Finty
BankSA

BankSA Secured Fixed Personal Loan

SecuredFixed rate

Our secured loan offering to provide you with lower interest rates with your car as a security for the loan

Written byDavid Boyd
Interest rate a year, from
6.49%
Comparison rate, from
7.90%
Establishment fee
$250
Monthly fee
$15
Borrow
$10,000 to $130,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 6.49%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$628
Total repayments
$22,604
Interest and monthly fees
$2,604

Loan details

Rates

Interest rate (a year)
6.49%–12.99%
Comparison rate (a year)
7.90%–14.34%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$10,000 to $130,000
Loan term
1 year to 7 years
Establishment fee
$250
Monthly fee
$15

How it compares

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

Comparison rate

7.90%

From 7.90%. A typical loan starts at 8.63%.

Cost of $20,000 over 5 years

$4,624

Interest and fees at its starting rate. Typical is $4,624.

Setup fee

$250

A typical setup fee is $250.

Monthly fee

$15

A typical monthly fee is $8.

Most you can borrow

$130,000

Typically you can borrow up to $100,000.

Longest term

7 years

7 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.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 6.49% to 12.99%, and only some people get the starting rate.
  • A $15 monthly fee. That adds $900 over 5 years, as well as the interest.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • A $15 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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