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NOW Finance

NOW Finance Vehicle Loan

SecuredFixed rate

A secured car loan offering the most competitive rates with loan amounts from $3,000 to $150,000 over terms of 18 months to 7 years. Secured by bill of sale on eligible assets including vehicles, motorcycles, caravans, and other approved security.

Written byDavid Boyd
Interest rate a year, from
7.59%
Comparison rate, from
8.43%
Establishment fee
$595
Monthly fee
None
Borrow
$3,000 to $150,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 7.59%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$623
Total repayments
$22,426
Interest
$2,426

Loan details

Rates

Interest rate (a year)
7.59%–11.95%
Comparison rate (a year)
8.43%–11.95%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$3,000 to $150,000
Loan term
18 months to 7 years
Establishment fee
$595
Monthly fee
None

How it compares

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

Comparison rate

8.43%

From 8.43%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$4,692

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

Setup fee

$595

A typical setup fee is $258.

Monthly fee

None

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

  • 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

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 7.59% to 11.95%, and only some people get the starting rate.
  • A higher setup fee. $595, 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.