Bank First New Car Loan Personal Lending Variable Unsecured
UnsecuredVariable rate
New Car Loan Personal Lending Variable Unsecured
6.79%
interest rate a year, from
8.12%
comparison rate, from
- Establishment fee
- $195
- Monthly fee
- Not published
- Borrow
- From $10,000
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
- $616
- Total repayments
- $22,162
- Interest and monthly fees
- $2,162
Loan details
Rates
- Interest rate (a year)
- 6.79%
- Comparison rate (a year)
- 8.12%
- Rate type
- Variable
- Security
- Unsecured
Limits and fees
- Loan amount
- From $10,000
- Loan term
- Not published
- Establishment fee
- $195
- Monthly fee
- Not published
How it compares
Against the other unsecured car loans we compare. Typical means the middle half of them.
Comparison rate
8.12%
From 8.12%. A typical loan starts at 9.35%.
Setup fee
$195
A typical setup fee is $0.
Pros and cons
Pros
- A lower starting rate. Its comparison rate starts at 8.12%, 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 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
- A higher setup fee. $195, above the typical $0. It's usually added to the loan, so you pay interest on it too.
- A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.