Below is a list of answers to some of our members most frequently asked Car Loan-related questions.

Anyone can enquire or apply for a loan with us - you don't have to be a member at the time. You will need to become a member when you take out the loan. We are a mutual financial services organisation whose shareholders are its members, and you must be a member before you can take up a product or service with us.

The minimum amount you can borrow for a car loan is $10,000. The maximum amount you can borrow is 100% of the purchase price for new and used cars. The actual amount you can borrow is determined by your ability to meet the repayments of the loan.

You can arrange to make your loan repayments either by payroll deduction, scheduled transfer from your savings or transaction account, Internet or telephone banking transfer, at our office or by a transfer from another financial institution.

We provide you with the option of making extra repayments on your variable rate loans so you save money on interest charges. After making extra repayments for a while you may have surplus funds in credit on your loan, which you can redraw to use for a worthwhile purpose.

Importantly, if you redraw funds in credit on your loan, please realise that the outstanding balance will increase which will increase the interest paid on the remaining loan balance.

Statements are produced at least every six months. Additional or duplicate statements can be requested at anytime from our office. Account information also available through our Internet and Phone banking services.

We will take a Bill of Sale over your vehicle as security.

If you take out a car loan with us, you will be required to have the vehicle comprehensively insured. Although you do not have to purchase your insurance through us, we offer an online quote facility which you can use prior to purchase to make the loan process more efficient. Your car loan insurance must state Orange Credit Union as the financier.

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If you have a question of your own that is not covered, then please contact us today.

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