Finty
Auswide Bank

Auswide Bank Car Loan

SecuredFixed rate

A secured personal loan with a competitive variable interest rate for new or used cars purchased from a dealer

Written byDavid Boyd
Interest rate a year, from
6.48%
Comparison rate, from
7.19%
Establishment fee
$250
Monthly fee
$5
Borrow
$5,000 to $150,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 6.48%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$618
Total repayments
$22,241
Interest and monthly fees
$2,241

Loan details

Rates

Interest rate (a year)
6.48%
Comparison rate (a year)
7.19%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$5,000 to $150,000
Loan term
Up to 5 years
Establishment fee
$250
Monthly fee
$5

How it compares

Against the other secured car loans we compare. Typical means the middle half of them.

Comparison rate

7.19%

From 7.19%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$4,018

Interest and fees at its starting rate. Typical is $4,663.

Setup fee

$250

A typical setup fee is $258.

Monthly fee

$5

A typical monthly fee is $8.

Most you can borrow

$150,000

Typically you can borrow up to $130,000.

Longest term

5 years

7 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 6.48%, so the rate you see is the rate you get.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • Redraw. You can take back extra repayments later if you need the money.

Cons

  • A $5 monthly fee. That adds $300 over 5 years, as well as the interest.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.

Similar loans

Secured loans from other lenders that start at a similar comparison rate.