Finty
Bendigo Bank

Bendigo Bank Secured Personal Loan

SecuredFixed rate

A competitive secured personal loan for car, boat or motorcycle.

Written byDavid Boyd
Interest rate a year, from
9.54%
Comparison rate, from
10.26%
Establishment fee
$100
Monthly fee
$5
Borrow
From $2,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 9.54%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$646
Total repayments
$23,257
Interest and monthly fees
$3,257

Loan details

Rates

Interest rate (a year)
9.54%
Comparison rate (a year)
10.26%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
From $2,000
Loan term
Up to 7 years
Establishment fee
$100
Monthly fee
$5

How it compares

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

Comparison rate

10.26%

From 10.26%. A typical loan starts at 8.63%.

Cost of $20,000 over 5 years

$5,626

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

Setup fee

$100

A typical setup fee is $250.

Monthly fee

$5

A typical monthly fee is $8.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 9.54%, so the rate you see is the rate you get.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • Redraw. You can take back extra repayments later if you need the money.

Cons

  • A higher starting rate. Its comparison rate starts at 10.26%, above the typical 8.63%, so it's likely to cost more than most similar loans unless you're offered less.
  • A $5 monthly fee. That adds $300 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.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.

Similar loans

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