Defence Bank car loans are proving a hit with young buyers keen to secure a new set of wheels while having the convenience and choice to make extra payments.
Loans are available from one to seven years with the choice of weekly, fortnightly or monthly payments for all new and used cars up to five years old.
One Defence Bank member enjoying the choice and convenience offered is ADFA Cadet Isaac, who recently purchased a new Ford Ranger and says Defence Bank was a natural choice.
“When I took out my first car loan with Defence Bank it was the largest purchase I had ever made, I did shop around and Defence Bank had the most competitive rate.
“I also knew that Defence Bank understood the system of my employment. That made it appealing to me because I wasn’t going to have to explain everything about my employment circumstances which are quite unique to pretty much any other job in Australia.
“A Ford Ranger has been a dream car of mine for a long time. I wanted a 4WD because my dad and a lot of my mates are into them, and I wanted to join them on our adventures as a driver instead of a passenger.
“I have my repayments set up and my idea is to just keep them going until it’s down to a manageable level where I can pay off say $5000 or $6000 and finish it off. That’s an advantage Defence Bank has, the no early payout fees.”
Isaac has some good advice for others looking to purchase a new car like him.
“Always do the research and make sure you know exactly what it’s going to cost you. You can’t just look at the repayments and think that’s it. You’ve got to look at the interest as well and know what that total cost is going to be. For someone purchasing their first car, look at the cost of things like fuel, insurance, stamp duty and rego so owning a car doesn’t become a nasty shock.”
Important note: This information is of a general nature and is not intended to be relied on by you as advice in any particular matter. You should contact us at Defence Bank to discuss how this information may apply to your circumstances.