People's Choice Credit Union Car Loans

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

What car loans does People’s Choice Credit Union offer?

At the time of writing, People’s Choice Credit Union 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 Credit Union?

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

  • For personal use
  • Two years older or less
  • A new or used vehicle
  • Worth $20,000 or more

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

Does People’s Choice Credit Union also offer personal loans?

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

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

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

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

People’s Choice Credit Union’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 Credit Union car loans?

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

People’s Choice Credit Union says it charges no monthly fees.

How to apply for a People’s Choice Credit Union 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 Credit Union (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 Credit Union 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 Credit Union if you’re an existing member.

About People’s Choice Credit Union

People’s Choice Credit Union says it is one of Australia’s largest credit unions, boasting 365,000 members across SA, NT, Victoria, WA, and the ACT.

Initially founded in 1949, it took on the name of People’s Choice Credit Union through a merger between Australian Central and Savings & Loans in December 2009.

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Written by: James Hurwood | Last updated: June 21, 2019