People's Choice Car Loans

People’s Choice provides car loans as well as everyday banking products, personal loans, home loans, insurance, and credit cards.

What car loans does People’s Choice offer? 

At the time of writing, People’s Choice offers a single secured car loan product, its Discounted Personal Loan (Car Loan). This loan offers the following features:

  • No monthly account fees
  • Flexible weekly, fortnightly or monthly repayment options available
  • Fixed rate for the first five years
  • No penalty for additional repayments or early payout
  • Redraw facility available
  • Pre-approval available and valid for 90 days

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Is your car eligible for a secured loan with People’s Choice?

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

  • For personal use
  • Five years older or less
  • A new or used vehicle (including caravans)
  • Worth $20,000 or more

Check the PDS (product disclosure statement) for more information regarding People’s Choice’s car loan criteria.

Does People’s Choice also offer personal loans?

Yes, People’s Choice offers both secured and unsecured personal loans as well as its car loan product.

What are the minimum loan amounts on People’s Choice car loans?

You must be borrowing a minimum of $20,000 to be eligible for People’s Choice’s Discounted Personal Loan (Car Loan).

What loan terms does People’s Choice offer for car loans?

People’s Choice’s Discounted Personal Loan (Car Loan) comes with terms of at least 5 years and up to 10 years. Regardless of what loan term you choose, the first five years of your loan will have a fixed rate applicable to them.

What are the fees on People’s Choice car loans?

At the time of writing the only fees on People’s Choice’s Discounted Personal Loan (Car Loan) are the $250 application fee and a security substitution fee of $75 (where applicable).

People’s Choice says it charges no monthly fees.

How to apply for a People’s Choice car loan

Before you commit to a particular product, you may want to consider comparing your car loan options with Canstar.

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When applying for a car loan with People’s Choice (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 good credit rating and not be bankrupt
  • You must be borrowing at least $20,000

In addition, you may also have to meet the minimum loan amounts specified by the provider (see above). If completed online, People’s Choice says 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
  • Residential and employment details for the last three years
  • 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 People’s Choice if you’re an existing member.

About People’s Choice 

People’s Choice (formerly People’s Choice Credit Union) was founded in 1949. It is a 100% member-owned credit union.

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Written by: Nina Tovey | Last updated: June 21, 2019