Bank First Used Car Loan Personal Lending Variable Unsecured
UnsecuredVariable rate
An unsecured personal loan from Bank First, with rates from 10.79% a year.
- Interest rate a year, from
- 10.79%
- Comparison rate, from
- 12.16%
- Establishment fee
- None
- Monthly fee
- Not published
- Borrow
- From $5,000
Monthly repayment
$20,000 over 3 years
What it would cost
At the lowest published rate of 10.79%. The rate you are offered depends on your circumstances, and the establishment fee is not included.
- Monthly repayment
- $653
- Total repayments
- $23,500
- Interest
- $3,500
Loan details
Rates
- Interest rate (a year)
- 10.79%
- Comparison rate (a year)
- 12.16%
- Rate type
- Variable
- Security
- Unsecured
Limits and fees
- Loan amount
- From $5,000
- Loan term
- Not published
- 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
12.16%
From 12.16%. A typical loan starts at 9.35%.
Setup fee
None
A typical setup fee is $0.
Pros and cons
Pros
- One rate for everyone. Everyone approved gets 10.79%, 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.
- 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 starting rate. Its comparison rate starts at 12.16%, above the typical 9.35%, so it's likely to cost more than most similar loans unless you're offered less.
- A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.