Finty
MINI

MINI Standard Rate Consumer Loan - MINI Vehicles

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
10.14%
Comparison rate, from
12.21%
Establishment fee
$590
Monthly fee
None
Borrow
From $6,500

Monthly repayment

$20,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 10.14%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$647
Total repayments
$23,280
Interest
$3,280

Loan details

Rates

Interest rate (a year)
10.14%–12.99%
Comparison rate (a year)
12.21%–15.12%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
From $6,500
Loan term
13 months 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

12.21%

From 12.21%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$6,169

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

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 12.21%, 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 10.14% to 12.99%, 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.