Finty
Fire Service Credit Union

Fire Service Credit Union L35 Chief Car Loan

SecuredVariable rate

FSCU offer the Chief Car Loan to finance a new car, motorbike, boat or caravan, with competitive rates and unlimited extra repayments.

Written byDavid Boyd
Interest rate a year, from
6.49%
Comparison rate, from
6.83%
Establishment fee
$250
Monthly fee
Not published
Borrow
From $20,000

Monthly repayment

$20,000 over 3 years

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What it would cost

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

Monthly repayment
$613
Total repayments
$22,064
Interest
$2,064

Loan details

Rates

Interest rate (a year)
6.49%
Comparison rate (a year)
6.83%
Rate type
Variable
Security
Secured

Limits and fees

Loan amount
From $20,000
Loan term
Not published
Establishment fee
$250
Monthly fee
Not published

How it compares

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

Comparison rate

6.83%

From 6.83%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$3,724

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

Setup fee

$250

A typical setup fee is $258.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 6.83%, below the typical 7.99%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • One rate for everyone. Everyone approved gets 6.49%, so the rate you see is the rate you get.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • 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 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.

Similar loans

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