Finty
Allcredit Automotive Finance

Allcredit Automotive Finance Consumer Loan

Fixed rate

A consumer loan designed to help customers purchase a new or used asset for personal use. The loan features a fixed interest rate and no deposit requirement.

Written byDavid Boyd
Interest rate a year, from
9.69%
Comparison rate, from
13.74%
Establishment fee
$595
Monthly fee
$15
Borrow
$10,000 to $200,000

Monthly repayment

$20,000 over 3 years

What it would cost

At the lowest published rate of 9.69%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$657
Total repayments
$23,657
Interest and monthly fees
$3,657

Loan details

Rates

Interest rate (a year)
9.69%–19.50%
Comparison rate (a year)
13.74%–15.74%
Rate type
Fixed
Security
Not published

Limits and fees

Loan amount
$10,000 to $200,000
Loan term
2 years to 7 years
Establishment fee
$595
Monthly fee
$15

How it compares

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

Comparison rate

13.74%

From 13.74%. A typical loan starts at 9.35%.

Cost of $20,000 over 5 years

$6,791

Interest and fees at its starting rate. Typical is $5,746.

Setup fee

$595

A typical setup fee is $520.

Monthly fee

$15

A typical monthly fee is $13.

Most you can borrow

$200,000

Typically you can borrow up to $95,000.

Longest term

7 years

5 years is the usual longest term.

Pros and cons

Pros

  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A higher starting rate. Its comparison rate starts at 13.74%, above the typical 9.35%, so it's likely to cost more than most similar loans unless you're offered less.
  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 9.69% to 19.50%, and only some people get the starting rate.
  • A $15 monthly fee. That adds $882 over 5 years, as well as the interest.

Similar loans

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