Car Loan
Whether
you are purchasing your first car, need a larger car or simply
want to buy the car of your dreams, Victoria Teachers Credit
Union can provide you with a Car Loan to suit your needs.
Our Car Loans are flexible and allow you to purchase new or
used motor vehicles and motorcycles.
| |
Age of Car |
Minimum Loan Amount |
| New Car Loan |
less than 12 months |
$10,000 |
| Used Car Loan |
more than 12 months |
$5,000 |
For
loan amounts less than $5,000, we recommend our Personal
Loan.
Main Features
| Establishment Fees |
No |
| Administration Fees |
No |
| Service Fees |
No |
| Repayment Frequency |
W, F, M 1 |
| Additional Repayments Accepted
|
Yes |
| Redraw Available |
Yes (min $500) |
| Redraw Fees |
No |
| Early Repayment Penalty |
No |
| Maximum Loan Amount |
No maximum |
| Maximum Loan Term |
9 Years 2 |
Interest
Calculated daily and charged monthly
in arrears.
Repayments
Principal & interest repayments.
Security
A Goods Mortgage on the motor vehicle
is required for all Car Loans. There is a VicRoads fee to
register the Goods Mortgage. The motor vehicle must also be
registered in the name of the borrower.
How Do I Apply?
We recommend that
you apply for the Car Loan prior to choosing the vehicle,
so you can go shopping for a car knowing that your loan has
already been approved.
Applying for your Loan is easy. Simply download a Car
Loan application. Complete the application, attach
the required documentation (as detailed below) and
return it to the Credit Union by mail, fax or take it to one
of our Member Service Centres in Camberwell or Moonee Ponds.
To book an appointment with one of our friendly Member Service
Consultants, or request an application form, call 1300
654 822.
Documentation
You will need to attach the following documentation to your
application:
 |
3 months of Bank Statements (if you have been a Member for less than 6 months). |
|
Evidence of Income - provide one of the following (unless you currently have your whole of pay deposited to a Credit Union account):
- A letter from your current employer.
- Current payslip(s) showing employers name and address.
|
|
If you are self-employed you may need to provide:
- Profit and Loss statements and Balance Sheets for the last years, or from commencement of business (whichever is the shortest)
- Tax Assessment Notices and Tax Returns for the previous 2 years.
|
|
If you have another source of income, please specify on the application and supply evidence. |
|
Vehicle details - if the vehicle's details are known, provide the following:
- Registration Number, Vehicle Type, Make, Model, Year, Engine Number, Chassis Number.
- Full Comprehensive Insurance Certificate with Victoria Teachers Credit Union Limited noted as an interested party.
- Copy of VicRoads Registration Certificate or Motor Car Dealer's Sale Contract.
|
1. Weekly, fortnightly or monthly repayments.
2. This may vary depending on the age of the vehicle.
|
