Bank Australia Fixed Car Loan

SecuredFixed rate

A range of car loans for electric vehicles (Evs) and used cars.

6.29%

interest rate a year, from

6.29%

comparison rate, from

What it would cost

At the lowest published rate of 6.29%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

BorrowOver

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

Comparison rate

6.29%

From 6.29%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$3,512

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

Setup fee

$150

A typical setup fee is $258.

Monthly fee

None

A typical monthly fee is $8.

Longest term

7 years

7 years is the usual longest term.

A lower starting rate. Its comparison rate starts at 6.29%, below the typical 7.99%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
No monthly fee. The cost doesn't creep up the longer you take to repay.
A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
Redraw. You can take back extra repayments later if you need the money.

Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 6.29% to 7.29%, and only some people get the starting rate.
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.

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