CUA Car Loans

CUA provides car loans as well as bank accounts, credit cards, home loans, and insurance.

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The table below displays a snapshot of CUA’s car loan products on Canstar’s database. Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a five-year loan in NSW.

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What car loans does CUA offer?

At the time of writing, CUA offers a secured fixed-rate car loan for cars and other vehicles. This loan offers the following features:

  • No monthly fees
  • No penalties for paying off your loan early
  • Choose to make payments either weekly, fortnightly, or monthly
  • A redraw facility

Is your car eligible for a secured loan with CUA?

To be eligible for a secured car loan with CUA, your application will be subject to its normal lending criteria. Generally, your chosen vehicle might need to be:

  • For personal use
  • Less than seven years old
  • A new or used vehicle worth at least $5,000

Check the PDS (product disclosure statement) for CUA’s car loan criteria.

Does CUA also offer personal loans?

Yes, CUA does offer both fixed and variable-rate personal loans as well as its car loan product. The table below displays a snapshot of CUA’s personal loan products on Canstar’s database, sorted by Star Rating (highest to lowest).

Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.

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CUA will lend you a minimum of $5,000 if you want to take out a secured fixed-rate car loan with them.

CUA allows you to choose a term of between one and seven years for your secured fixed-rate car loan.

CUA does not charge an establishment fee or monthly maintenance fee on their secured fixed-rate car loan. However, they do charge a once-off $90 security administration fee.

See this article for look at the average fees currently charged by car loan loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017), to see if CUA’s fees are more or less what the average customer is paying.

Applying for a CUA carl loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with CUA (or most providers in Australia for that matter), you generally need to meet the following criteria:

  • The car or motorcycle must be for personal use
  • You must be 18 or over
  • You must be a permanent Australian resident or valid work visa holder
  • Currently employed with a stable income
  • Have a solid credit rating and not be bankrupt

In addition, you may also have to meet the minimum loan amounts specified by the provider (see above). If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

  • A current driver’s license
  • Details of your current and previous (if applicable) employer
  • Details of your income, assets, expenses and liabilities
  • Previous tax returns if you are self-employed

You may also require your current account number for CUA if you’re an existing member.

CUA (Credit Union Australia) was founded in 1946 by Jack Harvey, as a merger between three small Queensland-based credit unions. Today it is Australia’s largest customer-owned financial institution, and their profits come back to their customers as better rates and lower fees.

Some of CUA’s earliest innovations included a field office operating out of a caravan to serve their regional customers in the 1960s to 1970s. CUA is now acclaimed as an employer of choice when it comes to gender equality, winning the WGEA award in 2011, 2014, and 2015.

CUA supports the Australian community in particular through children and schools. CUA Community Care gave $75,000 in grants in 2015 to the school projects across Australia that receive the most votes. They also regularly give $5,000 grants to reward schools for fighting childhood obesity with School Fun Runs and health eating initiatives. They also have been sponsoring SIDS and Kids (SNK) since 2014.

CUA also supports the environment through the Credit Union Foundation Australia (CUFA). This foundation develops grassroots-to-government solutions for credit unions to improve sustainability and relieve poverty in their region.

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Written by: Nina Tovey | Last updated: April 19, 2018