The Under 25s Car Loan from Community CPS is super competitive with a variable interest rate of 9.50%, ie. the annual percentage rate which converts to a comparison rate of just 10.30%pa1. And to top it off we’re offering you the choice to attend either a Defensive Driving Course with Bates Advanced Driving or the Road Ready Plus ‘P…Off’ Course, which is run by the ACT Government.
What can I borrow?
Your loan can be for up to $20,000 for a motor vehicle up to 7 years old and can be purchased either through private sale or from a licensed motor dealer. A bill of sale must be provided as security for the loan and cheques will be made out to the seller.
Loan terms are available from 1 to 7 years.
A $100 application fee and $16.50 REVS fee apply.
What does the driving course involve?
Every approved Under 25s Car Loan will include a special offer whereby you can choose to attend either a Defensive Driving Course with rally car driver Rick Bates or the Road Ready ‘P…Off’ Course which allows you to remove your P plates and receive four additional demerit points on your license.
Bates Advanced Driving is owned and operated by Rick Bates, who has extensive experience in the driver training field and is well known in the Canberra region for his successes in rallying and circuit racing.
The Defensive Driving Course teaches you how to handle your new car in many driving conditions. It is held regardless of weather conditions at a purpose built training facility, which includes maneuvering, skidpan and circuit areas.
The one-day course runs from 8:30am to 4:00pm, includes lunch, and is generally held about every four to six weeks. For more information about the Defensive Driving Course go to, www.batesadvanceddriving.com.
The ‘P…Off’ Course provides an opportunity for you to learn from other P-platers’ driving experiences. After completing the course you will be allowed to remove your P plates and you will be given four extra demerit points.
The course includes a three-hour workshop focusing on the unexpected hazards that drivers are likely to encounter on the roads. Before attending, participants are required to complete two activities of about one hour each in preparation for the workshop.
The course is held at various times and locations throughout the ACT.
For more information about the ‘P…Off’ Course go to, www.roadready.act.gov.au.
If your loan application is approved we’ll send you a gift voucher to attend the Defensive Driving Course (valid for 12 months). Then all you need to do is call Rick to book an appointment. If you chose to attend the ‘P…Off’ Course we’ll forward your contact details to the Road Ready office and they’ll phone you to book in a time.
Attendance at either course is not compulsory.
General Conditions
- Applicants must be aged 25 or under at the time of application.
- Terms and Conditions and other fees and charges apply.
- Approval is subject to normal lending criteria.
- This is a special limited offer.
- The interest rate may vary up to settlement date.
To apply for an Under 25s Car Loan click here (pdf 62kb), contact Community CPS on 02 6286 555 or come in and see us at your local branch.
Community CPS… giving more life to your loans.
This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate buy may influence the cost of the loan.
CPS lending and assessment criteria apply. All loan applications are subject to approval. Terms and conditions apply to all loans and are available on request. Fees and charges apply to loans and are detailed in the Fees and Charges Booklet. A $100 loan establishment fee applies to all loans (except Visa Line of Credit).
1Comparison Rate calculated on a loan of $10,000 over 3 years, based on monthly repayments.
