciding on the loan product that's right for you.

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
IMB New Car Loan Fixed1 - 7 Years $2,000 - $125,000	Interest Rate (p.a.) 6.24%	Comp. Rate (p.a.) 6.59%	Application Fee $274.78	Monthly Fee $0	Monthly Repayment $619.01	Go to siteMore Info Compare	You'll receive a fixed rate of 6.24% p.a. A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
Simplify New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.19% to 18%	Comp. Rate (p.a.) 6.6% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $622.21	Go to siteMore Info Compare
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.
loans.com.au - New/Demo - Variable Rate Variable3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 6.24% to 7.39%	Comp. Rate (p.a.) 7.37% to 8.5%	Application Fee $400	Monthly Fee $8	Monthly Repayment $630.83	Go to siteMore Info Compare
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
Simplify Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.19% to 18%	Comp. Rate (p.a.) 6.6% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $622.21	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.
Latitude Variable Rate Personal Loan Variable2 - 7 Years $5,000 -	Interest Rate (p.a.) 9.49% to 29.99%	Comp. Rate (p.a.) 10.37% to 30.69%	Application Fee $0	Monthly Fee $13	Monthly Repayment $653.57	Go to siteMore Info Compare	Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.

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