Car loans

Looking to purchase your dream car, upgrade to a larger car or replace your older model car?
We offer car loans for the purchase of a wide range of personal and light commercial vehicles, both new and used.
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Why Us?

A Bank That Truly Belongs to You

Our member-owned bank is owned by its members, meaning every decision we make is guided in the best interests of those who join us. Unlike traditional banks, we don’t answer to shareholders seeking profits. Our priority is, and always will be, serving our members.

Personalised Service for Every Member

We pride ourselves on offering personalised service that larger institutions simply cannot match. Our size allows us to focus on understanding each member’s unique circumstances and our team is always ready to help.

Competitive Rates and Member Benefits

We offer competitive rates on loans, savings, and other financial services. Our focus isn’t on maximising profits but on providing maximum benefits to our members. You’ll enjoy fair pricing, tailored products, and exclusive perks designed with you in mind.
10.99%
Interest Rate1

11.25%

Comparison rate2

Car loans for the purchase of new or used cars less than 7 years old.

Features

  • Loan terms up to 7 years
  • Available for vehicles aged up to 7 years
    (Older vehicles can be considered)
  • Principal plus interest terms
  • Minimum loan amount is $15,000

Inclusions

  • No early payout penalties
  • Unlimited Extra repayments
  • No annual fees
  • No early pay-out fee
  • Redraw: available for a $10 fee

Fees

  • Application fee: $1753
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1 Interest rates are subject to change at the discretion of First Option Bank 2 WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates are calculated on a loan amount of $30,000 over a term of 5 years. 3 Eligibility criteria, terms and conditions, fees and charges apply. Normal lending criteria apply. Stamp duty and government charges may apply. Any legal and valuation fees will be on-charged at cost. Product is provided by First Option Bank Ltd ABN 95 087 650 735, Australian Credit Licence no. 236 509