Finty

Northern Inland Credit Union Brand New Vehicle Loan

SecuredFixed rate

A special fixed rate personal loan, with no establishment fee, for cars, motorbikes, caravans, boats or trailers that are brand new never and been driven before.

Written byDavid Boyd
Interest rate a year, from
7.74%
Comparison rate, from
8.30%
Establishment fee
Not published
Monthly fee
$8
Borrow
$5,000 to $150,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 7.74%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$632
Total repayments
$22,764
Interest and monthly fees
$2,764

Loan details

Rates

Interest rate (a year)
7.74%
Comparison rate (a year)
8.30%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$5,000 to $150,000
Loan term
1 year to 7 years
Establishment fee
Not published
Monthly fee
$8

How it compares

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

Comparison rate

8.30%

From 8.30%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$4,663

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

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

  • One rate for everyone. Everyone approved gets 7.74%, 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.
  • Redraw. You can take back extra repayments later if you need the money.

Cons

  • A $8 monthly fee. That adds $480 over 5 years, as well as the interest.
  • 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.
  • A $15 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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