Finty
Police Credit Union

Police Credit Union Better Car Loan

SecuredFixed or Variable rate

A secured personal loan from Police Credit Union, with rates from 6.99% a year.

Written byDavid Boyd
Interest rate a year, from
6.99%
Comparison rate, from
7.40%
Establishment fee
$195
Monthly fee
Not published
Borrow
From $20,000

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%–7.24%
Comparison rate (a year)
7.40%
Rate type
Fixed or Variable
Security
Secured

Limits and fees

Loan amount
From $20,000
Loan term
Up to 7 years
Establishment fee
$195
Monthly fee
Not published

How it compares

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

Comparison rate

7.40%

From 7.40%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$3,951

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

Setup fee

$195

A typical setup fee is $258.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • 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

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 6.99% to 7.24%, and only some people get the starting rate.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

Similar loans

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