Finty

Great Southern Bank Green Car Loan

SecuredFixed rate

Need a personal loan for an electric or hybrid car? We break down what your options are including eligibility criteria, frequently asked questions and more.

Written byDavid Boyd

15.00%

interest rate a year, from

6.43%

comparison rate, from

Establishment fee
$225
Monthly fee
Not published
Borrow
$5,000 to $100,000

What it would cost

At the lowest published rate of 15.00%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$693
Total repayments
$24,959
Interest and monthly fees
$4,959

Loan details

Rates

Interest rate (a year)
15.00%
Comparison rate (a year)
6.43%–12.39%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$5,000 to $100,000
Loan term
1 year to 7 years
Establishment fee
$225
Monthly fee
Not published

How it compares

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

Comparison rate

6.43%

From 6.43%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$8,773

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

Setup fee

$225

A typical setup fee is $258.

Most you can borrow

$100,000

Typically you can borrow up to $130,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 6.43%, 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 15.00%, 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.
  • 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.
  • A soft check on your rate. You can see the rate you'd get without it showing on your credit report.

Cons

  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • A $22 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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