Finty
LCA

LCA Secured Variable Car Loan (Private Sale)

SecuredVariable rate

loans.com.au's Secured Variable Car Loan offers a competitive variable rate with flexible repayments to suit your needs. Choose a term from 3 to 7 years, with finance available for new or used cars up to 12 years old, purchased via a private seller. Enjoy the convenience of a redraw facility (up to $5,000 per day) for added flexibility with no early repayment fees.

Written byDavid Boyd
Interest rate a year, from
5.94%
Comparison rate, from
7.22%
Establishment fee
$500
Monthly fee
$8
Borrow
$10,000 to $150,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 5.94%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$616
Total repayments
$22,172
Interest and monthly fees
$2,172

Loan details

Rates

Interest rate (a year)
5.94%–16.89%
Comparison rate (a year)
7.22%–18.01%
Rate type
Variable
Security
Secured

Limits and fees

Loan amount
$10,000 to $150,000
Loan term
3 years to 7 years
Establishment fee
$500
Monthly fee
$8

How it compares

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

Comparison rate

7.22%

From 7.22%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$4,146

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

Setup fee

$500

A typical setup fee is $258.

Monthly fee

$8

A typical monthly fee is $8.

Most you can borrow

$150,000

Typically you can borrow up to $130,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • 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

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 5.94% to 16.89%, and only some people get the starting rate.
  • A higher setup fee. $500, above the typical $258. It's usually added to the loan, so you pay interest on it too.
  • A $8 monthly fee. That adds $480 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.

Similar loans

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