Melbourne-based Australian Unity Bank's sole car loan product comes with a fixed interest rate and can be used to finance the purchase of a new or used car.

Car Loans Available at Australian Unity

Australian Unity car loan rates being fixed means repayments remain the same for the entire term of the loan, making budgeting easier, especially for people with steady income and fixed expenses.

Customers may borrow $5,000 or more (depending on the bank's assessment), payable up to a maximum of 7 years, but only on a new or second-hand car less than 5 years old.

Australian Unity Car Loan Features

Australian Unity car loan brings customers behind the steering wheel of their dream vehicle, whether it's an upgrade or their very first car.

Here's an overview of the bank's car financing product:

• Fixed interest rate

• Borrow from $5,000

• Up to 7-year loan term*

• Flexible payment terms

• $199 establishment fee**

*On a new or second-hand car less than 5 years old

**Other fees may be charged depending on requirements.

How to Apply for a Car Loan with Australian Unity

Australian Unity has no physical branches; thus, applying for a car loan with the bank must be accomplished online via its website.

To be eligible, you must:

• Be at least 18 years old

• Be an Australian citizen or a permanent resident

• Have a stable and verifiable source of income

• Be in good credit standing

Once standard eligibility requirements are met, go to its website and fill out an application form and provide the following details and documents:

• Identification (valid driver's licence or passport)

• Proof of income (recent payslips and/or tax returns)

• Details of assets

• List of liabilities

The bank will assess the application, which may include a credit check and verification of provided information.

If approved, Australian Unity will extend a loan offer pending acceptance. Once accepted, the funds will be disbursed to the borrower's nominated account.

As with most lenders, the approval process varies depending on several factors, including the completeness and complexity of the loan application.

Please note that Australian Unity has announced plans to transfer its banking operations to Bank Australia by late 2025. This transition may affect the availability of certain products and services. Ensure you stay informed about any changes that may impact your loan application or management.