Thinking about a People’s Choice car loan? Read about what they have to offer right here with Savvy.
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As one of Australia’s leading credit unions, People’s Choice Credit Union (PCCU) offers a wide range of products across property, personal and investment finance, credit cards, insurance and banking. Crucially, though, they also offer loans for Australians looking to purchase cars.
With so many options on the market when it comes to car loans, it can sometimes seem difficult to find the one best suited to your needs. Fortunately, that’s where Savvy comes in handy.
We’ve broken down the key areas of PCCU’s car loan to give you all the information you need to make a clear and educated decision, as well as compare a variety of other loans from lenders around Australia when you apply with Savvy.
*Please note that People's Choice does not currently offer a designated car loan product. This page is reflective of its Discounted Personal Loan product, which Savvy does not represent People's Choice for. All information in this article is correct as of 29 July 2024.
With a minimum comparison rate of 6.84% p.a. for its standard car loan, PCCU's interest rates are among the lowest in terms of Australian lenders right now.
You won’t have to worry about paying more for your loan each month than you need to, as PCCU doesn’t charge any ongoing fees on their car loans on top of principal and interest.
Depending on whether you receive your income on a weekly, fortnightly or monthly basis, you can adjust the schedule on which you submit your car loan repayments to ensure that you’re comfortable.
Unlike most car and personal loans, you can choose to take up to ten years to repay your finance deal, although the term you’re approved for will depend on your profile as a borrower.
Regardless of whether you’re wanting to pick out a brand-new car or purchase a used one from a dealership or private seller, you’ll be able to finance its purchase with this car loan.
If you need access to extra repayments already made towards your car loan, you can utilise a redraw facility instead of applying for a separate loan and paying more in fees and interest.
Compared to other lenders in the market, particularly the big banks, PCCU offers reasonable interest rates and fees, which could potentially help you save on your loan.
If you’re in a position to pay above the minimum required amount for each instalment, you can further cut down on the potential interest and fees paid without being penalised.
If you're purchasing an electric, hybrid or hydrogen car with a PCCU loan, you can qualify for an interest rate discount, with these rates starting from 5.69% p.a. (6.04% p.a. comparison).
PCCU’s car loans are only offered from a minimum of $20,000, making it more difficult to use one to purchase a less expensive vehicle or pay a portion with your savings.
Although it comes without ongoing maintenance fees or early repayment charges, you’ll still have to pay a relatively expensive application fee of $250, which is built into your repayments.
As mentioned, car loan terms can reach up to ten years with PCCU. However, it only offers a fixed interest rate for a maximum of five years before reverting to a variable rate for the remainder of your term.
With PCCU, you can either apply online (via their secure web portal), over the phone (on 13 11 82) or at your nearest branch. The process of applying includes:
Complete your application for pre-approval
In most cases, your application will be completed online, as this is generally the most accessible and easiest way to do so. This form is found on their website and will only take you a matter of minutes to complete. Once submitted, it won’t take you long to receive an outcome.
Use the pre-approval to choose your ideal car
With pre-approval in hand, you can take as long as 90 days to find the right vehicle for your needs. The major benefit of pre-approval is that it gives you a strong hand when negotiating on the price of the vehicle with your seller, whether that be a private one or a new or used car dealership.
Return to PCCU for full loan approval
With information on the car you want to buy, you can complete your formal loan application process with PCCU. You’ll have to supply all the required documentation at this step, including information on the vehicle you’re looking to purchase.
Have the funds sent to your seller on approval
If PCCU is satisfied with your application, they’ll approve it and send through a contract for you to sign confirming the details of the agreement. After signing and sending it back to them, they’ll release the approved funds and send them directly to the seller of your car, who can, in turn, release the ownership of the vehicle and transfer it to you.
It’s important to note, though, that applying with Savvy not only gives you access to a hands-off approach handled by expert consultants, but also a wide range of more than 40 lenders on our panel. Our consultants will hand-pick the best loan based on your profile, giving you peace of mind that you’ll drive away with a great deal.
When applying for your car loan, there are a number of key areas you’ll need to have covered in terms of information and documentation to ensure that you’re approved. Make sure you have each of the following ready to include in your application:
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.