Finty
CommBank

CommBank Secured Fixed Rate Car Loan

SecuredFixed rate

Unlock the value of your car for a typically reduced interest rate.

Written byDavid Boyd
Interest rate a year, from
6.79%
Comparison rate, from
8.20%
Establishment fee
$250
Monthly fee
$15
Borrow
$4,000 to $120,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 6.79%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$631
Total repayments
$22,702
Interest and monthly fees
$2,702

Loan details

Rates

Interest rate (a year)
6.79%–11.29%
Comparison rate (a year)
8.20%–16.20%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$4,000 to $120,000
Loan term
1 year to 7 years
Establishment fee
$250
Monthly fee
$15

How it compares

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

Comparison rate

8.20%

From 8.20%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$4,793

Interest and fees at its starting rate. Typical is $4,663.

Setup fee

$250

A typical setup fee is $258.

Monthly fee

$15

A typical monthly fee is $8.

Most you can borrow

$120,000

Typically you can borrow up to $130,000.

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.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 6.79% to 11.29%, 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.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.
  • A $20 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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