Finty

Northern Inland Credit Union Used Vehicle Loan

SecuredFixed rate

A fixed personal loan, taken over 1 to 5 years depending on your circumstances. Secured by a vehicle up to 10 years old.

Written byDavid Boyd
Interest rate a year, from
9.49%
Comparison rate, from
10.32%
Establishment fee
$200
Monthly fee
$8
Borrow
$5,000 to $100,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 9.49%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$649
Total repayments
$23,348
Interest and monthly fees
$3,348

Loan details

Rates

Interest rate (a year)
9.49%
Comparison rate (a year)
10.32%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$5,000 to $100,000
Loan term
1 year to 5 years
Establishment fee
$200
Monthly fee
$8

How it compares

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

Comparison rate

10.32%

From 10.32%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$5,876

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

Setup fee

$200

A typical setup fee is $258.

Monthly fee

$8

A typical monthly fee is $8.

Most you can borrow

$100,000

Typically you can borrow up to $130,000.

Longest term

5 years

7 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 9.49%, 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 higher starting rate. Its comparison rate starts at 10.32%, above the typical 7.99%, so it's likely to cost more than most similar loans unless you're offered less.
  • 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.