Car Loan FAQs
- Do I have to be a Credit Union member to take out a loan?
- How much can I borrow?
- How do I make repayments on the loan?
- How often will I receive information on my account?
- What security is required?
- What happens if I get sick, have an accident or lose my job?
- Do I need to take out insurance on my loan?
- Do I need to take out insurance on my vehicle?
- Is a redraw facility available?
Do I have to be a Credit Union member to take out a loan?
The Credit Union is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore you must be a member of the Credit Union to have a loan. Learn more about becoming a member.
How much can I borrow?
The minimum amount you can borrow is $3,000. The maximum amount you can borrow is $75,000 for a vehicle up to 1 year old or $50,000 for a vehicle 2 to 7 years old. The actual amount you can borrow is determined by your ability to meet the repayments of the loan. Wish to calculate how much you could borrow? Use our Loan Calculator.
How do I make repayments on the loan?
You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, internet or Telephone Banking transfer, at any of our branches or using bank@post. Learn more about these repayment methods.
How often will I receive information on my account?
Statements are produced six monthly or more frequently on request. Duplicate statements can be requested at any time from our office. Account Balances and Statements are also available through our Internet and Phone banking services.
What security is required to take out a Car Loan?
We will take a Bill of Sale over your vehicle as security. To enable this to be registered with REVS there will be a small fee involved.
What happens if I get sick, have an accident or lose my job?
The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness or involuntary unemployment is to take out insurance. Learn more about our Loan Protection Insurance.
Do I need to take out insurance on my loan?
It is recommended that you take out insurance on your loan, although not compulsory, it is designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. Although you do not have to purchase your insurance through us, we do offer a range of insurance policies. Learn more about our Loan Protection Insurance.
Do I need to take out insurance on my vehicle?
If the Credit Union has taken security over your vehicle, you will be required to have the vehicle comprehensively insured. Credit Union can offer a quote on your vehicle before purchase to make the loan process more efficient.
Is a redraw facility available?
The Credit Union gives you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. Terms and conditions are available on application.
If you have any questions, please contact us Enquire Now