Bank First New Car Loan Personal Lending 1-5 Years Fixed Unsecured
UnsecuredFixed rate
An unsecured personal loan from Bank First, with rates from 6.79% a year.
- Interest rate a year, from
- 6.79%
- Comparison rate, from
- 7.06%
- Establishment fee
- None
- Monthly fee
- Not published
- Borrow
- From $10,000
Monthly repayment
$20,000 over 1 year
What it would cost
At the lowest published rate of 6.79%. The rate you are offered depends on your circumstances, and the establishment fee is not included.
- Monthly repayment
- $1,729
- Total repayments
- $20,743
- Interest
- $743
Loan details
Rates
- Interest rate (a year)
- 6.79%
- Comparison rate (a year)
- 7.06%
- Rate type
- Fixed
- Security
- Unsecured
Limits and fees
- Loan amount
- From $10,000
- Loan term
- Up to 1 year
- Establishment fee
- None
- Monthly fee
- Not published
How it compares
Against the other unsecured car loans we compare. Typical means the middle half of them.
Comparison rate
7.06%
From 7.06%. A typical loan starts at 9.35%.
Setup fee
None
A typical setup fee is $0.
Pros and cons
Pros
- A lower starting rate. Its comparison rate starts at 7.06%, below the typical 9.35%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
- One rate for everyone. Everyone approved gets 6.79%, so the rate you see is the rate you get.
- No setup fee. Nothing is added to the loan on day one, so you only pay interest on what you borrow.
- A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
- No security needed. Your car or home isn't at risk if things go wrong, though missed repayments still hurt your credit report.
- Redraw. You can take back extra repayments later if you need the money.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
Cons
Nothing stands out.