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Car loan FAQs

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Do I have to be a credit union member to take out a loan?

The Credit Union is a mutual financial institution and as such is owned by its members, each one of whom is a shareholder. Yes, you must be a member of the Credit Union to have a loan. If you would like to become an LCU member please fill out an LCU membership application form and send it back to us with the required ID.

How much can I borrow?

Would you like to calculate how much you may be able to borrow? Use our Loan Calculator.

How do I make repayments on the loan?

Our preferred method is via automatic payroll deduction. However, you can arrange to make your loan repayments by direct debit from your savings or transaction account with LCU or another financial institution.

How often will I receive information on my account?

Statements are produced quarterly or more frequently on request. Duplicate statements can be requested at any time from our office. Account Balances and Statements are also available through our Internet and Phone banking services.

What security is required to take out a Car Loan

We will take a Goods Security Agreement over your vehicle as security. To enable this to be registered with PPSR there will be a small fee involved.

What happens if I get sick, have an accident or lose my job?

The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness or involuntary unemployment is to take out insurance.

Do I need to take out insurance on my loan?

It is recommended that you take out insurance on your loan, although not compulsory, it is designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. Although you do not have to purchase your insurance through us, we do offer a range of insurance policies.

Do I need to take out insurance on my vehicle?

If the Credit Union has taken security over your vehicle, you will be required to have the vehicle comprehensively insured. Although you don't have to purchase your insurance through us, we do offer a range of CGU motor vehicle policies.

Is a redraw facility available?

The Credit Union gives you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. Terms and conditions are available on application. 

  Additional information

Questions?

If you have any questions, please contact us.

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