Finty
MotorCycle Finance

MotorCycle Finance Select Consumer Loan

Fixed rate

A consumer loan designed to help customers purchase a new or used asset for personal use. The loan features a fixed interest rate and no deposit requirement.

Written byDavid Boyd
Interest rate a year, from
10.69%
Comparison rate, from
11.80%
Establishment fee
$395
Monthly fee
$8
Borrow
$3,000 to $8,000

Monthly repayment

$5,000 over 3 years

What it would cost

At the lowest published rate of 10.69%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$171
Total repayments
$6,153
Interest and monthly fees
$1,153

Loan details

Rates

Interest rate (a year)
10.69%
Comparison rate (a year)
11.80%
Rate type
Fixed
Security
Not published

Limits and fees

Loan amount
$3,000 to $8,000
Loan term
Up to 5 years
Establishment fee
$395
Monthly fee
$8

How it compares

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

Comparison rate

11.80%

From 11.80%. A typical loan starts at 10.14%.

Setup fee

$395

A typical setup fee is $150.

Monthly fee

$8

A typical monthly fee is $8.

Most you can borrow

$8,000

Typically you can borrow up to $60,000.

Longest term

5 years

7 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 10.69%, 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.
  • 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 higher setup fee. $395, above the typical $150. It's usually added to the loan, so you pay interest on it too.
  • A $8 monthly fee. That adds $477 over 5 years, as well as the interest.
  • A lower limit. Up to $8,000, less than the typical $60,000, so it may not cover a larger purchase.

Similar loans

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