Finty
Community First Credit Union

Community First Credit Union Car Loan - Variable

SecuredVariable rate

A secured car loan with a competitive variable rate - available for registrable vehicles including cars, motorbikes, caravans, boats and jet skis that are up to 5 years old.

Written byDavid Boyd
Interest rate a year, from
6.99%
Comparison rate, from
8.04%
Establishment fee
$249
Monthly fee
$10
Borrow
From $10,000

Monthly repayment

$20,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 6.99%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$627
Total repayments
$22,588
Interest and monthly fees
$2,588

Loan details

Rates

Interest rate (a year)
6.99%
Comparison rate (a year)
8.04%
Rate type
Variable
Security
Secured

Limits and fees

Loan amount
From $10,000
Loan term
Not published
Establishment fee
$249
Monthly fee
$10

How it compares

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

Comparison rate

8.04%

From 8.04%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$4,605

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

Setup fee

$249

A typical setup fee is $258.

Monthly fee

$10

A typical monthly fee is $8.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 6.99%, so the rate you see is the rate you get.
  • 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 $10 monthly fee. That adds $600 over 5 years, as well as the interest.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • A $25 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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