BCU Bank's variable rate car loan can be used to purchase passenger vehicles or motorcycles.

BCU car loan rates are fairly competitive. However, it requires the vehicle to be secured against the loan. Used cars offered as collateral must be no more than seven years old, while motorbikes must be new.

Car Loans Available at BCU Bank

Loan amounts start at $4,000 and can go up to $150,000, depending on the assessed retail value of the asset: up to 70% LVR for used vehicles or up to 80% LVR for new vehicles.

Repayment terms range from one to five years.

BCU car loan also boasts flexible repayment features, including a redraw facility, and $0 ongoing fees. Borrowers can make additional repayments or repay their loans early without incurring charges or penalties.

BCU Bank Car Loan Fees

BCU Bank prides itself on not charging ongoing fees to its borrowers. However, customers may still need to pay the following fees:

• Establishment fee: $200

• Security administration fee: $20/vehicle

• Late payment fee: $5*

• PPSR registration fee: $11.40

• PPSR search fee: $3.70

Other fees may apply, depending on the circumstances, e.g., payment is overdue by more than 30 days.

These are correct at the time of writing and are subject to change

*Overdue by 11 and 30 days

How to Apply for a Car Loan with BCU Bank

Interested car loan borrowers can apply at any BCU Bank branches or over the phone.

To be eligible, you must:

• Be at least 18 years old

• Be an Australian citizen or a permanent resident

• Have a stable and verifiable income

• Meet BCU's credit assessment requirements

To ensure a quicker application, the bank recommends preparing the following details and supporting documents:

• Proof of identification - passport, driver's licence, or other primary photo ID

• Employment details - contact details of current employer and previous employer, if current is less than two years

• Income details - recent payslips for employed; tax assessments for self-employed

• List of assets - savings accounts, properties, investments, etc.

• List of liabilities - other existing debts

• Ongoing expenses - rent, food, medical costs, etc.

Would-be borrowers can get a loan pre-approval upon the bank's assessment of their application, enabling them to shop for a car with confidence.

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