Finty
Police Credit Union

Police Credit Union The Best Car Loan

SecuredFixed rate

A secured personal loan from Police Credit Union, with rates from 6.49% a year.

Written byDavid Boyd
Interest rate a year, from
6.49%
Comparison rate, from
6.90%
Establishment fee
$195
Monthly fee
Not published
Borrow
From $40,000

Monthly repayment

$40,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 6.49%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$1,226
Total repayments
$44,128
Interest
$4,128

Loan details

Rates

Interest rate (a year)
6.49%
Comparison rate (a year)
6.90%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
From $40,000
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

6.90%

From 6.90%. A typical loan starts at 7.99%.

Setup fee

$195

A typical setup fee is $258.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 6.90%, below the typical 7.99%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • One rate for everyone. Everyone approved gets 6.49%, 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.
  • 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.

Similar loans

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