Finty
LCU

LCU New Wheels Car Loan

SecuredVariable rate

Variable - Principal and Interest - 0 to 5 years old

Written byDavid Boyd
Interest rate a year, from
8.05%
Comparison rate, from
8.33%
Establishment fee
Not published
Monthly fee
Not published
Borrow
$1,000 to $75,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 8.05%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$627
Total repayments
$22,579
Interest
$2,579

Loan details

Rates

Interest rate (a year)
8.05%
Comparison rate (a year)
8.33%
Rate type
Variable
Security
Secured

Limits and fees

Loan amount
$1,000 to $75,000
Loan term
Not published
Establishment fee
Not published
Monthly fee
Not published

How it compares

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

Comparison rate

8.33%

From 8.33%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$4,360

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

Most you can borrow

$75,000

Typically you can borrow up to $130,000.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 8.05%, 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 lower limit. Up to $75,000, less than the typical $130,000, so it may not cover a larger purchase.
  • 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.