Laboratories Credit Union Limited

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Savvy First Car Loan

If you are aged 18 to 35 years old and buying your first car you will be eligible for LCU’s Savvy First Car Loan. Buying your first car is an exciting experience and we want to help make the process as simple as possible for you. LCU will look after you, with our personal service. So save the headache and get an LCU Savvy First Car Loan!

8.00% pa
interest rate

8.05% pa comparison rate1

  • No redraw fees
  • For 18 to 35-year-olds buying their first car
  • No ongoing fees
  • Early repayment options without penalty
  • Variable and lump sum repayments

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  How do I apply?
  What documents do I need?

Evidence of Income:

  • Copy of 2 current pay slips or a letter from your employer stating commencement date and salary details
  • Proof and source of other income
  • If self-employed please provide full financial statements and tax assessments for the last 2 years and current figures no more than 3 months old
  • A copy of a recent rental lease or bank statements showing receipt of rent.
  • If your pay is not currently deposited to a LCU account, please supply 3 months statements showing payroll income

Evidence of Commitments:

  • Statement of your home and/or other loans
  • A copy of a recent rental lease or if boarding, a letter from the owner
  • Statement of all credit cards and store cards
  Additional information

Rates are subject to change. Please refer to our rates and fees page.
1Comparison rates are calculated on a secured loan amount of $30,000 over a term of 5 years.
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.
To be eligible for the Savvy First Car Loan rate you must be aged 18 – 35 and this loan must be for the purchase of your first vehicle.


Savvy First Car Loan
Interest Rates
Variable Interest Rate8.00% pa
Comparison Rate8.05% pa
Features
Redraw FacilityAvailable 
Maximum Amount$30,000
Automatic Deposits (salary / account)Yes
Minimum Amount$1,000 
Loan periodup to 7 years
RepaymentsWeekly, fortnightly or monthly
Early repayments without penaltyYes
Fees
Annual Fee$0 
Monthly Fee$0 
Redraw Fee$0