Finty
Police Bank

Police Bank Driveaway Car Loan

SecuredFixed rate

Whether you’re looking for a brand new or used car, or an environmentally friendly vehicle – our Car Loans fit the bill.

Written byDavid Boyd
Interest rate a year, from
6.99%
Comparison rate, from
7.13%
Establishment fee
$98
Monthly fee
Not published
Borrow
From $5,000

Monthly repayment

$20,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 6.99%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$617
Total repayments
$22,228
Interest
$2,228

Loan details

Rates

Interest rate (a year)
6.99%
Comparison rate (a year)
7.13%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
From $5,000
Loan term
Up to 7 years
Establishment fee
$98
Monthly fee
Not published

How it compares

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

Comparison rate

7.13%

From 7.13%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$3,854

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

Setup fee

$98

A typical setup fee is $258.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 6.99%, 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.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • A $7 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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