Finty
MINI

MINI Consumer Loan - MINI NEXT Used Cars

SecuredFixed rate

MINI Consumer Loan is designed for customers purchasing a MINI primarily for personal use. With a fixed interest rate and no account-keeping fees, it offers a simple and predictable way to finance your vehicle. MINI Financial Services Australian Credit Licence 392387.

Written byDavid Boyd
Interest rate a year, from
8.89%
Comparison rate, from
10.94%
Establishment fee
$590
Monthly fee
None
Borrow
From $25,000

Monthly repayment

$30,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 8.89%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$952
Total repayments
$34,288
Interest
$4,288

Loan details

Rates

Interest rate (a year)
8.89%–9.19%
Comparison rate (a year)
10.94%–11.24%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
From $25,000
Loan term
2 years to 14 years
Establishment fee
$590
Monthly fee
None

How it compares

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

Comparison rate

10.94%

From 10.94%. A typical loan starts at 7.99%.

Setup fee

$590

A typical setup fee is $258.

Monthly fee

None

A typical monthly fee is $8.

Longest term

14 years

7 years is the usual longest term.

Pros and cons

Pros

  • No monthly fee. The cost doesn't creep up the longer you take to repay.
  • 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.

Cons

  • A higher starting rate. Its comparison rate starts at 10.94%, above the typical 7.99%, so it's likely to cost more than most similar loans unless you're offered less.
  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 8.89% to 9.19%, and only some people get the starting rate.
  • A higher setup fee. $590, above the typical $258. It's usually added to the loan, so you pay interest on it too.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.

Similar loans

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