Car loan FAQ

A. G&C Mutual Bank sets a minimum term of 1 year to a maximum of 7 years to repay your loan. You will be able to select the right loan term according to how much you can afford to pay monthly. A longer term loan will cost you more in interest, but you will have lower monthly repayments.

A. A variable rate can change as the market does and it gives you the flexibility of making repayments weekly, fortnightly or monthly. You can also make additional lump sum repayments if you wish.

With a fixed rate personal loan, the interest rate and repayments are fixed for a certain period of time, so you will have peace of mind knowing your repayments will remain the same for the whole term.

It protects you against any interest rate rises and you still have the flexibility of weekly, fortnightly or monthly repayments.

So depending on what your situation is we can organise a loan to suit you.

A. Yes. The item purchased, such as a car, will be used as collateral. We will hold the deed or title until the loan has been paid in full, including interest and all applicable fees.

A. No. However if you wish to redraw any advance payments or increase your loan, certain fees apply.

A. Yes you can, and there are no extra costs for making additional repayments.

A. Yes, we can organise pre-approval for you. Simply submit an enquiry to us to review.

A. Yes, it can. Generally the older the motor vehicle, the shorter the loan term. So when you need to replace the motor vehicle, you don’t have a large debt outstanding.

A. Yes, no matter how genuine the seller seems, you should check the history of the car to make sure it’s not stolen, or it doesn’t have any outstanding loan on it. Get the car’s VIN number and check the PPSR register.

A. As long as the vehicle is road registered, it counts as a car loan. You can buy the following vehicles using G&C Mutual Bank Car Loans:

• Autos
• New or used Recreational Vehicles
• Motorcycles or Motor bikes Boats
• Trailers

A. When you buy a car, either new or used; you also have to pay for the associated on-road cost that comes with it. They include:

Stamp duty

This is the percentage of the purchase price of any new or used vehicle that must be paid to the relevant state or territory government. Stamp duty is based on your state:

• Australian Capital Territory
• New South Wales
• Queensland
• South Australia
• Tasmania
• Victoria
• Western Australia
• Northern Territory

Compulsory Third Party Insurance

This is required by law to cover people who are injured through the fault of the driver of your car.

Motor Insurance

With G&C Mutual Bank Motor Insurance underwitten by Allianz, you can relax and enjoy the drive, knowing that should anything happen, you can be back on the road without major expense or hassles.

New car extras

If you are buying a brand new car, you’ll also need to pay for number plates, registration charges and some other dealer charges.

It’s also important to factor in any on-going costs of running and maintaining for car.

A. The following information may help you make your decision:

New Cars

Are sold with a warranty, so if anything goes wrong the car will be fixed free of charge. When you have a warranty, you only have to pay for regular servicing. Some new cars are also sold with free servicing for a certain period.

If you’re thinking about buying a new car, ask the following questions:

• What is the best price I can get?
• Are there any sales on?
• What is the safety rating?
• What is the on-road cost?
• What is available as standard and what is extra?
• What is the warranty period? Can I sign up for a longer warranty period?

Used Cars

They are significantly cheaper than the new cars. But you won’t know about any problems with the car, so make sure you have it inspected. Unless you know the history of the car it’s hard to know how it’s been treated in the past.

If you’re thinking about buying a used car, ask the seller the following questions:

• Why are you selling the car?
• Does it have a current roadworthy certificate?
• How many kilometers have it run?
• How many owners has it had?
• Does it have a completed service book?
• Has it even been in an accident?
• Is there any debt on the car?
• Can I have it inspected?

Whether you choose to buy a new or used car, it’s also worth checking a car’s safety rating. You can check safety ratings at www.howsafeisyourcar.com.au

Some key safety features to look for when you’re shopping for a car include:

• Curtain airbags
• Antilock braking system
• Electronic stability control
• Traction control