Polestar Finance 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.
- Interest rate a year, from
- 9.50%
- Comparison rate, from
- Not published
- Establishment fee
- $595
- Monthly fee
- $13
- Borrow
- $10,000 to $250,000
Monthly repayment
$20,000 over 3 years
What it would cost
At the lowest published rate of 9.50%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.
- Monthly repayment
- $654
- Total repayments
- $23,530
- Interest and monthly fees
- $3,530
Loan details
Rates
- Interest rate (a year)
- 9.50%–12.14%
- Comparison rate (a year)
- Not published
- Rate type
- Fixed
- Security
- Not published
Limits and fees
- Loan amount
- $10,000 to $250,000
- Loan term
- 2 years to 7 years
- Establishment fee
- $595
- Monthly fee
- $13
How it compares
Against the other car loans we compare. Typical means the middle half of them.
Cost of $20,000 over 5 years
$6,574
Interest and fees at its starting rate. Typical is $5,746.
Setup fee
$595
A typical setup fee is $520.
Monthly fee
$13
A typical monthly fee is $13.
Most you can borrow
$250,000
Typically you can borrow up to $95,000.
Longest term
7 years
5 years is the usual longest term.
Pros and cons
Pros
- Room to borrow more. Up to $250,000, more than the typical $95,000, which can cover bigger costs in one loan.
- 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
- Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 9.50% to 12.14%, and only some people get the starting rate.
- A $13 monthly fee. That adds $777 over 5 years, as well as the interest.