Finty

First Option Bank New Car Loan

SecuredVariable rate

A secured personal loan from First Option Bank, with rates from 10.99% a year.

Written byDavid Boyd
Interest rate a year, from
10.99%
Comparison rate, from
11.24%
Establishment fee
$175
Monthly fee
Not published
Borrow
From $15,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 10.99%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$655
Total repayments
$23,568
Interest
$3,568

Loan details

Rates

Interest rate (a year)
10.99%
Comparison rate (a year)
11.24%
Rate type
Variable
Security
Secured

Limits and fees

Loan amount
From $15,000
Loan term
Not published
Establishment fee
$175
Monthly fee
Not published

How it compares

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

Comparison rate

11.24%

From 11.24%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$6,260

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

Setup fee

$175

A typical setup fee is $258.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 10.99%, 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 higher starting rate. Its comparison rate starts at 11.24%, above the typical 7.99%, so it's likely to cost more than most similar loans unless you're offered less.
  • 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.