Community First provides two car loan options to accommodate different vehicle types and borrowing preferences. The secured car loan is available for brand new vehicles or those up to five years old and is secured against the car. This loan includes a $249 application fee, a $10 monthly fee, and offers flexible repayment terms.

The bank also offers a green car loan for environmentally conscious buyers. This secured loan is available for brand new electric or hybrid vehicles, including new or demonstrator cars that are less than 12 months old and have travelled under 5,000 km. Loans are available starting at $10,000, with the option to repay over a term of 1 to 7 years.

For vehicles over five years old, the unsecured personal loan may also apply. This option does not require the vehicle to be used as security and carries the same $249 application fee and $10 monthly fee. Loan terms range from 1 to 7 years, with a minimum loan amount of $3,000. It can also be used for other personal finance needs, not limited to vehicle purchases.

Community First Car Loan Eligibility

To be eligible for a Community First car loan, you must be 18 or over, earn a stable income, be an Australian citizen or permanent resident, and have a good credit history with no defaults or bankruptcies in the past five years. At least six months of continuous employment is also required.

You’ll need to provide:

• ID and proof of residency

• Contact details (current and previous address, phone, email)

• Income and employment details

• List of assets and debts

• Bank transaction history, submitted via Community First’s secure service