Bank of us' sole vehicle financing product is a secured variable rate car loan exclusively available to the bank's members who are residents of the state of Tasmania.

The bank's secured car loan can be used to finance the purchase of a new (up to 2 years) or used (2 years and above) vehicles - including cars, motorcycles, boats, caravans, and campervans - which will then be used as the loan's collateral.

Car Loans Available at Bank of us

Bank of us car loan rates vary depending on the age of the vehicle. Generally, the newer the vehicle, the lower the rate will be.

Borrowers can take out up to $80,000, payable within 6 months to 7 years.

The bank also charges $0 monthly fees and allows borrowers to make additional repayments or pay off their loans at any time without incurring penalties. A redraw facility is also available.

Customers generally appreciate Bank of us' competitive pricing and customer service. However, as with any product or service, experiences vary.

Bank of us Car Loan Features

Bank of us car loan is designed to provide its Apple Isle members with vehicle financing that comes with flexible features and generally competitive rates.

Here's an overview of the Tasmanian bank's car financing product:

• Variable interest rate

• Loan amounts: $3,000 - $100,000

• Loan terms: 6 months - 7 years

• Flexible repayment frequency

• Additional and early repayments

• $0 monthly service fee

• Redraw available

How to Apply for a Car Loan with Bank of us

Interested borrowers may apply online through the bank's website or in person at any branch located across Tasmania.

Bank of us car loan is exclusively available to its Tasmanian members. In some cases, however, it may be offered to interstate customers.

In addition to being a Tasmania resident, interested borrowers must:

• Be at least 18 years old

• Have a regular source of income

While Bank of us doesn't change ongoing fees, application and valuation fees, among other charges, may be payable.

Documents required may include the following:

• Passport or driver's licence

• Recent payslips

Approval is subject to Bank of us' credit assessment.